The South Tampa Real Estate market is changing in some ways and steady in others. Some of our market is starting to take longer to sell. There has been a slight increase in inventory. Most of the local market has between 3 to 4 months of inventory. Sale price averages remained steady or have increased depending on the neighborhood. See current trends in more detail here.
South Tampa – Single Family Homes
In South Tampa, the average sold price for Single Family properties for December was $645,000, representing an increase of 4.8% compared to last month and an increase of 5.9% from Dec 2017. The average days on market for units sold in December was 72 days, 26% longer than Dec 2017. The number of transactions slightly decreased from the previous month and no significant change from Dec 2017. Distressed sales transactions remain very low. Inventory for single family homes remains steady.
Average Sale Price Trends by South Tampa Zip Code – Single Family
In South Tampa zip code 33609, the single family homes sale price averages significantly increased. This includes neighborhoods such as Beach Park, Gray Gables, Parkland Estates, and Swann Estates. The increase is largely due to over 40% of the sales being relatively large homes that were over 4,000 square feet in size.
The 33602 zip code seemed to have the largest decline in average sale price. In this particular part of Tampa, the majority of transactions are multi-family and with very few single family homes sold. This can explain large fluctuations in sale price averages for single-family homes.
South Tampa – Condos and Townhomes
The South Tampa condo market is quite different than the single family market. In South Tampa, the average sold price for Multi Family properties for December was $342,000, representing an increase of 3.0% compared to last month and an increase of 4.6% from Dec 2017. The average days on market for units sold in December was 66 days, 13.8% longer than Dec 2017. The number of transactions slightly increased from the previous month and has de creased from Dec 2017. Distressed sales transactions remain very low. Inventory has increased over 50% for condos and townhomes in South Tampa from Dec 2017.
Average Sale Price Trends by South Tampa Zip Codes – Condos/Townhomes
In South Tampa zip code 33629, the Multi-family home sale price averages significantly increased by 34 percent form this time last year. The condo market has been relatively stable. Sale price averages for all of South Tampa’s condos and Townhomes was $224/square foot in December.