Tampa Home Sellers Still Getting 97% of Their Desired Sales Price

Back in May 2014, we wrote about  Tampa home sellers getting 97%  of their desired sales price.  Several months later, Tampa residential real estate sellers are still getting 97% of their original listing price.  What is this indicator telling us about the Tampa Bay real estate market?

This means that either there are more prospective home buyers than Tampa homes for sale available, or the desired Tampa homes at desired price ranges are simply not available.  Data from the Greater Tampa Association of Realtors (GTAR) shows that as of October 2014, there are only 9,517 housing units available for sale in the Greater Tampa area, and it will take only 4 months for these units to vanish from the market completely if they continue to be grabbed by buyers at current sales pace.

Indeed, this is a good time for Tampa home sellers.  For prospective Tampa home buyers, the obvious benefit of buying now is being able to get the desired home at the desired location before others grab the opportunity to offer a better price.

The 97-percent ratio of listing price to sales price has been defining the Tampa Bay real estate market since 2013, as shown in this chart, based on GTAR data:

The above listing and sales prices were for single-family homes, villas, condos and townhomes sold in the Greater Tampa area from March 2013 to October 2014.