Tampa Housing Market Report Overview
Housing market conditions in the Tampa Metropolitan Statistical Area (MSA) remain soft with an average vacancy rate of 2.8%. According to housing market data provided by Hanley Wood, approximately 13,800 new and existing single-family homes were sold in the Tampa metro area during the three months ended July 2013. Housing sales at this rate represents an year-over-year increase of 29% compared with the number of homes sold during the three months ended July 2012.
The average price of new single-family homes sold during the three months ended July 2013 increased 8 percent to $249,000 from the same period in the prior year. As housing sales have increased, so has single-family construction activity when measured by the number of single-family building permits issued. Based on preliminary housing market data, approximately 7,500 single-family homes were permitted during the twelve months ended July 2013, an annual increase of 47 percent from the 5,100 in the previous year.
The rental housing market in the Tampa Metropolitan Statistical Area (MSA) is improving, but remains soft nonetheless. Apartments make up 45 percent of the supply of rental housing in the Tampa metropolitan area and have an estimated average vacancy rate of 5 percent. The average overall vacancy rate (based on EMAD estimates) in July 2013 was 8.5%, down from 13.1% in April 2010, while the average apartment asking rent increased by 3% to approximately $890.
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Tampa Real Estate Market Report Snapshot
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Tampa Real Estate Market Snapshot
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