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Hi! This is Tom Leber with the Homeward Real Estate Full Sale Team bringing you the news about real estate activity and values in the Heights and Central Tampa community!
Welcome to the third month of 2023. We just got February’s numbers in and there are some surprising things happening in the market today that you should be aware of.
48 homes sold in Central Tampa during February of this year. This is a decrease in home sales from last year of 34.3%. Tampa-wide the decrease was 36.9%.
The median price of sold homes was 392,000, a 3.2% increase from last year. These homes sold at a median price per square foot of $299.
The new figures reflect that inventory continues to increase with 174 homes available for sale in Central Tampa. This is a 211% increase since February of 2022. Tampa-wide this increase 153%.
Inversely the median number of days that homes stay on the market, once listed, continues to climb to almost 40 days. The net increase in home sales over newly listed homes last month did lower the available inventory to now just under 4 months. Remember that 5-6 months of available inventory usually indicates a balanced market. So that metric still indicates that it is a sellers’ market.
I like to look back to compare sales trends of 2019 to today in order to get a perspective of the “normal” sales cycle pre-pandemic. As was typical then, and is today, sales dipped a little after the winter holidays and is beginning to pick back up. Traditionally sales continue to increase throughout the spring beginning in March. So we will see if that trend continues to hold.
The only concerning factor is that interest rates have climbed again to just under 7%. When rates hit this level back in November both sales and home values dipped accordingly. The outcome will be positive if the Spring demand outweighs this further leverage on the market.
If you are thinking about selling your home this Spring your next best move would be to check out my new www.TampaBayHomeSellerClass.com. In this class we discuss the 3P Home Sales Process that clearly illustrates a predictable & pragmatic way to quickly sell your home for the most amount of profit. There is no requirement to sign up nor provide any contact information unless you so desire to. There is a link below to get access to the class!
If you have any questions about this data, the real estate market in general or about your home, please reach out to me directly at 813-420-9963.
This is Tom Leber with the Homeward Real Estate Full Sale Team. I look forward to seeing you around the neighborhood.