South Tampa Real Estate Report

South Tampa Real Estate Market Report | 2020 Overall

Welcome to 2021 and this year's first South Tampa Market Snapshot! This week I'm presenting the overall 2020 sales figures for the South Tampa market. Anyone who predicted a softening market in 2020 due to rising interest rates or general economic conditions were a bit off the mark. Interest rates are over 3/4 of a point lower than they were this time last year and the stock market is at an all-time high. Overall South Tampa market sales rose 9.62% (3043 in '19 vs. 3336 in '20). The South Tampa luxury segment ($1M+ sale price) saw prices flatline, but experienced an incredible 31.39% increase in total sales (258 in '19 vs. 339 in '20). Seventy-eight of those luxury sales were over $2M. As always, I'll be researching and reporting back to you weekly about how interest rates, price trends, inventory levels, and general economic conditions affect our local real estate market. Let's hope that 2021 is a bit less dramatic than 2020.

Michael Palermo

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