What’s Changed in Our South Tampa Market?

Let’s talk about the numbers driving our May 2022 real estate market.

119 homes were sold in May 2022, compared to 111 in April. However, 141 homes were sold in May 2021, so the total sales dropped by 16% year-over-year. We are feeling the effects of this shift. 

The median home price is still going up, though. The median home price was $945,000 in May 2022, which is 21% higher than the year before at $780,000. April home prices are also 11% higher than in May, but we don’t expect that growth to continue every month. The median home price seems to be leveling out, but it is hard to tell when there are only 119 sales.

We also had a 45% increase in inventory, which might sound huge. However, that means it only increased from 1.15 months to 1.67 months. That’s not a big change, but like the other statistics, we are feeling its effect in the market.

This increased inventory ties directly into the average days on market. In May 2022, we had an average of 25 days, while in May 2021, we had an average of 16 days. You have to keep in mind that 25 days is still very fast. Our market usually has an average of 90 to 100 days.

“It’s still an awesome time to sell your house.”

The average interest rate at the end of May 2022 was 5.09%. A year ago, it was around 3%, so rates have increased by 2%. The monthly payment on a 30-year fixed loan has increased about 36% year over year and 8% since April. Jumbo loan rates will be slightly lower; they’re hovering around 4.5% right now. 

We’re also seeing more homes hit the market. In May, 168 new homes were listed compared to 148 houses in April. This seems to be a seasonal trend, but we might see more properties on the market for now. 

It’s still an awesome time to sell your house, but sellers shouldn’t try to reach for a higher price. Buyers should focus on homes that are priced reasonably as well.

If you have any questions, feel free to call or email us. We’d love to help.