October 2019 Market Update
Each month we bring you our South Tampa Real Estate Market Update by providing you with the key data points that drive the real estate market. Here are the numbers for October 2019.
MONTHS OF INVENTORY
DAYS ON MARKET
What do the latest numbers from last October say about our South Tampa market?
First, there were 105 home sales, which is basically the same that closed in September 2019 and October 2018. The median sale price was $594,750, which is about a 20% jump year over year and month over month. Our absorption rate was three months, which was slightly down compared to the two previous time frames, making our market a seller’s market.
Additionally, there were 139 new listings, which is a slight drop compared to the previous month (152) and October 2018 (160). The average days on market, meanwhile, jumped from 43 to 66 days month over month.
Finally, mortgage rates stayed steady at 3.75%.
While fewer homes are coming on the market, fewer homes are selling, too, and the ones that do sell are selling for higher prices. Going into the fourth quarter, we feel good about the South Tampa market.
As always, if you’d like a full third-quarter market report, just visit SouthTampaRealEstateReport.com and we’d be happy to provide you with one. If you have any more real estate questions, feel free to give us a call or send us an email. We’d love to speak with you.
Want a copy of the report we mentioned?
We will send you a copy of our quarterly magazine which provides hyper-local data for all of South Tampa that you can't find anywhere else.
This magazine provides detailed market data on zip codes, neighborhoods and school districts along with other geographical and economical data like Waterfront, Luxury, & New Construction in South Tampa.