We are definitely not where we were a couple years ago. Home prices are still high, but demand has decreased. In Hillsborough County, the average sales price has only decreased 2% while the number of properties sold has decreased by 34%. However, the list price to sales price ratio is strong at 98.2% meaning that homes are selling for list price or close to it.
In Pinellas the average sales price has decreased 7% while the number of properties sold has decreased by 33%. The list price to sales price ratio is 96.4%
Interest rates are playing a big role in the slowed housing market. Homes that are listed are taking longer to sell at an average of about 55 days on the market. I’ve been seeing more seller concessions to buyers such as interest rate buy-downs or closing cost assistance.
Even though interest rates are higher, it’s a better time to be a home buyer now than it has been the past several years. Buyers have more options and more room to negotiate in today’s market. There’s a lot more inventory, meaning more homes to choose from.
Home sellers are in a decent position in the market as well. Yes, if you list your property, buyers may expect some closing cost assistance, but prices are holding steady and appropriately priced homes are selling. Listings are taking longer to sell but sellers can still expect a decent sales price for their properties.
If you’re thinking about taking the next step and selling or buying a home, call or text me anytime! 813-205-1214. I’m happy to discuss in more detail home sales in your neighborhood.
These charts are based on information from My Florida Regional MLS for property types: Single Family, Townhome, Condominium in all price ranges between April 2024 – July 2024. The July 2024 stats are compared to the previous 3 months’ average.
