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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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.”
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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