August 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 August 2019.
MONTHS OF INVENTORY
DAYS ON MARKET
One of the primary numbers that drive real estate is the number of homes that have sold. This past August, 141 homes sold, which is only slightly fewer than July’s 143. Year over year, however, August home sales rose by about 19% from 119 homes sold.
The median price for August dropped by about 5% from July, leaving us at $545,000. But year over year, it rose by about 14%. The average sales price also dropped between July and August 2019, going from $692,000 to $665,000. July is typically always one of the best bond periods, and none of this is to suggest that August’s market wasn’t phenomenal.
On average, it took homes 64 days to sell in August. This is only a slight change from July, where it took an average of 52 days. The absorption rate—or month’s supply of homes—is 3.12 for August, which is roughly the same as last year’s 3.09.
Another strong driver of the real estate market is the mortgage interest rates. Currently, our rates are still around 3.75% for conventional, 30-year conforming loans. For 15-year loans, I’ve heard that the number is even lower, somewhere around 2.875%.
All in all, this is great news. Our market is doing well, and though it still leans toward a seller’s market, we’ve seen a lot of activity in general. The homes in our market that are selling are in great condition and are priced well, so keep that in mind if you’re planning to list yours.
We hope this update has been helpful. If you would like to learn more, please visit SouthTampaRealEstateReport.com to request a fully detailed report of the latest market trends.
Later this month, we’ll release our comprehensive Q3 market update, so stay tuned! If you have any questions in the meantime about the market or about real estate in general, don’t hesitate to reach out to us.
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