Tampa Sales Surge 21% in October

October market statistics released today show continued strengthening in sales activity with prices now starting to follow suit. Sales volume was up 21.5% over the same period last year while new pending sales were also up over 13% in the same period. Average and median price were up 6.6% and 7% on the year respectively for single family. Townhomes and condos showed massive gains of 15% and 17% on the median and average price. .  The October figures continue the trend that we noted in September where there was a sharp increase in sales.

October 2014 Sales Report Single Family - Florida Realtors

October 2014 Sales Report - Townhome and Condo - Florida Realtors

The historical bar graphs on the report lend further relevance: After being one of the hardest hit markets in the U.S. Tampa saw double digit price increases in 2013. For the most part 2014 saw marginal gains in sales and prices over the record pace of the year before. One trend that did emerge was sharply lower cash sales as a more “normalized” market took over from one dominated by investors.

In September of 2014 however we noted a sharp increase in sales while prices remained flat. October brings a massive increase in sales volume and prices also starting to move higher. We will see if this trend continues to form a true “second wind”.

Tampa Sales Surge in Sept 2014

While I have not written anything for awhile here there has been little to write about.

After the huge price increases the year before sales and prices held flat over the majority of the spring and summer of 2013. Another trend that seemed particularly prevalent was the reduced number of cash sales (normally attributed to investors). However even with double digit declines in this group the overall sales volume held firm.

September 2014 Florida Realtors Report

https://drive.google.com/file/d/0BzW3hG2_efV-ZzJGbUduMUtnRm8/view?usp=sharing


Of note in the September report is the sharp increase in sales volumes. Sales are up more than 10% over the previous year and new pending sales are up more than 11%. Even the cash sales are up 6.5% due largely to an increase in REO sales clearing through the system.

Meanwhile both the workforce and employment numbers continue to set new records.

http://data.bls.gov/timeseries/LAUMT124530000000005?data_tool=XGtable