The June housing report released Tuesday by Florida Realtors paints a fairly bright picture of the market here with more closed sales and better median housing prices than the Tampa metro area saw a year ago.
And for buyers, there is slightly less pressure, since the cash buyers and the hedge fund companies that were snapping up properties for rental have backed away from the area, one consultant said.
Closed residential real estate sales are up 7.5 percent over June 2013 in the Tampa-St. Petersburg-Clearwater metropolitan area and the median sale price on the homes that sold was up 2.4 percent to $162,250 for a single family unit and up 9.6 percent over June 2013 for condos and townhouses, to $111,281.
The state’s housing market, overall also saw more closed sales, higher median prices, more new listings and a rise in inventory in June. Closed sales on single-family homes statewide totalled 23,181, up 14.6 percent over the June 2013 figures. The median price, statewide, was $185,000 last month, up 5.2 percent from the previous year.
Nationally, existing home sales increased in June and reached an annual pace of 5 million sales for the first time since October 2013, according to the National Association of Realtors. Rising inventory continues to push supply toward a more balanced market, according to that report.
The median existing-home price for all housing types in June was $223,300, which is 4.3 percent above June 2013, according to the National Association of Realtors. June figures mark the 28th consecutive month of year-over-year price gains.
“I think the June report is super reflective of our local market,” said Tony Gonzalez, a Tampa residential real estate consultant and Realtor for Keller Williams.
“The institutional buyers — the hedge funds buying everything to turn them in to rentals — and the cash buyers have gone. We’re heading back to a normalized market, where before, those things were driving the market. We had a very low inventory and if you did put something on the market, it sold right away. Everyone was holding on to their seats.”
The area’s residential real estate market is a bit more stable now and buyers have some breathing room to decide what is the best property for them, instead of having to race to the table with an offer, Gonzalez said.
Statewide, inventory is up 21.7 percent, with 108,046 single family homes on the market in June, compared to 88,746 in June 2013, Florida Realtors reports. Active condo and townhouse inventory was up 13.4 percent in June, with 52,745 units on the market, compared to 46,519 in June 2013.
New listings in Florida for June 2014 totalled 31,755, up from 28,249 in June 2013, a 12.4 percent increase.