Tampa Bay Real Estate Market Update | January 2020
Tampa Bay Real Estate Market Update
The Tampa Bay real estate landscape is buzzing with activity, and recent stats from December 2019 offer some insightful highlights. Drawing data from the Florida REALTORs®, the statistics cover the entire Tampa Bay area, encapsulating counties like Pinellas, Hillsborough, Pasco, and Hernando, and centering primarily on single-family home sales.
December 2019 stood out with its robust market performance. The number of homes that found new owners soared by a notable 22% compared to December of the previous year. To put this into context, the largest spike we'd observed in the months leading up to December was just over 10%. The recent figures almost double that, clearly indicating that homes in Tampa Bay are in high demand and swiftly changing hands.
The median sales price wasn't left behind, either. It leaped back up to a striking $250,000, a peak not seen since August 2019. This paints a picture of a steadily appreciating market.
Interestingly, after a long hiatus, December saw an uptick in new listings—5.5% higher than the previous December, to be exact. This suggests that homeowners are recognizing the advantageous selling environment. Yet, with inventory dipping below 10,000 homes by December's end, the market is tight. It's a clear indication of a seller's market, with more buyers than sellers in the field.
Furthermore, homes in the higher price bracket, particularly those ranging from $400,000 to $600,000, witnessed a staggering 55% increase in sales compared to the previous December. However, the most sought-after bracket remains the $200,000 to $250,000 range, with around 940 homes sold.
In a nutshell, the Tampa Bay real estate market continues to thrive, making it a great time for sellers. However, buyers shouldn't be disheartened. With mortgage interest rates remaining attractive, it's an opportune moment to make a purchase. The best realtors in Tampa Bay would concur that the market's health is promising for both sellers and buyers.
For those contemplating a move, whether to buy in Tampa Bay or sell, the insights from one of the top real estate teams in Tampa Bay can be invaluable. As always, for any queries or guidance on Tampa Bay's real estate trends, we're here to assist. Wishing you a wonderful day ahead!