February 2023

Keeping up with the ever-changing market can seem impossible sometimes. There is so much information out there, and it can be daunting trying to decipher what it all means.

Should you prepare for the worst, or is everything okay?

Well, we’re here to tell you, the sky isn’t falling.

In a nutshell, the market is seeing fewer sales and fewer new listings, but values are still holding strong and often increasing. It is important to keep in mind that the Tampa Bay area is unique. We are still the number one destination to move in the state and continue to see higher increases in home values than other metropolitan areas.

Hyperlocal information is key to understanding the market because national or even state statistics don’t really apply to us in the same way. As a whole, the state of Florida saw an increase in inventory of 134% in January 2023, raising the months supply of inventory to 2.8 months. While this is still considered a seller's market, it is approaching the neutral market zone. However, in Pinellas, Hillsborough, and Pasco counties the months supply of inventory as of January 2023 is only 2.25 months, 2.1 months, and 2.15 months, respectively.

While the Tampa Bay area may be faring better than some other markets, our inventory has more than doubled that of January 2022. This is not a forecast of doom and gloom, but it is important to keep in mind how this may affect buying or selling a home right now. The market is normalizing again after almost three years of whacky sales and historically low interest rates. With the increase in interest rates and the high spike in home appreciation, many buyers lost some of their purchasing power, but with the increase in inventory, many of those same buyers are finding they can get better deals on a home. Sellers shouldn’t worry that they have lost any advantage, we just need to be more mindful and aggressive about how we market and price your home.

We’ve said it before, and we’ll say it a million more times: Properly priced homes sell.

Time and again we have our sellers show this is the case. This month we had a recent success that followed our advice and pricing strategy and had 39 showings in 24 hours, 10 offers, and successfully closed in two weeks with a cash offer at $15,000 over the asking price.

So, call us today for a private consultation, whether buying or selling, so we can educate and guide you through the current market.