Listening to national headlines that the market is crashing? Think again. Real estate is LOCAL. So let’s break down this month’s Real Estate market statistics for Tampa Bay by county.
NOTE: The figures below DO include hurricane/flood damaged homes sold at land value which I believe is skewing the numbers low on NON-flood homes. Something to keep in mind.
Single-family homes: We’re still technically in a seller’s market (5 months of inventory in Pinellas and 4.2 months supply in Hillsborough), but it’s giving awkward teenage phase—not quite hot, not quite cold. Some homes are snapped up in 48 hours with multiple offers, while others are stuck in a game of price-drop limbo. Spoiler: the winners are move-in ready, priced right, and in the right zip code.
Condos + Townhomes: Full-blown buyer’s market. 8+ months of supply in Pinellas and 6.1 in Hillsborough. Pinellas has been hit harder by recent condo law changes. If you’ve been waiting for a deal, now’s your moment. Get in there. DeSantis just passed some new legislation that is going to ease some of the condo stress that’s been going on, so if you want a deal, now’s the time.
Now, to the “we’re waiting for the crash” crowd—bless your hearts. 😉 People have been saying that since 2021. What we’re seeing is more of a market cool down, not a collapse. 5–10% price drops in some areas – again and I believe this is high because of the flood listings sold at land value. Will it go lower? Maybe—but that crystal ball’s broken until we see what the Fed and Florida do with rates and insurance.
Here’s the real talk: you don’t try to time the market, because by the time you wait for the “bottom” has hit, you’ve already passed it. You buy when it makes sense for you. I’m in the trenches house hunting myself and whew—some of these listings? Talk about 2021 price tags with 1994 interiors. More inventory, for sure, but none of it that I really want.
Sellers, listen up: Buyers don’t want fixer-uppers anymore. They’re tired. We’re all tired. Flood survivors especially—we don’t even want to repaint a wall right now. But list a clean, updated, move-in ready home? You’ll still get top dollar. If you decide to list ‘as-is’ without doing any updates to your home, you can expect long days on market and several price reductions to get it sold. If you do the updating before you go live, you’re much more likely to get competitive offers and sell more quickly.
Case in point: I offered full price on one last week—got beat by a non-contingent buyer in 48 hours. Because it needed zero work.
So yes, the market’s weird—but navigable. You just need the right real estate team to guide you.
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