What’s Going On in Tampa Bay’s Real Estate Market?

Over the past month, I've analyzed a lot of data for single-family homes. There’s some interesting stuff going on in the market, and I want to share these insights with you. For July this year, in the greater Tampa Bay area, there are a total of 9,766 homes for sale. Out of these, 4,207 are currently pending under contract in our Multiple Listing Service (MLS). The number of sold properties in the last 30 days across all three counties is 3,339. Here’s a breakdown of the numbers for you and expert insights you need to know: • Hillsborough County. 4,086 active homes and 1,479 homes sold • Pasco County. 2,707 active homes and 946 homes sold • Pinellas County. 2,973 active homes and 914 homes sold • Median price. The median home price in the Tampa Bay area is around $440,000. • Time to contract. The average time to get a contract on a home is between 23 to 46 days. • Time to close. From listing to closing, it takes between 69 and 88 days on average. • Absorption rate. When we look at the absorption rate, we have about a 3.4-month supply of homes for sale. This indicates that, despite a slowdown in the market for July, we are still in a seller's market. A seller's market is defined as having less than a six-month supply of homes for sale.

"Market conditions play a significant role in how fast you can sell your home."

• Price reductions. In July, we're seeing a lot of price reductions. To give you an idea, I pulled a seven-day trend for single-family homes. Out of the 840 homes that came on the market in the last seven days, 1,730 had price reductions. Remember, there are 9,766 homes on the market, and almost 2,000 of these had a price reduction in the last seven days. So, while we are seeing a slowdown, it doesn’t mean we're flipping straight from a seller's market to a buyer's market. There is a balanced market in between, which is a 6 to 12-month supply of homes. We have a long way to go before hitting a buyer's market, but just know there are more homes on the market for buyers to choose from than there have been in the last several years. We’re slowly making our way into a balanced market, even though we’re not there yet. If you have any questions about Tampa Bay house prices or need help selling a property, please feel free to reach out to me directly at (813) 212-8300. We would love to share how we help sellers reach their goals. I look forward to hearing from you!