State of Tampa -- March 2018

Spring is usually viewed as the hottest time of the year for the real estate market. As we start to spring forward, here is a look at our current real estate market. The state of Tampa for March 2018.

The total population for the Tampa Bay Area is expected to grow from 3 million people to 3.1 million by the end of the year. Economist also project the population growth to reach 3.5 million by 2023.

A Seller's market
As of February 2018, The Tampa area has a 2.6 month's supply of inventory, down 7.1% from this time last year. 5.5 months of inventory is the number that indicates a fair market, not favoring sellers or buyers. Only having 2.6 months of inventory shows that we are still in a market that very much favors sellers.

January single family home Sales were down 6% year-over-year, but February actually saw a .2% increase from this time last year. After a quiet Holiday Season and New Year, the market is starting to ramp back up as we head into Spring.

Rising Prices
In February , the median sales price was $228,000. Since February of 2014, that number has consistently risen month to month starting from around $150,000 then to where we are now.

Did you know
In 2017, 70% of sellers nationwide who initially listed their home as FSBO ended up hiring a full-time, professional agent to sell their home.