This is not an easy question to answer these days, however, there seems to be a common idea that the Tampa Bay Housing Market is not going to crash and is definitely not ‘in a bubble”.
If you look at actual statistics, houses were rising between 19-26% per year over the two years or so. Although that rate has definitely slowed down, prices were still rising at a rate of about 5% in July 2022. So prices have not started to go down – they just stopped rising so quickly!
As quoted from National Association of Realtors Chief Economist Lawrence Yun: “We’re witnessing a housing recession in terms of declining home sales and home building,” said Yun. “However, it’s not a recession in home prices. Inventory remains tight and prices continue to rise nationally with nearly 40% of homes still commanding the full list price.”
Another article that I read this week showed that up until June 2022, 100% of homes in our market were selling at or above asking prices for the last year or two. In July that number dropped to 96.6%, a very slight decrease, but again proof that our market is still very strong. That shows us that we are much higher than the National average of 40% of homes still getting full list price.
It remains a great time to sell, but it is still not the easiest time to buy, simply because inventory is low. If you can be patient, it is still very possible to find your perfect home.
Another report I just read today spoke about Zombie houses, which are houses that seem to be abandoned and uncared for. If that report is correct, and the number of Zombie houses is on the rise, that would indicate to me that there are bank foreclosures ahead.
Pam Ryan Anderson has been selling real estate in the Tampa Bay Area since 1989, and takes pride in offering stellar service to clients. Pam can be reached at 727-432-1528 or Pam@ryanrealty.org