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.

141

HOMES SOLD

$545k

MEDIAN PRICE

3.12

MONTHS OF INVENTORY

64

DAYS ON MARKET

3.75%

INTEREST RATES

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.