Great numbers have been coming in, indicating continued rejuvenation of the Tampa real estate market.
The following numbers for February 2013 prove that indeed Tampa single-family homes, condos, townhomes, villas, and co-ops are being snapped up by owner-buyers and investors. All numbers are based on reports released by the Greater Tampa Association of Realtors (GTAR) and Florida REALTORS.
SINGLE-FAMILY HOMES
1. Closed sales of single-family homes increased over the year by 22.4%, from 874 to 1,070 units.
2. Cash sales increased over the year by 51.6%, from 335 units to 508 units.
3. The median sales price increased over the year by 23.4%, from $129,900 to $160,250.
4. The average sales price increased over the year by 16.3%, from $172,821 to $200,975.
5. Single-family homes got sold faster, from a median of 53 days in February 2012 to 41 days in February 2013. That’s an improvement of 22.6%.
6. Buyers and investors have been willing to give in to the sellers’ desired prices. Last year, buyers paid an average of 92% of the listing price; in February this year, buyers paid an average of 93.8% of the listing price.
CONDOS and TOWNHOMES
1. Cash sales of condos and townhomes rose over the year by 6.8%, from 220 units to 235 units.
2. The median sales price increased year-over-year by 8.6%, from $70,000 to $76.000.
3. The average sales price rose over the year by 19.7%, from $100,372 to $120,122.
4. Tampa condos and townhomes got sold faster compared to last year, even faster than sales of single-family homes this year. These properties stayed on the market this February only for 28 days, a big improvement of 34.9% compared to 43 days in February 2012. Buyers and investors have been snapping them up.
5. Sellers have also been getting much of their desired prices. Buyers paid an average of 95.5% of their listing prices this February, an improvement from 92.8% in February 2012. The percentage was even higher than that for single-family homes.
GREATER TAMPA Sales
SINGLE-FAMILY HOMES
1. Cash sales of single-family homes shot up from 427 units to 658 units over the year. That’s a sharp increase of 54.1%. Cash sales accounted for 48% of all closed sales. That’s almost half, and it also represented an improvement of 28.8% compared to the cash-sale percentage in February 2012.
2. The number of closed sales, the median sales price, the average sales price, and the percentage of listing price paid for single-family homes also increased over the year.
CONDOS and TOWNHOUSES
3. The average sales price for condos and townhouses increased by 24.2%, from $101,149 to $125,608.
4. For condos and townhomes, all numbers improved, including number of closed sales, cash sales, median sales price, pending sales, number of new listings, and median number of days properties stayed on the market.
5. The percentage of cash sales increased over the year by 3.3%
to a significant 70.1% of all closed sales. Over the past 12 months, cash sales hovered between 61.3% to 67.9% of all closed sales. Indeed, more buyers are shelling out cash for condos and townhomes.