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Tampa Market Update

Your Tampa Real Estate Update for Quarter 3 - 2018 

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Tampa Market Update

Andrew Bayon
Oct 25 4 minutes read

Whether you are selling your home, buying a new home, or just curious how the market is doing, here are some stats that can be helpful to you!

Current National Housing Market Update

Data from analysts and economic professionals, across MBA, NAR, Census Bureau, Realtor.com, Inman, Tampa Bay Times, Tampa Bay Business Journal, and more.

  • Inventory is “showing signs of recovery” increase, 6.5% for the year, 47% Year-over-year in September. First time since 2015.
  • Home price appreciation is slowing bringing more homes back within reach, price gains declined from 6% to 3%. Prices are estimated to dip later near 2020.
  • New Home sales are up 7%  in Florida, 12% in the US.
  • Mortgage rates still increasingestimated to increase to 5 - 5.1% until around 2020-2021.
  • Low price points are harder to find, most of the homes are 350k + due to the rising cost of land, labor, and materials.
  • Millennials are aging and will be a major market share by 2020 (40-43%), Gen Y (35-44) are currently taking a larger market share as more enter the market.
  • Demand is still up, homes are selling fast even at higher prices.
  • We currently have a very healthy economy. 
    • Florida is a top 5 state for business' tax. 
    • Tampa's Real Estate market is among the top 10 in the US
    • We have one of the best job markets, ranked #4 with a 2.9% unemployment rate. 
    • Our housing market ranks #6 in affordability.

Tampa Market Data

Q3 of 2018

12.8%

Number of homes on the market

14.4k

Homes for sale in Tampa

307k

Average sale price



$189

Average price per sq. ft

62

Average days to close

12.7%

Demand for new homes

Port of Tampa (33616) Market Data

Q3 of 2018

98

Homes sold

98

Homes for sale in Tampa

400k

Average sale price

-

$184

Average price per sq. ft

49

Average days to close

98%

Sales to List price ratio

What does this mean?

We have had only 8-10 months of a difference between where we first initially priced our Richardson homes and now. (end of October) The price difference from where they started and what they would cost now is a $25,000 difference within a year.

The current market may be showing some signs of slowing down. However, those signs may not turn to anything significant for the year or 2. With rates and prices expected to slowly creep up, you have to choose either to lock in before they continue rising. Or completely step out of the market. 

Most economists are saying that it may not turn to a buyer's market until around 2020.

The United States, Florida, and Tampa all have a very healthy economy. Tampa has a lot going for it with its low unemployment, increased job growth, affordability, and overall desirability. With over $13 billion dollars in additions and upgrades coming to Tampa over the next few years, Tampa is in a prime spot.

Which means if you are looking to buy there are benefits to making a decision earlier rather than later. Which could incur a higher price and/or higher rate. Now, if you do not need to buy then there may be a benefit but you would have to wait a couple years to move. If you have to sell before you can move then it's a whole different ball game. There are benefits in selling your home when prices are high and the economy is going well.

Either way, you're the only person who can decide what is right for you.

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