Tampa Real Estate Sellers Getting 97% of Their Desired Price

Tampa home sellers have been getting much of their wishes granted.

For the last 10 months last year and the first 3 months this year, Tampa real estate sellers have gotten 97% of their asking price, based on data from the Florida Regional MLS.

Look at these average home prices as published by the Greater Tampa Association of Realtors on its website:

The above prices were for single-family homes, villas, condos and townhomes sold from March 2013 to March 2014.

A portion of 97% is a significant increase from 93% in March 2009, from 94% in March 2010, and from 95% in March 2011 and March 2012.

The 97-percent attainment means that home sellers have been getting much of how much they wanted for their homes. They know that the housing inventory has been declining for some time. From the peak of 22,035 Tampa homes for sale in May 2007, the inventory fell from month to month to only 9,586 units in March 2014.

At the current pace of home selling in the Tampa Bay area, 9,586 homes can be sold in just four-and-a-half months. Homes have been staying on the market for an average of just 80 days for February and March 2014. Homes have even been sold faster in the last months of 2013, with the month of September seeing homes staying on the market for an average of only 62 days.

Both asking prices and sale prices for all types of Greater Tampa homes increased in March 2014 over the month from February. The sale price moved up by 7.6%.

Prices for all types of homes also increased over the year, from March 2013. The sale price moved up by 8.21%.

For single-family homes, the average sale price moved up in March 2014 by 7% over the year and moved up 6.8% over the month.

For condos and townhouses, the average sale price increased in March 2014 by 15.2% over the year and increased 6.8% over the month.