As buyer demand has eased this year in response to higher mortgage rates, home prices have moderated in many markets too. In terms of the forecast for next year, expert projections are mixed. The general consensus is home price appreciation will vary by local market, with more significant changes happening in overheated areas.
As it stands right now, our market still shows no signs of slowing down. Across the Tampa Bay Area, despite the rise in inventory, we still show the average ratio between the List Price and the Sales Price to be 98%. What does that mean? Basically, even though buyers have more options to choose from and a little more bargaining power than they did in the past few years, prices are not dropping dramatically.
As a matter of fact, prices right now are up 16% Year Over Year from 2021 to 2022, and up 3% Month Over Month from September to October. Also up Month Over Month from September to October (9%) is the total number of listings sold.
If you're thinking about making a move in the current real estate market, call the Abreu Group today!