Tampa Bay Market Wrap Up
What happened in 2019 that made Tampa such a bright spot in the nation’s real estate market?
We’re here with your Tampa Bay Real Estate Market Wrap up for 2019. Tampa ended the year strong, with a record-breaking 3,122 closed sales for December, that number was up 20% over last December. 2019 ended as a record-setting year in the Tampa Bay market with a total of 38,420 closed home sales, up 5% from 2018.
What about prices? In 2019, Tampa Bay ended the year with an average home sale price of $291,586 in December, which was up 7.9% year over year. Homes are taking a little longer to sell. The average Tampa home, which took 50 days to go under contract in mid-2018, took 62 days as of the end of 2019. This could be due to optimistic builders and sellers setting prices that are above the market average, and then having to reduce. Inventory remains at a record low, actually down by 23% year to year. It's a great time to list a home.
What's driving these price and sale increases in the Tampa market?
1. Lots of new construction which is pushing up the average sale price.
2. A net gain in our Tampa Bay area population with people being attracted here for jobs, great weather, no state income tax, and lots to do.
3. Interest rates remain low, currently in the low to mid 3's on a 30 year fixed mortgage, contributing to buyer's urgency to buy.
4. We're seeing many sellers who have updated and improved their homes leading to higher sale prices.
The homes selling for top dollar are in top dollar condition.
Friends, if you are watching this and thinking about selling in 2020, and you want to be able to take advantage of this market, understand that the homes selling for top dollar are in top dollar condition. Make sure you contact us 60 to 90 days in advance of when you want to sell, so we can help you to maximize your home's condition and price.
If you have any questions about your situation, call/email or direct message me, we'd love to discuss your real estate goals. Thanks for watching and until next time, be well!