Smith & Associates Real Estate, Tampa Bay’s largest independently owned real estate company, hit record sales volume in 2021, the highest in its 50-year history.
The price for luxury homes, coupled with the housing shortage and more business people moving to the area account for the jump, said Smith & Associates President and CEO Bob Glaser.
Homes for $5 million or more jumped 375 percent year-over-year in the number of homes sold, and Pinellas County posted a substantial increase in that exclusive price point, with a 41 percent increase in homes selling for $5 million and above.
Glaser says the big increase shows that the Tampa Bay region is following a national trend “with discerning buyers seeking the next level of luxury.”
South Tampa is a red-hot market, with all infill development replacing smaller, older homes with homes of at least 3,200 square feet, Glaser said. Some are waterfront and some are not.
“For the first time, really, we are hearing about more relocating here for a business opportunity in technology or some of the other more current jobs in both Pinellas and Hillsborough and that does include higher-priced buyers.”
Condominiums near Amalie Arena in Tampa and others on the waterfront in St. Petersburg averaging above $1 million have also been flying off the shelves. While very few existing units hit the market, new construction sold quickly, Glaser said.
“We are expecting the same for 2022,” he said. “There are times when houses are only on the market for 9 days. Until you get it to a couple of months, you will have this continued difficulty in finding a listing.”
Smith & Associates Real Estate has 268 associates, and while that is fewer than some other agencies, they tend to have very high production, Glaser said. In fact, he said, it is the highest average production for any agency in the region.
2021 as a banner sales year secures the firm’s dominance as a leader in luxury real estate sales, he said.
“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,” Glaser said. “This year the value range of luxury took a jump proving that Tampa Bay is following the trends of the nation.”
Prior to 2021, Glaser said, the $1 million homes were a staple of Tampa Bay’s luxury real estate market. That price has gone up thanks to so many coming to this region 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,” Glaser said. “Homes above $2 million that had the greatest increase in activity with over 1,200 homes closed in Hillsborough and Pinellas County, that’s a 90 percent increase.”
The greatest change came in homes with water views, both condominiums and single-family homes. Most homes fell between $4 million and $6 million, with several exceeding $10 million.
One Davis Island home in Tampa sold for a record $22.5 million, a 2021 record.
Glaser said several landmark condominium projects will launch in 2022, providing $1 billion in new sales volume to the local real estate market.
“We also know the Bay area continues to pique interest nationally for corporate moves, as well as individuals that can now choose to work and live from any location.”
Some of Smith’s notable 2021 sales include:
- 58 Bahama Circle, Tampa, $22.5 million
- 12321 Fort King Highway, Tampa, $16.7 million
- 117 Bay Point Drive, N.E., St. Petersburg, $6 million
- 3401 Bayshore Boulevard, Unit #2400, Tampa, $6.86 million
- 3401 Bayshore Boulevard, Unit 2500, Tampa, $6.9 million
- 2619 Bayshore Boulevard, Unit 1800, Tampa, $7.2 million
- 837 Harbor Island, Clearwater, $6.99 million
- 5110 W. Longfellow Ave., Tampa, $5.25 million
- 497 Laguna Drive, Tierra Verde, $4.75 million
Smith & Associates Real Estate, founded in 1969, is comprised of six offices throughout the Tampa Bay region. It has an annual sales volume of $2.18 billion and more than 2,981 transactions per year.
The company is the number one luxury brokerage firm in the region for $1 million-plus residences, with 10.9% of the market share. Its average sale is $1.87 million, according to the company.
