Tampa Bay Area Market Update June 2020

The Market is Hot!

For the Second Quarter of 2020, the average Continuous Days on Market (CDOM) for the greater Tampa Bay area was a very short 30 days. What that means is from the time the property was first listed to when it went under contract, was only 30 days.

For the Second Quarter, the Sale Price was a record high 99% of the current Listing Price in the Multiple Listing Service (MLS). This is a 10-year record high.

 *1 Continuous Days on Market (CDOM)

 *2 Sales Price to List Price (SP/LP Ratio)

What This Means to Buyers

Buyers must be prepared to move quickly if they want to make an offer on an area home or condo. They need to secure their Proof of Funds in advance and make an offer that is in line with the property market value. Lowball offers are not being accepted despite any media reports that “Florida is On Sale”. See more buyer tips on our website.

What This Means to Sellers

If your Tampa Bay area property is not selling in a reasonable timeframe, your property is likely either overpriced or not getting the right exposure. Learn More.