Hot Tampa Bay Real Estate Market Not Slowing Down

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It was a year of historically low inventories, historically high demand and historically high house prices.

Why is it important: Buyers are tired and hardworking people are short of housing in Tampa Bay.

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  • The region has the most expensive houses in Florida, and home values growing faster here than almost any other metro in the country.

  • Justin Ricke, who has been a real estate agent in Tampa for five years, says some homes have between three and 30 offers. And houses leave the market as quickly as they appear.

  • “You can put a house on the market on Thursday, and if you sell it correctly, get some bids by Sunday and get a decision by Monday.”

Game state: In July 2021, the volume of closed and unfinished sales decreased by Sarasota, Manatee, Pinellas, Pascoe and Hillsborough counties, according to the latest MLS data.

  • If this trend continues, it could indicate a cooling market. But this time of year is slowing down, and the July figures do not yet indicate a trend.

Yes, but: Stocks are still too low to meet demand, even if demand has temporarily declined, which continues to push house prices higher.

Data: Florida realtors; Chart: Axios Visuals

Mark: In July 2021, stocks were 0.8-1.1 months in each of the five counties; by 30–40% in Pinellas, Pascoe and Hillsborough counties; and 65% in Sarasota and Lamantey counties.

  • Homes are rented out on average in six days or less.

  • Most single family homes receive 100% of the asking price or more.

Between the lines: In the Tampa Bay area, people don’t buy or even rent. Rike says he gets calls from people every day, including teachers and service workers looking for affordable housing.

  • “A huge segment of the working population doesn’t have the ability to buy,” says Rike. “The people who come and care for you every day are at risk.”

The essence: Even if home prices start to rise less quickly, Tampa is far from a balanced market. And buyers will continue to feel the squeeze in inventory.

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