Tampa, FL Metro Area Housing Market Analysis - November 2024
The Tampa, FL metro area housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price remains stable at $375,000, showing no change year-over-year (YoY). However, the Median List Price has decreased by 1.6% YoY to $383,825, indicating a slight softening in seller expectations.
Price Per Square Foot metrics reveal contrasting trends. The median Price Per Square Foot has decreased by 2.0% YoY to $218.67, while the Median List Price per square foot has increased by 3.0% YoY to $239.81. This divergence suggests that while sellers are listing properties at higher per square foot prices, actual sales are occurring at lower rates, possibly due to buyer resistance to higher prices.
Sales activity has seen a decline, with the number of Homes Sold dropping by 7.1% YoY to 3,737 units. In contrast, Pending Sales have surged by 14.3% YoY to 5,061, indicating a potential uptick in future closed sales. New Listings remain unchanged YoY at 5,907, while inventory has increased significantly by 15.0% YoY to 16,877, providing more options for buyers and contributing to a more balanced market.
The Months of Supply have risen dramatically by 90.0% YoY to 4.5 months, reflecting the increased inventory and slower sales pace. This shift suggests a transition towards a more buyer-friendly market, as indicated by the longer Median Days on Market, which have increased by 21.0% YoY to 49 days.
The average sale to list ratio has slightly decreased by 0.9% YoY to 96.7%, and the percentage of Homes Sold above list price has dropped by 2.9% YoY to 11.3%. These figures suggest that buyers are gaining more negotiating power, resulting in fewer homes selling above the asking price.
Price Drops have slightly decreased by 0.7% YoY to 35.6%, while the percentage of homes going off the market within two weeks has declined by 3.0% YoY to 27.8%. These trends indicate a cooling market where sellers may need to adjust their pricing strategies to attract buyers.
Overall, the Tampa housing market in November 2024 is characterized by stable sales prices, increased inventory, and a shift towards a more balanced market. Buyers may find more opportunities as sellers adjust to the evolving market conditions.
