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Published March 29, 2021
The Latest South Tampa Real Estate Numbers for March
What’s changed in our South Tampa real estate market? Here’s the data.
103 HOMES SOLD | $620K MEDIAN SALE PRICE
159 NEW LISTINGS | 54 DAYS ON MARKET AVERAGE
1.2 MONTHS OF INVENTORY | 3% 30-YEAR INTEREST RATE
We’re here again to bring you the latest market numbers and real estate trends in the South Tampa area. We just finished going through all of February’s data, and today we’ll give you an idea of what happened throughout the month. In February 2021, 103 single-family homes were sold—a slight decrease compared to January’s 117 sales, but a jump from the previous year’s 95 sales. February’s numbers are usually low compared to other months, and that hasn’t changed this year. In 2021, the median price for homes dropped slightly from $630,000 in January to $620,000 in February, but it’s still 6% higher than the median price of $585,000 in February 2020.
"To put it simply, inventory is at an all-time low."We have around 1.2 months of inventory, meaning it would take just over a month for homebuyers to purchase all the homes for sale if no other properties came onto the market. When we look at the numbers, we see this is much lower than our usual average. Here’s why: At the moment, there are 159 active listings for single-family homes in our area. In 2020, however, we had an average of 342 active listings each month. If we go further back and look at the previous six years, we see the average was even higher, sitting around 470 per month. To put it simply, inventory is at an all-time low. The average number of days a home spends on the market before being sold is also fairly low. Currently, it’s at 54 days, which is down from 84 days last year but up from 49 days in January. Additionally, mortgage rates are beginning to rise out of the 2% range. The rate was about 2.65% to 2.75% in early January, but it’s risen to just above 3% throughout February. However, there’s no need to worry, a 3%-plus rate is still fantastic from a historical perspective. That about sums up all the changes we’ve seen in our market. If you have any questions or would like more information, feel free to reach out to us. We’d be happy to help you with any real estate needs, and we’d also love to mail you a copy of our 2020 South Tampa Market Report. We look forward to hearing from you soon.
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