Tampa, FL Metro Area Housing Market Analysis - July 2024
The Tampa, FL metro area housing market in July 2024 presents a nuanced picture with several key indicators showing both positive and negative trends. This analysis delves into the various metrics to provide a comprehensive overview of the current state of the market.
Median Sales and List Prices
The median sales price in the Tampa metro area stands at $380,000, reflecting a year-over-year (YoY) decrease of 2.6%. Similarly, the median list price is $390,240, which is down by 2.4% YoY. These declines suggest a slight cooling in the market, potentially offering opportunities for buyers to negotiate better deals.
Price Per Square Foot
The median price per square foot is $227.98, showing a marginal YoY decrease of 0.2%. In contrast, the median list price per square foot has increased by 1.9% YoY to $238.10. This divergence indicates that while sellers are listing properties at higher prices per square foot, the actual sales prices are not keeping pace, possibly due to buyer resistance to higher costs.
Sales and Listings Activity
The number of homes sold in July 2024 is 5,109, marking a 3.6% increase YoY. However, pending sales have decreased by 5.9% YoY to 5,780. New listings have surged by 10.9% YoY, reaching 6,442. This influx of new listings, coupled with the increase in inventory by a significant 69.9% YoY to 17,616, suggests a shift towards a more balanced market with more options available for buyers.
Market Supply and Days on Market
The months of supply have risen dramatically by 130.0% YoY to 3.40 months. This increase indicates a shift towards a buyer's market, as more inventory is available relative to the pace of sales. The median days on market have also increased by 17.0% YoY to 38 days, further supporting the notion of a cooling market where homes are taking longer to sell.
Sale to List Ratios and Price Adjustments
The average sale to list ratio is 97.4%, down by 0.8% YoY, indicating that homes are selling slightly below their list prices. The percentage of homes sold above list price has decreased by 7.7% YoY to 13.1%, suggesting that bidding wars are becoming less common. Additionally, the percentage of price drops has increased by 8.9% YoY to 44.9%, reflecting sellers' adjustments to align with market conditions.
Off-Market Trends
The percentage of homes going off-market within two weeks has decreased by 10.4% YoY to 30.4%. This decline indicates that homes are not selling as quickly as they were in the previous year, further emphasizing the cooling trend in the market.
Conclusion
In summary, the Tampa, FL metro area housing market in July 2024 is characterized by a cooling trend with declining median sales and list prices, increased inventory, and longer days on market. While the number of homes sold has increased, the rise in new listings and inventory suggests a shift towards a more balanced market. Buyers may find more opportunities to negotiate, while sellers may need to adjust their expectations and pricing strategies to align with the current market conditions.
