Welcome to this month’s Tampa Bay, Florida real estate market report. How hot is the real estate market in Tampa, Florida? Is demand continuing to increase pressure on housing prices and what is the effect on the inventory of homes or condos available? Read this helpful report to get up to date.
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Tampa Bay Housing Stats
The median sale price for single-family homes in Tampa, Florida ended May 2021 at $295,000, up 3.6% from April 2021, and up 20.4% from the previous May. The year-to-date median sale price for homes at the end of May was $279,900, up 16.6% from this time last year.
There were a total of 17,514 properties sold during May, a month-to-month drop of 10.4%, but up, 60.3% from one year ago. For the year the total number of closings is up 36.9% from 62,620 last year to 85,702 so far in 2021.
There were 18,183 new listings to hit the market in Tampa, a decline of one percent from last month, but up 14.8% from this time last year. New listing activity for 2021 is slightly ahead of last year’s pace, up 6.3% from 83,043 to 88,261.
Buying activity slowed from April to May, dropping 2.3% from 21,804 new pending listings to 21,293. Overall pending activity for the year is up 23.0% from this time one year ago, so far, there have been 110,561 pending sales in Tampa this year, up from 89,914 at this time one year ago.
There are 11,336 total active listings in Tampa, Florida, at the end of May, a drop from 11,446 in April. Compared to this time last year total active listings have fallen from 32,589 at the end of May 2021.
Homes were on the market May of this year for an average of 27 days before being sold, a drop from 34 days in April, and down from 49 days at the end of May 2020.
Sellers are getting 99.4% of their asking price for their homes at closing, up from 98.7% in April, and sellers list to close price average has increased from the 96.2% average at this time one year ago.
What Does This Mean For Buyers?
Buyers searching for a home in Tampa, Florida, should have financing in place and be ready to act when a property is found. Buyers must understand they have more purchasing power today than they will have in six months. With inventory at historic lows, buyers may have to prioritize some needed features over others.
Buyers should have a great agent working for them who understands the dynamics of the Tampa housing market and has the knowledge to make sure you have a smooth home buying experience. Give us a call today at (813) 489-9798 to find out how we can help you find a great home in Tampa, Florida!
What Does This Mean For Sellers?
As interest rates remain low and buyers continue relocating from more restrictive states, expect demand for single-family housing to continue in Tampa. Sellers who may have been waiting or undecided should go ahead and get their property listed today.
We are experienced in the fast-moving Tampa real estate market, we create a strategy to sell your house quickly, starting with accurate pricing, marketing the most in-demand features, and marketing to the most qualified buyers. Give us a call today (813) 489-9798 and we’ll get started!