I hope you are staying healthy during these difficult and strange times. I just want to update you on what has been going on here in the Tampa Bay area regarding Covid 19 and give you the latest real estate market figures.
Much like yourselves in the UK we have been under a general ‘stay at home’ order but now restrictions are being lifted in phases. The beaches are now open with no restriction but social distancing being encouraged but not enforced. Most businesses including retail and restaurants are open with reduced occupancy and maintaining social distancing guidelines. Hotels and rental homes are also permitted to start accepting guests. Time will only tell if this is the right time to begin re-opening for business.
Here in Florida we have been fortunate that the number of hospitalizations and deaths has been lower than many of the other states in the US. The Miami area was by far the worst hit area in Florida and as you can imagine the nursing and care homes were hit the hardest.
During this time home sales were considered an essential business here in Florida and real estate transactions continued. Although we have seen a significant slowdown in sales and new listings coming to market, prices have continued to remain steady and we have not witnessed sellers making any significant price drops. I am sure it will take some time before we see the full impact on our housing market. However, the consensus of most real estate professionals and economists in this area is that once restrictions are lifted the market will take up where it left off and we should see little or no decrease in values. At this point the general outlook for this area remains optimistic.
The latest sales figures for April have been released and they are quite encouraging although as expected sales and listings were significantly down. Here are the numbers:
The two biggest statistical changes in the market, number of active listings and transactions, saw expected decreases because of COVID-19. Single Family Homes and Townhomes/Condos were closing faster year-over-year in April 2020 and at higher prices. The Median Time to Contract for Single Family Homes was down 46.9% from 32 days in April 2019 to 17 days in April 2020. The Median Time to Contract for Townhome/Condo market decreased 35.0% from 40 days in April 2019 to 26 days April 2020. The Median Time to Sale for Single Family Homes was down 22.2% from 72 days last April to 56 days this April. The Median Time to Sale for Townhome/Condo market decreased 5.3% from 75 days in April 2019 to 71 days in April 2020. The Average Sale Price for Single Family Homes increased 3.9% from $357,070 in April 2019 to $371,095 in April 2020. The Average Sale Price for Townhome/Condo was up 2.3% from $260,436 in April 2019 to $266,537 in April 2020. The Median Sale Price for Single Family Homes was up by 7.4% from last year at $269,950 for April 2019 to $290,000 for April 2020. The Median Sale Price for Townhomes/Condos increased 19.1% from $165,000 in April 2019 to $196,500 in April 2020. While we continue to see the low inventory rates and historically low mortgage rates, we should see prices continue to at least hold steady.
I hope this information is somewhat useful and as always if you have any questions about your particular property or would like a valuation you may contact me by email or phone. Stay safe!
