In April, purchase contracts for Tampa Bay homes were signed in a median of 32 days, the fastest on record since 2010, based on data from the Florida Regional MLS on closed sales of single-family homes in the Tampa-St. Petersburg-Clearwater metro area.
Contracts for Tampa Bay condos and townhouses were signed in a median of 34 days, also the fastest on record since 2010. Up to January 2016, the Florida Regional MLS has been using Median Days on Market (DOM) to measure the average speed of home sales. In February 2016, the MLS system started using two measures: Median Days to Contract and Median Days to Sales. These measures are defined by the MLS as follows:
Median Days on Market (DOM)
This is the median number of days that homes sold within the month stayed on the market
Median Time to Contract
The median number of days between the listing date and contract date for all homes sold within the month.
Median Time to Sale
This is the median number of days between the listing date and closing date for all homes sold within the month.
Comparison Between Median Time to Sale and to Contract for Tampa Bay Homes Sold
For single-family homes’ time to contract, the median of 32 days was a big improvement from the median of 45 days in April 2015. The same with time to sale, the median of 77 days was a big improvement from the median of 87 days in April 2015.
For condos and townhomes’ time to contract, the median of 34 days was also a big improvement from the median of 45 days a year before. With time to sale, the median of 76 days was significantly faster than the median of 85 days in April 2015.
Median and Average Sale Prices of Tampa Bay Single Family Homes in April 2016
The median sale price of all single family homes sold in April was $190,000, an increase of 11.8% from $170,000 in April 2015.
The average sale price was $238,686 for all single family homes sold in April, an increase of 8.1% from $220,883 one year before.
Median and Average Sale Prices of Tampa Bay Condos and Townhouses in April 2016
The median sale price of condos and townhomes sold in April was $131,000, an increase of 8.2% from $121,050 in April 2015.
The average sale price was $176,524 for all condos and townhomes sold in April, an increase of 4.1% from $169,592 one year before.