6 Highlights of the Tampa Real Estate Market for the First Three Quarters

Take a look at the performance of the Tampa real estate market from January to September 2014.

Here are the more significant and interesting statistics, based on data from the Greater Tampa Association of Realtors (GTAR):

1.   The $200,000 to $250,000 price range is still the most popular among homebuyers.

Since the middle of 2012, single-family homes and villas in this price range have been the top sellers. Every month from February last year to August this year, most homes sold were in this price range.

Of the 20,583 single-family homes and villas sold last year, 2,836 or nearly 3,000 units in this price range were sold. Of the 14,263 single-family homes and villas sold this year, from January to August, a total of 1,975 units in this price range were sold.

2.   Home sellers are still getting 97% of their desired prices.

Over the past 18 months, from March 2013 to August 2014, home sellers have been getting 97% of their listing prices. 97% is clearly bigger than 93%, the ratio in March 2009 and the lowest ratio over the past five to six years.

3.   The Tampa housing inventory is still falling.

The total number of Greater Tampa homes for sale as of August was 9,487 units, equivalent to 3.9 months of housing inventory.

Here’s a look at all the months of August since the year 2006 when the inventory started to increase month to month.

4.   Over the past 18 months, from March 2013 to August 2014, the monthly sales volume, the monthly average listing price and the monthly average sale price over the past 18 months have been mostly stable.

Over this 18-month period, the average monthly sales volume was 2,268 units.
The average listing price was $202.370 and the average sale price over this period was $196,020

5.   This year, from February to August, the average listing price and the average sale price continued to increase from month to month.

 6.  A total of 134 million-dollar homes have been sold over the period from January to August this year.  Last year, over the corresponding period, the total was 109 units.

Indeed, the increase in sales of million-dollar and multi-million-dollar homes in the Tampa area is not only seen in the Greater Tampa Association of Realtors (GTAR) data or Florida Realtor data, but also felt in the media.  Sales of speculative mansions and their features and the competition to buy them have hogged the news networks.  A group of investors have correctly guessed the real estate desires of the very wealthy at the right time, have correctly determined there’s a market for high-end speculative homes and have embraced profits from their efforts.

In July, a speculative mansion on Davis Island built by this group, was sold for $4.6 million, all in cash. And it was sold even before it was completed.