While looking at the real estate market report for Tampa, Florida, it is evident that this spring is off to a very strong start. A contributing factor to Tampa’s current market influx seems to be due to a substantial increase in demand of buyers from higher tax states, like California and those in the North-East of the country.
While sellers currently have the upper hand due to growing housing demand in Tampa, the average single-family property price has increased by 8-10%, with an average listing time of 3-4 months. Additionally, the region has seen a slight increase in available inventory for single-family homes and a larger increase of available condominiums with the release of several new developments.
One factor contributing to Tampa’s current real estate boom is last years announcement of a $3 billion mega makeover to Tampa’s downtown waterfront district. Powered by Bill Gates and Jeff Vimik, this development will encompass everything from retail to residential, with a special focus on the waterside walkway, which is said to nearly double Tampa’s downtown footprint.
In fact, Tampa Bay is currently one of the top 10 fastest growing areas in the whole country! Local Tampa real estate agent, Greg Margliano recently closed a record sale for a vacant lot on Davis Island for $6.26M. He notes, that Tampa’s great weather and no state income tax will surely keep the market demand strong for the foreseeable future.
Whether you’re buying or selling, the global marketplace for luxury real estate is always changing. We have analyzed the latest reports in luxury real estate to keep you up to date on current market trends in your area. This week’s Luxury Market Update for Tampa, Florida has been provided by Greg Margliano, Margliano Property Group.
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