Half-Million-Dollar Tampa Homes Sold the Fastest in March

Homes for sale in Tampa  continue to get snapped up by buyers fast, with the average number of days spent by properties on the market falling to 75 days in March. That’s a 10.7-percent drop from 84 days in the previous month and a 27.2-percent drop from 103 days over the year.

The other good news is that the fastest-selling  Tampa homes  in March
were the half-million-dollar properties. Homes in the price range $500,000 to $599,999 stayed on the market in March for an average of
only 52 days, the lowest number among all price ranges. Indeed, higher-income buyers did not have to take a long time to decide in March as those homes in the close-to-$1-million price range stayed on the market for an average of only 60 days, the third lowest average in March.

The second-fastest selling price range — $60,000 to $69,999 — stayed on the market for an average of 58 days.

Average Number of Days Properties Stayed on the Market in March

Home Price Range Average No. of Days
$500,000 – $599,999       52
$  60,000 – $ 69,999 58
$900,000 – $999,999          60
$          1 – $ 49,999 61
$120,000 – $139,999 65
$180,000 – $199,999 67
$140,000 – $159,999 68
$200,000 – $249,999 72
$250,000 – $299,999 72

Considering all price ranges and all properties sold, the average number of days  Tampa properties  stayed on the market in March was 75 days. At the slow end expectedly is the more-than-one-million-dollar price range.

Properties priced more than a million dollars stayed on the market for 128 days.

For the most popular price range — $200,000 to $249,999 — the average stay on the market is 72 days.

Average Number of Days Properties Stayed on the Market from Jan to March

Home Price Range Average No. of Days
$500,000 – $599,999          62
$  60,000 – $ 69,999 66
$140,000 – $159,999 69
$180,000 – $199,999 70
$120,000 – $139,999 71
$            1 – $ 49,999 73
$160,000 – $179,999 74
$   79,000 – $ 79,999 77
$400,000 – $499,999 78
$   80,000 – $ 89,999 79
$200,000 – $249,999 81
$250,000 – $299,999 83

Million-dollar homes and costlier properties stayed on the market during the first quarter for an average of 182 days.

Housing Inventory

The continued increase in home sales without a corresponding increase in listings has been eroding the Tampa Bay area’s housing inventory. From a high of more than 20,000 units in the boom years, the number of available homes for sale has gone down to 6,350 units in March, a number that would be sold in just 2.9 months, based on current home sales pace.

Over the year, the inventory dropped by nearly 40% from 10,538 units in March 2012.

Tampa Bay inventory is down to just 6,350 homes for sale.

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