TAMPA, Fla. (WFLA) — Buying a house is one part of the American Dream that has seen repeated fluctuation during and beyond the COVID-19 pandemic. Compared to 2021, the number of days a house stays on the market has gone from a “blink and you miss it” speed to a slowdown.
According to RE/MAX, a real estate company, Tampa is the market with the biggest slowdown from 2021 to 2022. Along with the sales slowdown, inventory was up almost 300%.
For days on the market, the top five cities for slowdown sales are in Florida, Colorado, Nevada, and Utah. Tampa and Orlando top the list, with biggest percent changes.
|Market||Nov. 2022 Days on Market||Nov. 2021 Days on Market||Y-O-Y % Change|
|Tampa, Fla.||45||19||+135.3 %|
|Orlando, Fla.||53||23||+127.4 %|
|Denver, Colo.||37||18||+108.9 %|
|Las Vegas, Nev.||52||25||+102.6 %|
|Salt Lake City, Utah||51||27||+88.6 %|
RE/MAX said November is the start of a four month slow period for home sales, stretching from November to February. However, the number of home sales in November 2022 had a 12% drop, and “seasonality was just one factor” for why the numbers shrank from October.
Nick Bailey, RE/MAX President and CEO said part of the change is due to the market starting to bring back a balance, where sellers aren’t the only ones “in the driver’s seat.”
Instead, both buyers and sellers are negotiating, with neither holding onto an advantage.
“This is especially good news for long-suffering buyers, who are still dealing with affordability issues,” Bailey said. “Buyers welcome having more choice as there are more homes on the market, and they are taking longer to sell.”
He said prices are flattening and in some markets, actually decreasing, meaning 2021’s “overheating” might finally be shaken off. RE/MAX reported new listings fell 21.4% from October to November, hitting their lowest point of 2022, with median prices dropping to $394,000.
“Across all 53 metros analyzed, November showed a 12% drop in home sales from October—on par with slowing sales typically seen from November through February,” according to RE/MAX’s data.
Zooming in on Tampa, RE/MAX’s data showed:
- $364,990 median sales price, up 11.3% YOY/down 1.4% MOM
- 4,044 closed transactions, down 34.6% YOY/down 17% MOM
- 5,168 new listings, down 6.4% YOY/down 6.5% MOM
- 0.97% close-to-list price ratio, down .02% YOY
- 45 days on market, up 135.3% YOY/up 6% MOM
- 3 months’ supply of inventory, up 297.4% YOY/up 9.3% MOM