Only Six Weeks of Housing Inventory in Tampa
Anything less than six months of housing inventory is considered a sellers’ market. Tampa has six weeks.
The Tampa real estate market is experiencing an unusual period in which both buyers and sellers can benefit: Buyers get the dual benefit of 1) prices that are still somewhat reasonable and 2) strong appreciation, while sellers get the benefit of a sellers’ market, meaning very few days spent on the market and a virtual guarantee of getting asking price, if not a little more.
Inventory is the key factor in home prices. A balanced market, favoring neither buyer nor seller, is six months’ worth of inventory. Throughout 2020, there has been a mere two months of inventory in Tampa, sometimes less.
Tampa is one of three cities leading the gain in the S&P CoreLogic Case-Shiller National Home Price Index, the gold standard for tracking appreciation.
2019 home prices rose by 3.5% nationwide. Tampa’s gain was 5% and is tracking even higher in 2020.
Tampa’s median price for a single family home has increased 6.4% over prior year.
Our December 2019 sales were $1.3 billion, an increase of 31% over sales in December 2018.
Our current 7% annual appreciation rate puts Tampa in the top 10% nationally.
Home prices are expected to flatten nationwide, but Tampa will continue to be good for real estate thanks in no small part to continuing employment growth.
Carrie Rowland is an Accredited Buyer’s Representative,® Certified Probate Real Estate Specialist,® Military Relocation Professional,® Graduate of the Realtor Institute® and a Realtor-Associate at RE/MAX Alliance Group in South Tampa
