Tampa Bay Real Estate Market Update | December 2019
The Florida REALTORS have recently released a set of insightful statistics for single-family home sales in Pinellas, Hillsborough, Pasco, and Hernando County, highlighting key trends in the Tampa Bay real estate market as of November 2019.
A striking aspect of the current landscape is the marked decrease in active listings on the market. With only 10,245 listings, this 14.1% dip from the previous year showcases the lowest numbers we've seen in quite some time, significantly reducing the options for prospective buyers.
While the pool of options might be shrinking, the median sales price of homes has seen an uptick. Despite a brief fall to just under $245,000 last month, the median price bounced back to $248,600. This 4.2% rise compared to the previous November underscores an encouraging trend for sellers and investors in the Tampa Bay area.
To further dissect the market dynamics, let's examine the performance of different price segments. The most popular was the $200,000 to $250,000 range, with 912 home sales occurring in this bracket. It took an average of only 26 days to find a buyer - an impressive 16% speed increase from last year.
However, homes in the $300,000 to $400,000 range took a bit longer to attract buyers, averaging 36 days on the market. This represents a 16% slowdown compared to the previous year. For properties within the $400,000 to $600,000 range, the market moved particularly swiftly. Homes in this bracket found buyers in just 26 days - a 30% faster turnaround compared to November 2018.
The current real estate landscape in Tampa Bay offers unique opportunities and challenges. As the top real estate agents in Tampa Bay, we are equipped to guide you through these market conditions, whether you're looking to buy, sell, or invest. Don't hesitate to reach out for answers to any of your real estate questions.