The Tampa area real estate market cooled off a bit in April, according to recently released numbers from the Greater Tampa Realtors®. According to their latest Monthly Market Report, closed sales in Tampa dropped 3.2% last month compared to April of 2016, falling from 1,706 sales last April to 1,651 sales last month.
Cash sales in the area also dropped by an even larger margin compared to last year as well, dropping 16% from 406 cash sales in April 2016 to 341 cash sales in April 2017.
As for home prices in Tampa, both the median sales price and the average sales price jumped last month compared to the year prior, with the median sales price increasing from $208,000 to $229,990 (+10.6%), and the average sales price increasing from $260,786 to $275,842 (+5.8%).
If you're thinking about selling your Tampa area home, the median percent of original list price received increased slightly last month, going from 96.8% to 97.7% year-over-year, which represents about a 0.9% bump. Homes also sold one day faster compared to a year ago, as the median time to sell a home dropped from 77 days to 76 days in April.
Like in many major markets throughout the country, inventory continues to be an issue facing Tampa home buyers with housing supply dropping from a 2.9 months supply in April of 2016 to a 2.7 months supply in 2017.