Welcome to this month’s Tampa, Florida real estate market report. Tampa, Florida are is one of the most highly sought-after housing destinations. How has this affected the Tampa housing market? How much are houses selling for in Tampa? Is now a good time to sell my home or should I wait? Find out the answer to these questions and more with this helpful report.
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Tampa Bay Housing Stats
The average sale price for single-family homes of all types in Tampa, Florida at the end of February 2022 was $417,343, a year-to-year increase of 20.62%.
There were 14,304 properties sold during February this represents a year-to-year decrease in sales activity of 4.49%.
There was a total of 16,138 new listings to hit the market in Tampa during February, this is a year-to-year decrease of 0.9%.
There were 19,356 listings that had pending offers at the end of last month, this is a decrease from one year ago of 11.8%.
There is just 9,749 active listings available to buyers in the Tampa, Florida area, this is well below the 15,053 active listings available at this time one year ago.
There were 11,166 detached homes sold last month, down from 11,688 sold at this time on year ago. The average sale price for single-family detached homes in Tampa at the end of February was $442,485, up 24.39% from the previous February average of $355,716.
There was a total of 3,080 single-family attached homes sold during February, down 4.82% compared to the previous February. The average sale price for single-family attached in Tampa at the end of last month was $329,382, a year-to-year increase of 5.11% from $313,364.
In Tampa, the average sale price for two-bedroom or less single-family homes during the month of February was $292,895, up 25% from $234,371 the previous February. The average sale price of two-bedroom or less condos during this same time was $266,057, up 14% from one year ago.
The average sale price for a three-bedroom single-family at the end of February was $399,196, which is a year to year increase of 25% from $319,100. The average sale price for three bedroom condos during this same time was $418,370, up just 1.67% from one year ago.
The average sale price for four-bedroom or more single-family homes in Tampa, Florida at the end of February was $616,670, which is up 26% from $489,407 at the end of the previous February. The average sale price for four-bedroom or more condos during this same period was $558,640, which is a year-to-year decrease of 6.19% from $595,533.
Homes in Tampa are on the market for an average of23 days before being sold in February 2022, this is down from 43 days during the previous February.
During the month of February sellers of homes in Tampa were getting 99.7% of their original list price at closing, this average has climbed 2.5% from 97.2% one year ago.
What Does This Mean For Buyers?
If you are searching to buy a home in Tampa, Florida this spring be prepared for higher prices and low inventory levels. Single-family home and condo prices are well above their five-year average and it doesn’t look like they will be dropping any time soon.
Buyers should understand that time is not their friend, and that when a property is found, buyers should act decisively and work to make their bid stand out. Buyers should be aware of the potential for an increase in interest rates and go ahead and get a rate locked in now.
Buyers need a great agent on their side who understands the Tampa real estate market, listens to your needs, and works to achieve your home-buying objectives. To find out how we help buyers find the perfect home, give us a call today!
What Does This Mean For Sellers?
If you have seen the value of your home or condo rise and think that maybe now is a good time to sell, go ahead and get your property listed and on the market. The Tampa real estate market currently favors sellers, with low inventory levels, homes are not on the market for very long and sellers are getting almost full asking price for their home.
The demand for single-family homes continues, and the market for condo properties is picking up steam. If you own a home or condo, now is the time to get off the fence and act.
If you are thinking of selling your property give us a call today. We work with sellers of all types of properties to get their homes or condo sold quickly. We are experts at marketing the most in-demand features of your property and show it to the most qualified of buyers. Give us a call today so we can get your home listed and on the market!