Inventory Supply Is Higher Than Last Year

Today we are reporting on the September statistics for South Tampa that drive our real estate market.

A total of 69 homes sold in September, and we want to remind everyone that September tends to be the slowest part of the year. Compared to August when we had 81 homes sold, you’ll notice a 15% decline. There were 127 homes sold in September 2021, which is 45% lower than September of this year. Additionally, September’s median sale price was $799,000, while August’s was $959,000. 

We currently have 3.04 months of inventory after having only one month’s supply at the beginning of 2022. At this time last year, we were at 1.5 months of inventory—meaning we’ve nearly doubled since then, which is great news for buyers. We’re still in a seller’s market, but we’re headed for a more normalized & balanced market.

We like to say, “marry the house, date the rate”...

The average days on market this September was 34 days, which is very similar to where we were last year at this time. This September's mortgage rate was 6.7%, while last September saw a mortgage rate of just 3%. That change lowered buying power, but is still historically a good rate.

In terms of interest rates, we like to say, “marry the house, date the rate” meaning if you see your dream home on the market now, then now is the right time to buy, because you will always have the option to refinance when the time is right. 

As always, reach out to us if you have any questions or want to learn more!