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What Was the Housing Market Like During March 2023?
Dated: April 26 2023
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What Was the Housing Market Like During March 2023?
As of March 2023, the housing market in Tampa Bay is showing some interesting trends. According to recent data, closed sales in the region have dropped by 15% from the same time last year. Meanwhile, active inventory is up a staggering 122%, while new listings are down by 19%. These numbers tell a story of a shifting market that is favoring buyers over sellers.One of the primary reasons for the drop in closed sales is the increase in home prices over the past year. Many potential buyers have been priced out of the market, leading to a decrease in demand. Additionally, the high levels of inventory give buyers more options to choose from, allowing them to be more selective in their purchases.
On the other hand, the increase in active inventory can be attributed to several factors. One is the fact that many sellers are taking advantage of the high prices and listing their homes on the market. Another factor is the influx of new construction projects, which are adding to the available supply.
Despite the drop in new listings, the market is still quite active, with many homes selling quickly and for top dollar. The combination of low-interest rates and a strong economy continues to drive demand, particularly among younger buyers who are looking to settle down and start families.
Overall, the Tampa Bay housing market is in a state of flux, with shifting trends favoring buyers over sellers. However, the market remains robust, with plenty of opportunities for both buyers and sellers to achieve their goals. As the year progresses, it will be interesting to see how these trends continue to play out and what impact they will have on the market as a whole.
Maureen Tuncer
I specialize in helping buyers and sellers in the St. Petersburg, Clearwater, Gulfport areas of Tampa Bay Florida. I've lived in St. Petersburg for over 20 years and know the area very well.&nbs....
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What Was the Housing Market Like During March 2023?As of March 2023, the housing market in Tampa Bay is showing some interesting trends. According to recent data, closed sales in the region have
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All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Updated on June 3, 2023 1:14 AM UTC
