Tampa Bay Housing Market Update: June 2023 Statistics and Observations

In this June 2023 marketing report for Tampa Bay, we delve into the current stats recently released by Florida Realtors. The real estate market in the metro Tampa area, encompassing Hillsborough, Pasco, Pinellas, and Hernando Counties, has undergone some intriguing changes that are worth noting.

1. Decline in cash sales. One of the most notable changes is the significant drop in cash sales. In June 2022, there were 973 cash sales in the region, but in June 2023, that number decreased by over 30%. This indicates that buyers are relying less on cash purchases, possibly due to changing economic conditions or shifts in buyer preferences.

2. Stable median sale price. The median sale price has remained relatively steady. In June 2023, the median sale price stood at $415,000, compared to $418,000 in the same period last year. This suggests that the rapid surge in demand experienced when buyers rushed to lock in lower interest rates in 2022 has now stabilized.

3. Decrease in median sales price to list price ratio. Last year, in June 2022, properties were typically sold for 100.1% of their listing price or even above. However, in June 2023, this ratio dropped to 98.2%, down by almost 2%. This trend highlights the importance of accurately pricing homes and ensuring their condition aligns with market expectations to achieve desired sales prices.

4. Longer median time to contract and sale. The median time to contract has increased dramatically by over 151% since June 2022. Previously, it took a median of seven days for homes to go under contract, but now it takes around 18 days. Similarly, the median time to sale has gone up by nearly 39%, rising from 45 days in June 2022 to 61 days in June 2023. This means that sellers should anticipate a longer selling process in the current market.

"The real estate market in the metro Tampa area has undergone some intriguing changes that are worth noting."

5. Decrease in new listings. One of the most significant challenges facing the Tampa Bay real estate market is the scarcity of new listings. In June 2023, there were 32% fewer new active listings compared to the same period last year. This decline could be a factor contributing to the limited inventory and potentially driving competition among buyers.

6. Low inventory levels. The low number of new listings has resulted in a reduced supply of homes in the market. In June 2022, the area had a month and a half supply of homes, but in June 2023, this supply decreased to a mere 1.8 months. This shortage of inventory indicates a high demand, making it a seller's market.

7. Shifts in price range activity. Data analysis also revealed shifts in activity across different price ranges. In the price range of $300,000 to $399,999, there were 1,207 sales in June 2023. For properties priced between $400,000 and $599,999, there were 1,290 sales. However, this represented a 17.9% decline in sales in this price range compared to June of the previous year.

The June 2023 real estate market report for Tampa Bay shows several noteworthy trends. While the median sale price remains relatively stable, cash sales have declined significantly. The market is witnessing longer durations for homes to go under contract and sell, and sellers need to be cautious about pricing and property condition. The scarcity of new listings and low inventory levels indicate a seller's market, where demand is outpacing supply.

For those interested in exploring further details about their home's value or seeking information on property values in specific zip codes, obtaining the complete report may prove insightful. As we continue to monitor the Tampa Bay real estate landscape, it's clear that understanding these trends is crucial for both buyers and sellers to make informed decisions in this dynamic market.