The real estate market continues its slow climb up the ladder to better sales and market activity.
Professionals in the industry are working hard to overcome the obstacles that come their way. The most recent obstacles on everyone’s mind being flood insurance and the recent government shutdown. While we struggle month to month with low inventory and trying to get sales closed we must remember that this market is an improvement from even a year ago. Here’s a snapshot of September’s market:
Closed sales on single family homes are up 20.4% from this same time last year. Closed sales on townhomes/condos are up 20%.
Cash sales for single family residences are up 7.3% over last September and cash sales for townhomes/condos is up 17.9%.
New listings are up 23.1% for single family residences and up 8.2% for townhomes/condos from this same time last year.
The median sales price for a single family residence is up 20.6% to $160,000 from September 2012. The median sales price for townhomes/condos is down 4.3% to $100,500 from September 2012.
Traditional closed sales for single family residences are up 38.4% from last year.
Traditional closed sales for townhomes/condos are up 41.9% from last year.
Short sales for single family residences are down 28.7% from this same time last year.
Short sales for townshomes/condos is down 49.4% from this same time last year.
We continue to be in a seller’s market with low inventory and plenty of buyer demand.
The main issue that could put a stop to our climb is a hit to consumer confidence with the new flood insurance increases taking effect. We are hopeful the government will sort out the flood insurance issue that it has created and act in the best interest of homeowners across the United States. There are currently several bills on the floor that if voted on favorably could put a moratorium on the rate increases. Please visit www.AtHomeTampaBay.com for the latest on this and other issues related to homeownership.