Over the third quarter of 2022, almost 70,000 single-family houses were sold in the Florida residential property market. Prices were up by 15.4%, while the sales volume reduced by over 22%. Over the past quarter, no area in Florida saw a sales growth.
In Tampa, however, the housing sales market turned out to be the largest in the state again, which is why the drop in sales was also the greatest, surpassing the statewide performance. Tampa accounts for 15.4% of all house sales in the Sunshine State.
10,633 homes were sold in the Tampa market from July through September. This metropolitan area also includes Clearwater and Saint Petersburg, as well as Pasco and Hernando counties located nearby. Local prices increased by 18.8%, reaching a median level of $405,050 per residence. Sales dropped by 26.7%.
As for the whole region along the Tampa Bay, the prices were even higher in the North Port – Sarasota market, as was the drop in sales. The median price of a home in Sarasota and Manatee counties was $513,690, which is 24% higher than last year. The sales volume here reduced by 27%.
Dr. Brad O’Connor, Chief Economist at Florida Realtors, believes that such changes in the residential property market are partially caused by the expectations of Hurricane Ian and the destruction it would bring. The slowdown in the market began a week before the hurricane struck.