Welcome to this month’s Tampa Bay, Florida, real estate market report. How has the influx of new residents to Florida affected housing prices? Read this helpful report to get up to date!
Are you ready to buy a home in the Tampa Bay area? Start your search here by finding homes or condos by price, size, location, and more! Make sure to save your favorite properties to tour, then sign up to be notified as soon as new, matching properties become available.
Do you need to sell your home but not sure what to price it for? We can help! Start here with our free home valuation tool. Simply enter some basic information about your home and we will provide you with a competitive market summary of what your home may sell for. Don’t hesitate, give Liz Welch a call at (813) 489-9798 and we can answer all your real estate questions.
Tampa Bay Florida Housing Stats
The average sale price for homes in Tampa Bay, Florida, ended the month of March 2021 at $364,137, a 25% increase from the previous March average of $291,215. The year-to-date average sale price for homes is $272,000, up 14.5% from the $237,500 average one year ago.
There was a total of 20,073 units sold during the month of March in Tampa Bay, 4,589 were attached units, and 15,421 detached units were sold.
There was a total of 24,044 listings that went pending during the month of March, a 9.5% increase from the previous month, and a 36% increase from one year ago.
A total of 18,716 new listings hit the market during March, a 14.9% increase from last month. New listings kept pace year to year, 18,725 new listings hit the market the previous March.
There are only 12,060 active listings in the Tampa Bay real estate market, active listings have dropped 69% year to year, falling from 39,266 at the end of the previous March.
In Tampa Bay, two-bedroom or less homes are selling for an average of $241,317, an increase of 18% from one year ago. Two-bedroom or less condo sale prices are up 15% from last year as well, to $242,867.
Three-bedroom single-family home sale prices are up 21% over the last twelve months, from $277,703 to $336,727. Three-bedroom condo sale prices have risen 28% from $323,769 to $415,766 during this same period.
Four-bedroom or more single-family homes in Tampa Bay are selling for an average of $531,404, an increase of 31% compared to the previous March. Four-bedroom condo sale prices ended March at $574,825, a steep increase of 66% from the $344,833 average one year ago.
The average list price to sold price ratio climbed 2.22% year to year, up from 95.3% to 97.2%.
Homes in Tampa Bay were on the market for an average of 41 days before being sold, a shrinking of 26% from 56 days at this time one year ago.
What Does This Mean For Buyers?
Homes in the Tampa Bay, Florida, area are selling quickly. There were 8,770 homes that sold last month that were on the market for less than ten days. Buyers should have financing in place and be prepared to act when a property is found.
The bright spot for buyers is that there is very little overbidding, list to sale price ratio for sellers is at 97%. Buyers should take advantage of low-interest rates and may need to eliminate wanted features to not miss out on a property as buyer’s purchasing power may erode as prices climb higher as the summer buying season gets going.
If you are thinking of, or are ready to buy a home in beautiful Tampa Bay, Florida, give us a call at (813) 489-9798 to find out how we help buyers find the perfect property, submit a competitive bid, and work to make the closing as smooth as possible. Don’t hesitate and miss out on a home that is waiting for you!
What Does This Mean For Sellers?
If you have been waiting to get your property listed, hesitate no longer. As Florida becomes a relocation destination, demand should continue throughout the summer. Properties of all types have seen home values rise and with low-interest rates attracting buyers expect this trend to continue.
If you are thinking of selling and have questions about how to get your home listed and sold, we can help! We work with sellers of all property price their home competitively, show off the most desirable features and market it to the most qualified of buyers. Don’t hesitate to give us a call at (813) 489-9798.