Tampa Bay Real Estate Market Update | February 2020

Tampa Bay Real Estate Market Update | February 2020

Navigating the bustling Tampa Bay real estate market? We're here to offer a fresh and insightful market update. Let's dive into the most current data provided by the esteemed Florida REALTORS® to get a glimpse of the trends in the Tampa Bay area covering Pinellas, Pasco, Hillsborough, and Hernando counties.

The Tampa Bay property scene is surging, and the numbers testify to this strength. Compared to the previous year, January 2020 experienced a commendable 14% rise in closed sales. This means properties are being snapped up, marking a bullish period for sellers.

However, there's a challenging facet to this thriving market - dwindling inventories. By the end of January 2020, the listings showcased 9,386 single-family homes, a stark contrast to the almost 12,000 homes from the same period in 2019. The condo scenario mirrors this, with 3,865 available as opposed to 4,658 the previous year.

What does this inventory crunch mean for potential sellers and buyers? For single-family homes, we're looking at an inventory supply of merely 2.2 months. Condos fare slightly better with 2.7 months. To put this in perspective, the average months supply of inventory stands at about 5.5 months. Anything below this is a seller's playground. Thus, if you're contemplating selling in Tampa Bay, there couldn’t be a better time. However, prospective buyers can find solace in the remarkably low mortgage interest rates, bolstering their purchasing prowess.

For those keen to buy or sell in Tampa Bay, or simply to grasp the real estate dynamics, we're here to assist. As a top realtor estate team in Tampa Bay, our mission is to open the door to your next home. 

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