Tampa Bay Real Estate Market Update for February 2023
Are you ready for our Tampa Bay monthly market update? We've got you covered with the latest real estate trends, home prices, and inventory insights in the greater Tampa Bay area. If you're a buyer, seller, or simply keeping an eye on the local real estate scene, this update will provide you with valuable information.
In February 2023, the Tampa Bay housing market experienced a small increase in both median sales price and average sales price compared to January 2023. This is the first rise in median sales price since June of last year. As the market began to heat up in January, it's no surprise that we saw an impact on sales figures in February. It'll be interesting to see how home prices fare in the upcoming months.
Compared to February 2022, new pending sales and new listings have dipped. However, the active inventory has skyrocketed by 157.6%, signaling that homes are taking longer to sell in today's market. What we're witnessing is a shift towards a more balanced, healthy real estate landscape, characterized by increased inventory levels.
As we continue to monitor the Tampa Bay real estate market's evolution, it's essential to understand how these changes might affect you. Whether you're a first-time homebuyer, a seasoned investor, or looking to sell your property, it's crucial to stay informed and adapt your strategy accordingly.
If you have any questions about what we're seeing in today's real estate market and how it might impact you, please don't hesitate to reach out. Our team of knowledgeable professionals is here to help and happy to answer any questions you may have.
Stay tuned for more updates on the Tampa Bay real estate market, and happy house hunting!