Tampa, FL Metro Area Housing Market Analysis - September 2024
The Tampa, FL metro area housing market in September 2024 presents a complex landscape with notable shifts in key metrics. The Median Sales Price has decreased by 1.3% year-over-year, settling at $370,000. This decline in sales price contrasts with a slight increase in the Median List Price, which rose by 0.8% to $391,999. The disparity between sales and list prices suggests a potential cooling in buyer demand or increased negotiation leverage for buyers.
Price Per Square Foot metrics further illustrate the market's dynamics. The median Price Per Square Foot has dropped by 4.7% year-over-year to $221.50, while the Median List Price per square foot has seen a marginal decrease of 0.3%, now at $237.00. These figures indicate a downward pressure on property valuations, possibly driven by broader economic factors or shifts in buyer preferences.
Sales activity has experienced a significant downturn, with the number of Homes Sold plummeting by 21.7% year-over-year to 3,765 units. Pending Sales have also decreased by 9.2%, totaling 4,746. This reduction in sales volume is accompanied by a 17.7% decline in New Listings, which now stand at 5,317. Despite fewer New Listings, inventory levels have surged by 35.2% to 16,729, suggesting a buildup of unsold homes in the market.
The Months of Supply, a critical indicator of market balance, has increased dramatically by 180% year-over-year, reaching 4.4 months. This substantial rise indicates a shift towards a more buyer-friendly market, as the supply of homes outpaces current demand. Additionally, the Median Days on Market have increased by 15% to 40 days, further highlighting the slowing pace of sales.
In terms of pricing strategies, the average sale to list ratio has slightly decreased by 0.6% to 97.3%, indicating that homes are selling closer to their list prices. However, the percentage of Homes Sold above list price has dropped by 4.7% to 12.6%, reflecting reduced competition among buyers. Price Drops have become more common, with a 1.1% increase year-over-year, now affecting 37.7% of listings.
The percentage of homes going off the market within two weeks has decreased by 13.2%, now at 25.6%. This decline suggests that homes are taking longer to sell, aligning with the increased days on market and Months of Supply metrics.
Overall, the Tampa housing market in September 2024 is characterized by a cooling trend, with declining sales prices, increased inventory, and extended time on the market. Buyers may find more opportunities for negotiation, while sellers may need to adjust pricing strategies to align with current market conditions.
