What is going on in residential real estate in the Tampa Bay area?
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In Hillsborough County and Pasco County 16,550 single family residences
(priced over 50k) have sold in the last 12 months.
3897 of these homes were short sales averaging 160 days to contract and 274 days to close.
2555 of these homes were bank owned homes averaging 59 days to contract and 100 days to close.
10098 of these homes were regular sales averaging 89 days to contract and 130 days to close.
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In Hillsborough and Pasco Counties combined there are currently
5645 single family residences priced over $50,000 for sale.
This is approximately 1/3 of the amount which have sold in the past 12 months.
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What is going on in residential real estate in the Tampa Bay area?
Short answer. The market is tightening. Demand is coming faster than supply.
Interest rates are at a historic low. Investors are coming out in force.
Aggressively priced homes are receiving multiple offers and many sell for higher than the asking price.
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