The Florida real estate market is apparently cooling down. The recently published data shows that sales dropped significantly in monetary terms compared to last year.
According to a report by Florida Realtors, the sales of single-family houses reduced to $30.6 billion over the past three months, i.e. by slightly more than 30% in monetary terms compared to the same period of 2021 ($43.8 billion).
At the same time, the median selling price of such properties increased by 9.6% in Florida, reaching $400,000 in October through December 2022, despite a 33% slump in the total volume of closed sales.
The greatest amount of sales across the state is still recorded in Tampa. This city accounted for 16.4% of all properties sold in Florida in the fourth quarter of the last year (9,356 out of 57,004). The median price in this area grew by 12.4% compared to last year.
The number of new sales listings (67,455) and pending sales (51,566) also reduced by 17.1% and 37%, respectively, in Florida in the last quarter of 2022, relative to the previous year. The supply in the market (the number of properties listed for sale) meanwhile surged by 117%.
Based on the December 2022 performance, Tampa is still the leader by the sales of single-family houses in Florida. It accounted for almost 16% (3,000 properties) out of over 19,000 such homes sold in the Sunshine State in December.
28.5% of all closed property sales statewide were made in the Tampa Bay area.