Metrostudy Market Spotlight: July Resale Numbers in Tampa Bay Show Improvement
The three major realtor associations within the Tampa market have reported their July results and the data continues to show a positive trend. Metrostudy tracks GTAR (Greater Tampa Area Realtors), PRO (Pinellas Realtor Organization) and WPBOR (West Pasco Board of Realtors) on a monthly basis through My Florida Regional MLS. For the first seven months of 2012, combined sales totaled 25,994 units. This was a 3.3% increase in demand over the first seven months of 2011’s pace of 25,116 sales.
The other significant variable in home prices is the amount of inventory listed for sale. As of July 2012, the combined listings of GTAR, PRO and WPBOR totaled 17,371 units. This represented a 4.6 month supply. By comparison, there were 26,387 listings or a 7.4 month supply in July 2011. The cyclical peak occurred in January 2008 when the number of listings stood at 50,212 units and a 30 month supply. There has been improvement in both the number of listings and months of supply over the last twelve months and a tremendous improvement over the last four and a half years. The current level of supply does not seem to indicate any downward pressure on home prices in the short term for Tampa Bay.
The recently released Case-Shiller Index reported that prices in Tampa were up in June. With the July MLS report, the third quarter is off to a good start in continuing the positive home price trend as the average selling price was higher in July 2012 than July 2011 in all three realtor associations.
GTAR: July 2012 – $170,709 average up 9.7% versus July 2011
PRO: July 2012 – $181,346 average up 8.8% versus July 2011
WPBOR: July 2012 – $104,067 average up 14.2% versus July 2011
The fundamentals of the resale market point to continued positive trends.