June Tampa Market Report
The market is insane right now! The median YoY Growth in Tampa is 19% while the average YoY is now up to 27%! That means if you bought the average home last year at 327K you could potentially sell for 417K today (95K of equity in one year)!!!
With inventory down -67% YoY at .6 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 15 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.