Do you remember the movie Gone in 60 Seconds in which the characters of Nicolas cage and Angelina Jolie and their fellow thieves must steal 50 cars in 72 hours? Well, they thieves did what they planned to do, and the cars disappeared, as most action stories go.
Similarly, homes for sale in Tampa FL are disappearing fast. They’re going at an average pace of 66 days as of August 2013. A month previously, it was 71 days, and a year previously, it was 85 days. Five years before, in August 2008, it was 111 days.
Average Number of Days Tampa Homes Are on the Market
| August 2013 | 66 days |
| August 2012 | 85 days |
| August 2011 | 111 days |
| August 2010 | 101 days |
| August 2009 | 105 days |
| August 2008 | 111 days |
In August this year, the fastest-selling price range was the $140,000 to $160,000 range, with an average pace of just 48 days. Next was the $200,000 to $250,000 range, with an average pace of 54 days. Over the eight-month period from January to August this year, the fastest-selling price range was the $140,000 to $160,000 range.
Fastest-Selling Price Range During the First
8 Months of Every Year Since 2010
| First 8 Months of 2013 | $140,000 to $160,000 | 61 days |
| First 8 Months of 2012 | $300,000 to $350,000 | |
| and Less than $50,000 | 84 days | |
| First 8 Months of 2011 | Less than $50,000 | 92 days |
| First 8 Months of 2010 | $900,000 to $1 million | 80 days |
One of the reasons for the quicker pace of home sales over the past years and months is the continuous decline in housing inventory in Tampa, as well as in other markets in the Tampa Bay area. As of August 2013, the number of homes for sale in Tampa Fl has gone down to 7,500 units, about 3.2 months’ worth of supply based on current pace of home sales in Tampa. The lesser the number of homes available for sale, the faster buyers are closing on properties desired. The diminishing inventory has been triggering a frenzy of purchases among investors and owner-buyers.
As of August 2013, the $800,000 to $899,999 and the $900,000 to $999,999 price ranges have the least number of units available for sale, with only 55 and 68 units available for sale, respectively. Based on current sales pace, however, the $900,000 to $999,999 price range has enough to satisfy buyers for the next 11.3 months. The following price ranges have the least supply as of August based on
current sales pace:
| $140,000 to $159,999 | 2.1 months |
| $100,000 to $119,999 | 2.5 months |
| Less than $50,000 | 2.6 months |
| $120,000 to $139,999 | 2.6 months |
| $180,000 to $199,999 | 2.6 months |
| $70,000 to $$79,999 | 2.7 months |
| $80,000 to $89,999 | 2.7 months |
| $90,000 t0 $99,999 | 2.7 months |
| $200,000 to $249,999 | 2.7 months |