Tampa FL Housing Market Update

The Tampa housing market is a fairly large market if you look at the city in its entirety. The parts of Tampa are very different and you could easily build the case for each part being marketed to people in separate financial groups. Because of this let's look at the whole city together and then the different parts like South Tampa, North Tampa and the condo market downtown and on Bayshore Blvd.

Homes For Sale in Tampa FL

First a little bit about myself and Wendy Morris Realty. Both you and I have most likely seen Realtors who sell homes to buyers. It doesn't matter if they are working with/ for the buyer or seller the Realtor "talks up the house" and tries to get the buyer to make an offer. Professional Realtors call this "commission breath". You will not get that from me or anyone I work with. We honestly represent the properties and put our clients first. If this is of interest to you then please reach out to us, use this site as much as you like and hopefully we can someday work together.

Tampa Housing Market as a Whole

As of 9/01/2022 there were 1,890 homes for sale. In the previous 30 days 950 homes sold which is down. That includes all types of homes meaning condos, townhomes traditional single family homes etc. Any type of home which you can buy in the Tampa Florida area  is included in this grouping that was not sold as "for sale by owner" and there are very few of those. The median prices for the previous 30 days of the homes are shown below. 

• Traditional Homes- $410,000 - down 35k

• Condos-$225,000 -down 

• Townhomes-$320,000 - down

Foreclosures in Tampa FL

How many people notice the prevalence of purveyors of doom? I guess if you keep repeating it sooner or later you can say look I was right all along. No mention to how often they were incorrect. Here is the truth about the housing market in a nutshell from someone nearly 60 years old who has experienced and watched the market for decades. First, what are the warning signs? 

1. A reason for people to fall behind in payments or a reason for people to stop purchasing at the current prices appears.
2. Purchases begin to slow and owners fall behind in their payments. 
3. Filings to sell homes short of their value rise.
4. "Short Sales" start being approved and show up online.
5. The percentage of foreclosed homes held in Bank Inventories go up.

Current sales of foreclosures and bank owned homes in Tampa FL

Only 9 bank owned homes registered as sales in the previous 30 days. Currently only 21 are listed for sale. Last year at this same time of year 11 bank owned homes sold. If there is a trend so far I am missing it but that is not to say one has not started. Should you buy? I believe so based on history and the current interest rates. In ten years do you believe interest rates will be higher, lower or the same? Do you think the home prices will be lower or higher? If I were buying right now I would buy location, condition and interest rate. That is my opinion on the Tampa housing market.