Welcome to this month’s real estate market report for the Tampa, Florida, metropolitan area. Tampa is a highly sought-after location for buyers and market trends reflect that sentiment. Low inventory levels have pushed prices upward, sales volume over the last year is higher than in 2021 but with fewer sales. The average sale price for detached and attached homes has risen higher than at this time last year, find out how much higher in this helpful report.
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Tampa Bay Housing Stats
The average sale price for single-family homes of all types in the Tampa, Florida area at the end of March 2022 was $427,712, which is a year-to-year increase of 17.46%.
The year-to-date average sale price of all property types is $341,000, up 25.4% compared to this time last year. The five-year average sale price is $263,399.
There were 18,230 listings sold in the Tampa area last month, this is a year-to-year drop of 17.46% for March. For the year sold listings are down 5.3% compared to this time one year ago, down from 48,509 to 45,928.
There was a total of 18,649 new listings offered to the market in Tampa during March, this is up from 16,138 during February 2022, but down 0.4% from 18,716 during the previous March.
The average list price for properties sold has gone up 14.74% from this time last year, up from $370,508 to $425,112.
There were 14,416 detached units sold in Tampa during March 2022, down from 15,421 sold the previous March, and the average sale price for detached units climbed 18.82% year to year, from $378,817 to $450,100.
The average sale price for two-bedroom detached homes at the end of March was $305,994, a year-to-year increase of 26.8% from $241,317. Three bedroom detached homes sold for an average of $413,745, up 22.87% from $366,727, and four-bedroom or more detached homes sold for an average of $610,119 during March 2022, up 14.8% from $531,404 during the previous March.
There were 3,753 attached units sold last month, this is a year-to-year drop of 18.38% in sold activity, and the average sale price for attached units during March was up 8.78% from one year ago, up from $317,135 to $344,972.
The average sale price for attached two-bedroom homes in Tampa, Florida at the end of March was $288,324, up 18.72% from $242,867 the previous March, three bedroom attached homes sold for an average of $438,693 during this same time, which is up 5.51% from $415,766, and four-bedroom or more attached homes sold for an average price of $480,995, which is a drop of 16.24% from %574,285 at the end of the previous March.
Homes were on the market in Tampa, Florida for an average of 19 days before being sold during March, this is a decrease of 53.66% from the 41-day average during March 2021.
Sellers are getting 100.6% of their list price at closing, up from 97.7% at this time one year ago.
Total housing inventory for Tampa is well below its five-year average of 28,832 active listings, total active listings available to buyers at the end of March 2022 was 9,551, down from 12,080 at the end of the previous March.
What Does This Mean For Buyers?
Buyers searching for a home or condo in the Tampa, Florida area should be prepared to act as soon as a property is found. Competition among buyers is intense and prices are reflective of that. The lack of inventory is driving up prices for the few homes available. Buyers should have financing in place, interest rates are rising and if you are planning on buying a home this year, now is the time secure a good rate.
The good news for buyers is that as prices inch upward and interest rates climb some buyers will be priced out of the market or wait until prices come down. The market is due for a correction, buyers should have a plan in place, be realistic with their expectations and work closely with their realtor to find a good property at a reasonable price.
What Does This Mean For Sellers?
For sellers in the Tampa area, the market is a mixed bag, while there is strong demand for housing, some sellers are declining to sell because of inability to find a new home. This is creating a lack of inventory and driving prices upward. Depending on your objectives when you sell your home, expect your home to sell quickly and possibly above the asking price. With the exception of four-bedroom condos, two, three, and four-bedroom phones have all seen their prices go up over the last year.
The market should continue favoring sellers for the remainder of the summer buying season. Sellers should be aware that as interest rates rise, there may be a slowdown in demand which will cause prices to drop. Sellers should have a plan in place and be prepared for any shifts in the market that could affect their sale price. Sellers should work closely with their realtor to get their home priced correctly, listed, and shown to the most qualified of buyers.
For all your real estate buying and selling needs in Tampa, Florida, give us a call today, and let us put our experience and knowledge to work for you!
Tampa Bay Homes for Sale
Here are the most recent single-home listings just added to the database in the average sale price range for Tampa Bay. All homes here are priced at $427,712 or less.