What is happening in the South Tampa condominium and townhome markets? To answer this question, we looked MLS data for sale in target zip codes. There are 557 condos and townhouses currently for sale; 59 went under contract in September; and 41 closed escrow in September. Hence about 1-out-of-10 are selling each month.
While 59 units went under contract in September, there are 137 units under contract overall. Of the 137 units under contract, 13 are bank owned foreclosures and 87 are short sales. The average price of Active Listings is $327,000, and the average sales price is $203,000.
The average South Tampa condo or townhouse is on the market for 137 days before going under contract. The average unit sells for 91% of the final asking price.
If we look at the number of listings divided by monthly closings, we see large swings in the supply of available inventory. It would take 13.6 months to sell the remaining units at this rate if no additional units entered the market.
For a more detailed market study, contact Team Bohannon at Coldwell Banker today. To see available units at featured communities, see our Featured Condo Communities page or our Tampa Towmhomes page.
