August Market Report

The Tampa market is HOT right now! We are seeing inventory levels rise a little bit and this is likely from people taking vacation/family time during the summer and putting off house hunting. 

With inventory down -43% YoY at .9 months of supply it’s unlikely things will slow any time soon. While we hope there will be a leveling off of inventory towards the fall it’s hard to say as we are at historic lows.  It’s a great time to be a seller but it’s going to be a rough ride for buyers. Hang in there the market won’t always be like this, but regardless if you decide to sit things out until the market cools off you will likely be paying another 15%-20%+ if you jump back in this time next year. Even if all the potential 2021 forbearance properties hit the market all at once, we still wouldn’t have enough inventory to shift into a buyers market.

Average Days on Market (DOM) is down to 16 days for Tampa, but most well priced properties take contracts in a week or less. The market is still moving at a tremendous pace in Tampa, as we see people from high tax states moving to Florida, specifically Tampa and the Bay area as some reports have as much as 1,000 people moving here per day. As we move into Q3 of 2021 we expect growth to continue and Sellers to maintain the upper hand.