Tampa Bay Real Estate Market Update | January 2021

Hi everyone! My name is Jillian Jamison. I'm with the Jamison Team at Lipply Real Estate and I wanted to do a real estate market update for the Tampa Bay area. The Florida REALTORS® just released statistics for December 2020. This is for Pinellas, Pasco, Hillsborough, and Hernando single family home sales. 

It was more of the same in December 2020. We saw basically the same trend that we saw throughout the 2020 year. Home prices increased again. The median sales price was $289,900. That was up 15% since December of 2019. And that is the highest median sales price that I've seen in my 10-year career in real estate in the area.

It was taking on average about 11 days for sellers to find a buyer for their home and to go under contract. So that is a very quick turn around. Homes are selling extremely quickly right now and that's pretty average for what we saw towards the end of 2020. 

Buyers were offering on average 99.5% of the list price. So basically that means that homes were selling at pretty much the asking price on average. That was down just a little bit from October and November 2020. On average during those months, homes were selling at 100% of the asking price. In my opinion, it probably went down because we did see a slight decrease in real estate activity in December due to the holidays and just everything that goes on around that time of the year. So in my opinion, that's why we saw that little bit of dip there.

Active listings were down about 50% since December 2019. So we are still very much experiencing an inventory crisis right now. There are very few homes on the market. We have a 1.1 month's supply of inventory on the market. Anything less than six months is considered a seller's market, so as you can see, we are extremely low right now. If you have any thoughts of selling whatsoever, please strongly consider that because we need the inventory. We need to have homes to sell to our buyers right now. And it's such a strong seller's market, so definitely take advantage of it while you can.

Now, if you're a buyer, don't get discouraged. There are different options and different ways that you can win in multiple offer situations. New construction homes are always an option as well as they provide a bit more inventory options. Keep in mind that you are still purchasing at record low interest rates right now. So you're still making up a ton of your buying power as far as interest rates go. Just as long as you look at it as a long-term investment. Just keep that in mind.

If my husband, Keith, or I can answer any questions, please don't hesitate to reach out. Have a great day.

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