Bidding Wars Hit Some Tampa Bay Real Estate Markets
I’ve been starting to see this more and more lately with the demand being high, inventory low and prices reasonable.
Mostly I see well-priced properties selling very quickly but have had more than one occasion recently where multiple buyers were trying to get the same property.
Bidding wars break out over Tampa Bay area homes
By Mark Puente, Times Staff Writer
In Print: Sunday, April 1, 2012
The Sunshine State’s overall supply of homes has dropped from 11 months to 6 months in the past year. Tuccillo described Florida’s housing market as being in a “mini-recovery” that will continue to normalize as unemployment falls.
In Florida, the current median price for all single-family homes jumped from $125,000 in February 2011 to $134,000 last month, according to Florida Realtors. In the same period in Tampa Bay, prices rose from $100,000 to $107,000, according to My Florida Regional Multiple Listing Service data.
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Hillsborough’s overall supply peaked at 25 months in January 2008; Pinellas’, at 18 months in March 2007. Today, Hillsborough is 5.4 months; Pinellas’, 5.8 months.
This is a good article that goes over how the lower inventory is affecting prices and competition between buyers but also notes that there will likely be an increase in foreclosed properties coming on the market which can affect things.