From luxury home sales to distressed properties, from pricing to inventory, we cover everything you need to know about the Tampa Bay real estate market in our January update.
Watch the full breakdown of January’s market statistics in our latest video below! Discover the trends driving Tampa Bay’s real estate market, from sales data to pricing insights. Don’t forget to hit the subscribe button on our YouTube channel for more expert updates and exclusive property tours.
December proved to be a strong month for real estate across Tampa Bay, with 30% more homes sold compared to November. The momentum of December continues to drive sales into the new year. Here’s what this means for buyers and property owners in Tampa (Hillsborough County) and the St. Pete – Clearwater (Pinellas County) areas:
Although the Great Migration has ended, a wave of affluent buyers continue to move to the Tampa Bay area for our luxurious and active lifestyle.
Gone is the reputation of heaven’s waiting room for the older generation. Wealthy millennials are attracted to our healthy job market, which leads the nation in the private sector.
In Tampa Bay you will find numerous professional sports teams with the Bucs, Lightening, Rays, and Rowdies, not to mention catching your favorite teams for spring training. Our warm weather and 360 days of sunshine provide year-round outdoor activities from boating, golf, and even, pickleball.
Since 2020 our area has seen a 98% increase in million-dollar home sales. This is a trend we expect to continue as more businesses relocate to take advantage of our job market and tropical paradise.
Be Patient: The housing inventory in Tampa Bay historically starts to increase at this time of the year. This inventory growth persists through the summer months. The spring market is especially attractive for many sellers because of the influx of tourists, beautiful weather, green grass, and blooming flowers. If your dream home isn’t available yet, it’s likely more options will become available soon.
Negotiation Power: If you want more negotiation power, look at homes that have been on the market 30-45+ days. With the average days to contract exceeding 2 months, some sellers will begin to lower their price expectations. These sellers may be more open to negotiation price and other important terms.
Be Strategic: Price is just one term of the offer. By knowing all the terms of the contract and other important motivation points, we can help you strategically negotiate the home of your dreams. With the market starting to stabilize, don’t hesitate to make an offer, especially with sellers who have priced their homes higher than the market value. Patience and persistence can lead to finding the right home at the right price.
Price Competitively: Pricing your home properly in the beginning is the best way to ensure you get the home sold for the right price. I see many sellers price their property above market value, hoping for a greater return and/or leaving too much negotiation room. Overpriced homes are being overlooked. By setting a realistic price upfront, we can help you position your home to attract more attention in a shorter timeframe. Saving you time, money, and stress.
Competitive Edge: With inventory increasing it is important that your property stands out among the competition. We take a strategic approach when it comes to preparing your home for the competitive marketplace. Below are some quick tips to help you prepare your home for the market. Before you spend any money on repairs or upgrades, give us a call to make sure it is money well spent.
Staging: Thoughtful staging highlights the property’s best features. By arranging furniture and décor strategically, buyers envision the home as their own, increasing its emotional appeal and marketability.
Repairs: Fix any issues that could deter buyers. Small repairs make a big difference and demonstrate that the home is well-maintained and move-in ready. If you are unsure where to spend your money for the best return, consult with one of our real estate experts.
Landscaping: Curb appeal sets the tone for a buyer’s experience. A well-manicured lawn, fresh mulch, trimmed hedges, and vibrant flowers can create an inviting exterior that encourages buyers to explore further.
Professional Cleaning: A clean home always sells faster and for more money. It conveys pride of ownership and reassures buyers that the property has been maintained. Deep cleaning every corner, including baseboards, shower tiles, ceiling fans, and windows, leaves a lasting impression.
Adapt to Feedback: The lack of feedback from a lack of showings is feedback in itself. If your home isn’t receiving interest within the first few weeks, it may be time to reassess your pricing and/or presentation. Early adjustments can help prevent a prolonged time on the market.
After Hurricane Helene flooded over 10,000 homes in Pinellas County on September 26, 2024, many investors speculated that property owners would be left underwater. For this reason, we have been watching short sales and foreclosures. Here is what we have seen so far…
It is still too early to determine if property owners of flood-damaged homes are in a financially distressed situation. Many are still waiting to hear back from their insurance company to figure out their next steps. We will continue to watch these numbers and report back next month.
In recent weeks, there’s been a noticeable increase in homes being auctioned. Currently, 9 properties in our local MLS are listed with upcoming auction dates. Over the past 90 days, the number of homes sold at auction has doubled—rising to 14 compared to just 7 in the previous 90 days.
Why the surge? Auctions can be a powerful tool to maximize marketing exposure, attracting attention to properties that may not generate enough interest through traditional sales methods.
Curious about the process, I attended a recent auction in the Tropical Shores neighborhood of St. Petersburg. While only one bidder participated, his bid at the starting price didn’t meet the reserve. However, by the next day, the property was marked as pending—a clear indication that auctions can generate momentum, even if the winning bid isn’t achieved during the event.
With several auctions scheduled in the coming weeks, we’ll continue monitoring this trend and provide updates in next month’s report. Stay tuned!
The Tampa Bay real estate market is full of opportunities as we head into 2025. Whether you’re a buyer looking for your dream home or a seller ready to maximize your property’s value, staying informed is key to making confident decisions. At The Tenpenny Collection, we’re dedicated to providing the expertise and resources you need to succeed in today’s market.
If you’re a seller seeking advice on how to price, prepare, or market your property effectively, we’re here to help you create a strategy that achieves your goals. For buyers, navigating a competitive market can be overwhelming, but our team is ready to guide you every step of the way to find the perfect home at the right price.
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600 1st Ave N #304
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