Tampa Bay – South Shore Real Estate Market Update for March 2022
Similar to the Wild Wild West, the current real estate market in the Tampa Bay area continues to struggle to keep up with buyer demands. The tales of bidding wars, no inspections, bidding well over asking price and even dropping appraisals are true. The demand for home in South Shore is high and buyers and agents are working hard to make their offers stand out from the others.
Last Month, I was preparing to a list a home, the sign post went in and within minutes I was receiving calls about the property! The home never went on market! We received an offer 20k over the price we were going to list at without an appraisal contingency. 30 days later the seller’s were overjoyed to sell their home without the hassle of showings, without having to make any repairs and without the worry of the home’s value coming in high enough. It was smooth sailing for the Seller! The buyer on the other hand, had endured much disappointment prior, losing multiple offers and nearly giving up on their dream to live in Apollo Beach. The majority of buyers are feeling defeated in this market and rightfully so. There is an relentless amount competition!
In this post, we’re going to highlight the numbers you need to know about Tampa’s South Shore real estate market, what it means if you’re thinking about buying or selling, and where to get help moving toward your real estate goals this year.
What’s Happening in the Tampa’s South Shore Real Estate Market?
- The average sale price was $427,895 – a 5% increase in average sales price from last month
- The average days on market was 11 days in March a 31% decrease of time on market since last month
- 706 homes sold in South Shore March 2022 – a 29% increase from February 2022
- 759 homes listed in March 2022 – a 19% increase from last month
- 339 active listings in March and a 14% decrease from last month
- 957 homes are currently under contract in the South Shore area
- South Shore has .5 months of inventory available currently and a 95% decrease in available inventory from last month
- The total sales volume for the South Shore area was $283,569,458 a 34% increase over February 2022
What Does This Mean for South Shore Homeowners and Sellers?
With inventory continuing to dwindle buyer competition will continue to increase. Homes are selling faster and for a higher sales price month over month. This is great news if you are considering selling your home! Demand continues to increase along with home prices. Homes are metaphorically flying off the shelves here in the Tampa Bay Area, so we’re seeing a lot of properties that are less prepared for sale than they would have been even just a year ago. But the data also shows that simple repairs and cosmetic improvements before listing can net you thousands of dollars!
Reach out to us for a free consultation and so we can connect you to our preferred vendors in your neighborhood.
What Does This Mean for Tampa Home Buyers?
Sadly, for Buyer’s this means the competition to win a property is also continuing to increase. Low inventory and high demand means buyer’s will be competing with even more buyers on each property. This doesn’t mean you should surrender your dreams of purchasing a new home. It means you need to prepare to be aggressive and creative! With only half of a month’s worth of inventory available here in South Shore, buyers have to be ready to act quickly when they find a home they’re interested in. Do you have your financials in order? Which home features are you are your absolute must-haves? Our team is researching new loan products everyday, sharing wins and brainstorming new ways to give our buyer’s an advantage in this market beyond just offering more money. We can help you prepare to win the home of your dreams in this tough market, so reach out for a free consultation!
Conclusion
To say the very least, the Tampa market is on fire! Record low inventory, record high prices paired with a continued buyer demand shows the current market climate will continue until the housing supply increases significantly. The Fed has announced they will increase interest rates and projects 6 increases in 2022. This in itself is also causing more buyer motivation to secure a lower interest rate, however don’t let that discourage you! With the continued rise in home prices we are also seeing buyers gain on average 1.5-3% in equity from the time they contract a property to when they sit down at the closing table!
Bottom line, partner with a Realtor® that understands the market and will align their needs with yours. Whether you are buying or selling, our team can help move you to your next home with ease. Call us today to see how we can help you make your next move! 813.704.8748
Sources:
- Stellar MLS
- New York Times