Dramatic Increases in 2021 Luxury Home Sales for Tampa Bay
Tampa Bay’s largest independently owned real estate company, Smith & Associates Real Estate, announced record-breaking sales volume for 2021. The company posted sales of $2.18B, marking a sales growth of 33% for the organization. The banner sales year secures the firm’s dominance as the leader in luxury real estate sales in Tampa Bay.
“Tampa Bay real estate sales soared last year, and we benefited as an organization from our history as being the leader in the Luxury markets and by our unique understanding of serving affluent buyers and sellers in the markets for generations. This year the value range of luxury took a jump proving that Tampa Bay is following the trends of the nation with discerning buyers seeking the next level of luxury,” says Bob Glaser, President and CEO, Smith & Associates Real Estate.
Hillsborough County home sales above $5M increased 375% year over year in the number of homes sold. Pinellas County also posted a notable increase at this exclusive price point, with a 41% increase in $5M and above homes sold.
“In years before 2021, the $1M homes were the staple of Tampa Bay’s luxury market. This year, our region attracted the most discerning homeowners, often from large metro markets. They have a greater expectation of needs, a certain quality of lifestyle and are willing to pay what the market dictates to find what is needed to meet those goals. Homes above $2M that had the greatest increase in activity with over 1,200 home sales were closed in Hillsborough and Pinellas County, that’s a 90% increase,” added Glaser.
The greatest change was with homes providing water views, whether it be a new condominium or single-family, with most homes now falling in the range of $4M to $6M along with several sales exceeding $10M. A waterfront home on Davis Island set the record sale this year at $22.5M.
"We are bullish on the year ahead, as we launch several significant landmark condominium projects that will provide over $1B in new sales volume to the market. We also know the Bay area continues to perk interest nationally for corporate moves, as well as individuals that can now choose to work /live from any location,” says Glaser.