Last month, the average Tampa home price shot up by 8.4%, from $179,541 in April to $$194,595 in May, approaching the levels of home sale prices in 2008. In 2008, the average sale price for single-family homes, villas, condos, townhomes and co-ops was $202,383, a difference of just $7,788 from the average sale price in May 2013. The lowest monthly average price that year was $181,435 and the highest was $248,872.
From December 2008, the monthly average sale price fell sharply and continued to drop from month to month, with a few instances of slight increases, but never again approached 2008 prices until May 2013.
The lowest monthly average price between December 2008 and May 2013 was $134,856, which was posted in January 2011. The second lowest was 135,543, posted in February 2011. The highest average sale price reached before May 2013 was $180,226 in March 2013.
The year-over-year rate of increase in May 2013 was even bigger. It was 13.16%, representing the over-the-year increase from $171,965 to $194,595.
Rate of Increase in Average Sale Price in May 2013:
| Year-over-Year | 13.16% | from $171,965 to $194,595 |
| Month-Over-Month | 8.4% | from $179,541 to $194,595 |
Average Sale Prices in May from 2006 to 2013:
| May 2013 | $194,595 |
| May 2012 | $171,965 |
| May 2011 | $152,387 |
| May 2010 | $163,367 |
| May 2009 | $162,626 |
| May 2008 | $242,591 |
| May 2007 | $269,797 |
| May 2006 | $268,427 |
The rising trend of Tampa home prices indicates that more homebuyers have come out to compete for properties available on the market. The Tampa real estate market has also become a seller’s market, proofs of which are the following:
1. The number of available Tampa homes for sale has dropped drastically. As of May 2013, the housing stock has fallen to less than three months’ worth of inventory. Only 6,724 units are listed for sale, a big drop from 10,325 units one year ago, and a big big drop from 13,674 units two years ago.
Over the past six years, the highest number of available homes for sale was posted in May 2007, which was 22,035. The second-highest was posted the following month, June 2007, which was 22,028.
2. Sellers have also been getting 97% of their desired prices since March 2013.
3. Homes are being snapped fast. They no longer stay long on the market. The average number of days Tampa homes for sale stayed on the market in May as 73 days, a drop of 4 days over the month, and a drop of 16 days over the year.
For three months in 2011, homes for sale in the Tampa Bay area stayed on the market for an average of 111 days. That year also saw the month of June posting an average of 116 days.
4. The waiting-client list of most Tampa real estate agents keeps getting longer. These clients are ready to buy, have their cash ready or are already pre-approved.