Tampa Bay Real Estate Market Trends September 2020
The biggest factor driving the current real estate experience in Tampa Bay is that active listings are severely lower than normal. Demand is outpacing supply. This creates an environment where there isn’t much to choose from, days on market are short and multiple offers are common.
This analysis looks at residential real estate sales in Hillsborough and Pinellas counties as reported in Stellar MLS (Our local real estate board's multiple listing service).
Active Listing Totals
Count of active listings have sharply declined since the pandemic started.
There were 36% less available homes on the market year over year. This is the lowest inventory of available homes since the current MLS has been tracking statistics.
Actice listings by Month and Year
The number of active listings has been dwindling for some time because demand has been strong. Population is growing and homes have been selling fast. In 2020 supply of available homes and time on market has been particularly short.
Number of Homes Sold
At the same time, the number of sold homes is 2% higher than the same month last year. There is less to choose from, but more people are buying homes.
Average Days on Market vs Median List Price
Median list price is growing while days on market are shrinking. The median list and sell prices are 13.25% and 13.8% higher respectively year-over-year.
The median list price in Hillsborough and Pinellas counties was $280,000 for August 2020.
Average Days on Market by Month
The median days on market was 14, down from 24 the year prior. Homes are selling much faster than they have historically.
Median Sale Price
The median sale price was $272,000, up from $238,995 the year prior. That means home values have gone up almost 14% year-over-year.
List Pirce to Sell Price Ratio
The list price to sell price ratio tell you how much of the list price homes typically sell for.
List price to sell price ratio has heald steady at around 98%, increasing only from 98.3% to 98.8%.
Median sale price is up nearly 14% year-over-year. There are more home sales happening with historically low inventory.
Supply of available homes is down 36% while home sales are up 2%. TIme on market is down 41%.
What does this mean for you?
If you are looking to sell your home, there has never been a better time. Prices are up, demand is up and buyer’s are waiting.
If you are looking to buy a home, expect that you may not get the first one you try for. Multiple offers are very common. With interest rates at historic lows and the area growing in popularity, it is still a good time to buy, just expect a competitive environment. The good news is that there are a lot of homes that come available with a normal amount of total sales happening. The market demand just absorbs the available homes nearly right away.