Here’s the latest statistics for 3 counties in Tampa Bay Area. Since the outbreak of COVID in early 2020, the real estate market has been taking an unusual course.
But this year is the wildest one.
If you compare this month’s statistics with my last article about the local statistics from March 2022, it will help you understand the market in more depth. Earlier this year, up till late spring, the real estate market was showing extreme overheating. Multiple offers with bidding wars along with all sorts of creative appeals to the sellers from the buyers such as Escalation Addendum, very short inspection period, even no inspection contingency, along with all cash offers were quite normal.
Year over year, the number of Closed Sales, New Listings, and Median Percentage of Original List Price Received are all reduced. Not only buyers are pressured by the rapidly rising interest rate, many sellers are in the same boat. If you sell your current home, the mortgage payment for your next home will be likely much higher – many homeowners have quite a good mortgage rate currently – unless you can buy your next home with cash.
Median & Average Sale Price are still in 2 digit increase YOY, but compare to the last spring which was showing 20 – 30% increase, it slowed down. Actual prices month over month have come down slightly over last few months.
Median Time to Contract increased as well. But this is pretty much how it was in 2019. I personally home it will never be like this spring again – it is not a healthy market.
This is just a brief numbers for Single Family Homes. If you’d like to have more in-depth statistics or numbers for condominiums and townhouses, you can contact me for free information.
By Yukiko Yamasaki Block