January 2020 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 January 2020.

80

HOMES SOLD

$579k

MEDIAN PRICE

3

MONTHS OF INVENTORY

103

DAYS ON MARKET

3.5%

INTEREST RATES

These are the numbers that drove the South Tampa real estate market in January of 2020:

We sold 80 homes in January, which is 20 more homes than we sold in the same month last year. We’re definitely feeling the activity start to pick up in the new year.

In 2019, the median home price was $542,000. January 2020 saw a 7% increase, leaving the median price at $579,000.

Inventory dropped by 12% over last year, though it has increased a little bit compared to the month before.

The number of homes on the MLS also dropped, going from 181 last year to 159 this year. Our months’ supply of homes is almost down to three months, which is very low compared to 2019, when we had a five-month supply. That’s a 36% decrease, and we’re definitely feeling it: Buyers are struggling to find houses that suit their needs on the market. They’ll have to act fast or be forced to wait.

”Buyers took advantage of the sellers who had originally listed their homes for way too much over the holidays.”

When we took a look at our days on market, it looks like a lot of people didn’t take advantage of the homes that had been sitting on the market for a while. The average number of days it took for homes to sell jumped from 58 in January 2019 to 103 days in January 2020—a 78% increase.

30 of the 80 homes that sold took 100 or more days to leave the market, and of those homes, the average was 218 days. They sold for around 14% less than what they were originally listed for. Excluding those 30 homes, the average for the other homes sold was somewhere around 60 days. This shows that buyers took advantage of the sellers who had originally listed their homes for way too much over the holidays.

All in all, our numbers are great. Interest rates are staying low—in fact, even as we filmed this video, the 10-year Treasury rates went down a little and we hear they’re below 3.5%.

To request your copy of the South Tampa real estate market report, visit SouthTampaRealEstateReport.com and we’d be happy to provide you with one. If you have any questions about our market or concerning real estate, in general, please feel free to contact us by phone or email. We would love to help you!