Tampa Bay Real Estate Statistics – First Quarter 2021

While 2020 was a challenging year for many, the real estate market has been very active. Home sales, after plummeting in April and May, bounced back with a strong second half and ended the year roughly equal to 2019. The key items driving these results are:

1. Interest rates remain at historic lows (2.66%)

2. Inventory is also at historic lows (5 weeks inventory vs. usual of 5 months)

3. Escalating migration to Florida has accelerated demand for more housing

4. 1, 2 & 3 causing prices to increase double digits in 2nd half 2020

At the end of December 2020, there were 5 weeks of home inventory, the lowest seen in years. Home prices increased double digits since July. As long as the interest rates remain low (forecasted through the first half of 2021 at least, the monthly payment for your mortgage remains relatively affordable even with the higher prices.)

Written by: John Tomlin