State of the Florida real estate market

What’s the state of the Tampa Bay real estate market?

The REALTORS® Confidence Index (RCI) survey gathers on-the-ground information from realtors nationwide based on their real estate transactions in the past month.

So where are we at?

• On average, a home sold had five offers. We are definitely seeing that in Tampa Bay with some of our agents seeing multiple offers on properties. We have some tips on winning the bid in a multiple-offer situation:
  https://youtu.be/uWxs5f9s1Dg
  https://youtu.be/-SBGw64JmTo

• On average, realtors expect home prices in the next three months to increase more than 5% from one year ago and sales in the next three months to increase nearly 2% from last year’s sales level. We are seeing a majority of homes selling for above asking price around Tampa Bay.
• With limited supply in the market, homes typically sold within 17 days (26 days one year ago), as buyer competition continues. When we looked at local MLS data we found this stat to be accurate for the Tampa Bay market.
• The share of first-time buyers remains unchanged in May at 31% (31% in the prior month, 34% one year ago).
• The pandemic continues to impact how people live and work. A higher share of buyers, at 87%, purchased a property in a suburban, small town, rural, or resort area (81% one year ago).
• Fifty-eight percent of realtors reported they had potential buyers looking for work-from-home features such as an extra room, a finished basement, or a bigger home.