Tampa, Florida is one of the fastest-growing metropolitan areas of the country with a busy downtown area, a range of eateries, and tourist attractions. Investors who choose this market will experience high growth in their investments as it is currently one of the hottest grounds for residential and commercial properties. It also offers a great overall quality of life making it a popular residential for many family units. It is not only a growing real estate market, but it is also one of the most popular recreational hubs of the city.
People choose to reside here because of the great prospects of life that it offers, and this directly impacts the Tampa real estate market. The healthcare, education, and transportation facilities in Tampa are also impeccable which is why families with young children and many retirees prefer Tampa and are choosing to reside in Tampa since it offers them an upgraded quality of life. Not only that, but Tampa also hosts several entertainment activities for people of all age groups depending on their tastes. If you are interested in moving, relocating or investing in a home in the Tampa Bay area, we can help!
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The Tampa housing market is growing steadily, prices are still low, and properties have a good chance for a strong appreciation in the coming years. Home is selling incredibly fast in the Tampa Bay housing market with hot homes getting multiple offers. There is less than one month of the available inventory in the entire Tampa St. Petersburg Clearwater MSA. The current months’ supply of inventory is 0.7, down by almost 36% over the last year. Low mortgage rates coupled with this tight supply are one of the key factors in rising home prices.
The benchmark for a balanced market (favoring neither buyer nor seller) is 5.5 months of inventory. Anything lower than 5.5 months of inventory is traditionally a sellers’ real estate market. The entire Tampa Bay region ranks among the housing markets least vulnerable to this pandemic. Tampa Real Estate is one of the most affordable in the state of Florida. It is also one of the hottest real estate markets for rental homes in the nation. There’s a tremendous amount of pent-up demand for entry-level single-family homes.
Recent sales data released indicated that the pace of Tampa Bay’s hyper-competitive real estate market did not slowdown in December, which is unusual. According to Greater Tampa REALTORS®, Hillsborough County saw a nearly 13.4% increase in single-family home sales compared to the same month last year while Pasco’s sales rose by 20.9%. The Year-to-Date closed sales in Tampa St. Petersburg Clearwater MSA are up by 8.3%.
The median price of single-family homes is still rising in double-digits. The median price of single-family homes in Hillsborough County has grown by 22.1% to $297,500 as of Dec 2021. In Pasco County, the median price was $265,000, up 15.3%. The dollar volume in Tampa St. Petersburg Clearwater MSA was $2.1 Billion (+23.8% YoY) and year-to-date, it was $22.6 Billion (+31.3% from last year). It is simply the sum of all sale prices in each time period, but it is a strong indicator of the health of the real estate industry in a market.
Total cash sales for last month are up 35.8 while the percent of Closed Sales Paid in Cash accounts for 30.1% (+33.2% from last year). This indicates the extent to which investors are participating in the market with many exceptions, though. According to local brokers, they are seeing a massive influx of out-of-state cash buyers resulting in soaring prices. The condominium market is also doing great. The median sales price was up 31.8% to $$259,590. The condominium market is also very tight as far as supply is considered. The Months’ Supply of Inventory is only 0.7 months, down -58.8% from last December.
Tampa Bay Real Estate Market Trends
The residential real estate market in the Tampa Bay area continues to churn unimpeded even in times of the pandemic. Due to the low month’s supply of inventory, Tampa is a hot seller’s real estate market – which means that the demand from buyers is exceeding the current supply of homes for sale. The pricing of homes is trending higher and is more attractive for sellers in the current phase. The shortage of supply and an increase in the demand for housing is pushing the prices higher in the Tampa housing market.
The Florida REALTORS have prepared the following analysis of the Tampa housing market (including Tampa-St. Petersburg-Clearwater Metro) ® with data provided by Florida’s multiple listing services. The report compares key housing metrics of the “Tampa MSA” from December 2021 with December 2020. Metropolitan Statistical Area (MSA) reports show housing market statistics that focus on the Tampa Bay Region with a relatively high population density at its core and close economic ties throughout the area.
Tampa Housing Sales (Single-Family Homes)
Closed Sales increased by 2.0% year-over-year.
Year-to-Date sales are up 8.3% year-over-year.
One common measure of tracking investor activity is all-cash sales.
No. of cash sales were up 35.8% year-over-year.
The percentage of Closed Sales during the month which were Cash Sales was 33.2%.
It shows how active investors are in the Tampa housing market.
Total Dollar Volume is up 23.8% to $2.1 Billion.
New Pending Sales are down 4.3%.
Tampa Housing Demand & Prices (Single-Family Homes)
The Median Sale Price has increased by 25% to $362,250.
The Average Sale Price has increased by 21.4% to $446,224.
Homes are typically seeing offers accepted faster than a year ago.
Median Time to Contract is 8 days, down 27.3% year-over-year.
Median Time to Sale is 48 Days, down -11.1%.
Tampa Housing Supply (Single-Family Homes)
More sellers are putting their houses on the market in Tampa.
New Listings are up 2.3% year-over-year.
In total, new listings have increased by 6.5% year-over-year (from Jan to Dec).
Inventory (Active Listings) is down -by 30.6%.
Months’ Supply of Inventory is 0.7 months, down -36.4%.
It refers to the number of months it would take for the current inventory of homes on the market to sell given the current sales pace.
Six months of supply has historically been associated with moderate price appreciation, while a lower level of months’ supply tends to accelerate price increases.
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