Rising Prices and Rates Impacting AffordabilityWith mortgage interest rates rising and the prospect of them going further north, and home prices increasing both locally and nationally, what is the
The Market is a-Changin'
Dated: September 8 2022
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The Market is a-Changin'
Bob Dylan wrote, The Times They are a-Changin’ back in 1964. That sentiment has never been more relevant in the local real estate world.
Six months ago sellers received 20 offers on their property the first weekend it hit the market. Now closed sales are down double digits and Realtors are digging out the “price reduced” riders from their trunk.
This July, 1605 single family homes sold in Hillsborough County, a drop of 22.6% from a year earlier. With less sales comes increased inventory, as homes stay on the market longer. At 1.9 months, inventory remains well below what is considered a balanced market, but inventory jumped 111% percent year over year. With only a 0.8% decline in new listings, the increase in inventory is solidly attributable to home remaining on the market.
But all is not lost if you’re a seller. The average sales price and median sales price continued to march higher. The average sales price in the county in July was $545,230 while median price was $427,750.
Bottom line, it might take a little longer to sell that house, but the return will still be strong.
Bill Hunt
Have served the Tampa Bay area for nearly 25 years as a licensed real estate broker and mortgage loan orginator (Mortgage Assurance Corp./NMLs #1972428). Diverse knowledge and unique understandi....
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All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Updated on October 3, 2023 8:16 PM UTC
