Will Tampa's housing inventory improve soon? Zillow experts think so
Now that all Americans are eligible for the vaccine, experts are bullish about residential real estate in 2021.
Driving the news: Zillow's recent Home Price Expectations (ZHPE) survey shows inventory should pick up once more people are vaccinated.
- Many potential sellers have been waiting to put their homes up for sale until COVID trends improve. And with more Americans vaccinated, the time could be soon.
Yes, but: Demand and home prices will continue to increase too.
The big picture: Throughout the pandemic, with many people working remotely, there's been a big emphasis on home. That, paired with historically low mortgage rates, has caused home-buying demand, and home prices, to surge.
- 95% of the experts who participated in the ZHPE survey think the preference for remote work is permanent.
By the numbers: Average and median home prices were up 17.1% in February 2021 compared to February 2020, according to Greater Tampa Realtors latest data. The median was $295,000 and the average was $355,275.
- Inventory was down 61.8%, with less than a month's supply.
- Homes went under contract in 13 days on average in February 2021.
What's next: More than 50% of ZHPE panelists expect inventory to grow in 2021.
- A Zillow study from earlier this year found that 70% of homeowners would be more comfortable moving with widespread COVID-19 vaccine distribution.
The local angle: The more recent Zillow survey also found that people's desire for waterfront property has increased over the last year.
- Sarasota was a top destination in 2020 because of its relative affordability and beach lifestyle, among other things.
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