Tampa Bay Real Estate: Price Drops on the Rise, Inventory Soaring, and a Glimmer of Hope for Buyers

The Tampa Bay housing market continues to shift, with some interesting trends emerging over the past week. Here’s a breakdown of what you need to know:

• Inventory Surge: Good news for buyers! New listings are being added to the market. Over the past week, a whopping 532 new properties hit the Tampa Bay MLS comparable to November 2023. This increased selection gives buyers more options and potentially more leverage in negotiations.
• Price Decreases Accelerate: The trend of softening prices continues. A significant 695 properties saw price reductions last week. This is a positive sign for buyers, indicating a shift in the market dynamics. As more sellers enter the market and competition heats up, we can expect to see price adjustments become even more common.
• Sales Still Lagging: Despite the price drops and rising inventory, sales remain sluggish. Only 344 properties sold last week. However, with price reductions accelerating, sales activity should pick up in the coming weeks.
• Mortgage Rates Take a Breather: Mortgage rates, which have been a major hurdle for buyers, finally took a breather last week. After dropping for four consecutive days, they settled around 6.87% for a 30-year fixed mortgage. While still not at pre-2023 levels, this pause could provide some relief for buyers on the sidelines.

Looking Ahead: With a growing number of homes hitting the market and price reductions becoming more prevalent, the Tampa Bay housing market is tilting in favor of buyers. The next week will be crucial, as we can expect to see even more spring inventory added. If mortgage rates hold steady or dip slightly, buyer activity is likely to increase, leading to a more balanced market.

Are you a seller in the Tampa Bay market? This is a dynamic time, and staying informed is essential. Sellers should be realistic about pricing and consider offering incentives to attract buyers in this competitive landscape.
Even though the market is shifting, sellers can still take advantage of the situation. By selling their existing home and buying a new one in a similar price range, they can lock in the gains they’ve made on their current property while benefiting from the lower prices currently emerging in the Tampa Bay market. This strategy can be particularly helpful for sellers who are looking to downsize or even upsize. The sell-then-buy-at-the-same-time strategy is a win-win for sellers.

Want the latest scoop on the Tampa Bay market? Unlike national reports that lag behind and focus on averages, we analyze local Tampa real estate data weekly. This means you get the freshest insights on what’s happening right here, right now – empowering you to make informed decisions in this dynamic market.

Stay informed here.

Also read: Allure of a One Story Home

Margaret Hassani the broker at Lightning Realty, has been a trusted partner in real estate and senior moving services since 1996. With expertise and compassion, she has guided countless individuals and families through the process of buying, selling, and moving.