The Lakeland Market Statistics are now clearly showing the average home price peaked in April at $374,613.00, and as of September the average price was $327,050.00. That is a 12.6% decrease from the peak, Inventory has also increased 94% in the same time frame. The transaction number is down 30%.
The Tampa Market Statistics show a peak in June with an average sales price of $483,643.00 to a September average of $448,004.00. That is roughly an 8% drop of sales price from the peak. Inventory in Tampa is up 32%, and sales transactions are down 49%.
The Orlando Market data shows similar trends. It would appear the real estate market shift has officially made its way to Florida. The reality is prices are still up year over year, and the four year trend has prices up over 80% in Florida.
What does it mean for Buyers and Sellers?
For Buyers, finding lower priced homes is easier now than it was only a few months ago! Cash Buyers can find better values, and because interest rates are predicted to keep rising, borrowers can lock in a lower rate now with savings on their purchase price as well.
Sellers should be aware that if these trends continue, their property values could be adversely affected. If you are thinking about selling, sooner might be better than later! As always, please keep our team in mind with any real estate needs, and you can always reach out to me personally to talk about real estate or the economy, etc.
Or, let’s just go fishing!