The State of Tampa -- May 2018

Climbing Prices
April's median sale price for single family homes was $253,895. That amount is higher than any of the last 12 months, and nearly $20,000 higher than April 2017's median price.

Luxury market activity
There were over 850 sales of homes over $1,000,000 in April. This sales amount was a 27.8% year-over-year increase and the 1,477 new million dollar listings is a 19.2% yearly increase.

Quick sales cycles
Sales price to list price ratio continues to rise and days to contract decreases. In April, sellers received 96.6% of their list price and the median time to contract was 36 days.

Did you know?
The average rate for a 30-year fixed-rate mortgage rose to 4.61% last week from 4.55% , according to Freddie Mac. According to the NAR a one percentage point increase in rates can lead to a reduction in home sales of 7% to 8%. A 4% rate on a $250,000 loan translates to a monthly payment of $1,194, At 5%, the monthly payment goes up to $1,342. (WSJ)

Did you know?
The average millennial waits 12 years before buying their first house paying around $200,000 in rent in the process.