Tampa Real Estate Market Report Overview
The latest Tampa real estate market report indicates that home sales market conditions in the Tampa metropolitan area remain soft, with a vacancy rate of 2.4%. According to real estate research firm Metrostudy, approximately 11,300 existing single-family homes were sold during the 4th quarter of 2014, which is an increase of 11% compared with the number of existing single-family homes sold during the 4th quarter of 2013.
During the same period, approximately 1,450 new single-family homes were sold, a decrease of 7% compared with the number of homes sold during the 4th quarter of 2013. The average price of new single-family homes sold during the 4th quarter of 2014 increased by 1% to $279,300. New home sales have decreased and single-family home construction activity has decreased during the past year, as measured by the number of single-family home building permits issued. During 2014, about 7,275 single-family homes were permitted, down 1% from 7,325 during 2013.
The Tampa metropolitan area rental housing market is more soft than balanced. The average overall vacancy rate (based on EMAD estimates) in December 2014 was 8.1%, down from 13.1% in April 2010. Apartments make up 45 percent of the supply of rental housing in the Tampa MSA and had an estimated average vacancy rate of 5.2 percent during the 4th quarter of 2014, down from 5.8 percent a year earlier according to real estate research firm MPF Research. The average apartment asking rent increased by 6% during the past year to approximately $945.
Tampa Real Estate Market Snapshot
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Tampa Real Estate Market Report Notes
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