Tampa Bay Real Estate What’s Next
Tampa Bay real estate, what’s next? The Tampa Bay housing market has been on a rollercoaster ride for the past two years. While economists and real estate experts predicted a significant decline in sales in 2023, the market seems to be holding steady. According to Kristine Smale, an executive vice president for the real estate analytics company Zonda, markets across the country are faring better now than they were during the fourth quarter of last year.
While sales are down 19.4% from this time last year in Tampa, St. Petersburg, and Clearwater, they have increased by 24.6% from last month. This may be due to softening mortgage rates. Rates peaked in October when they crossed 7% for the first time in two decades. I sold most homes early last year in 24 to 48 hours. And that was to allow time for additional cash offers to come in.
Many real estate agents are happy to see a return to a more normal market. Others are freaking out if a house in on the market for 30 days. Really? The days of sellers receiving multiple offers over asking price within 24 hours of listing their homes are long gone. Meanwhile, home prices have not let up. The median sales price in the Tampa Bay area is $389,995, up 3.1% from last year.
A lack of supply has also driven prices up. Many buyers are seeking out new construction homes as a result. New home builders have been very nimble with coming up with ways to reduce the cost of a home and get buyers in. Builders have offered mortgage “buy downs,” meaning they will subsidize a buyer’s mortgage to give them a lower rate for the first two years.
As 2023 progresses, the fate of the Tampa Bay real estate market will largely depend on whether or not there is a recession. Experts agreed that the market is currently seeing a healthy increase rather than a fire sale. TBT
