This is the first sign that we’ve had that the real estate market is cooling for Hillsborough County. For the first time since June 2019 inventory levels have increased slightly! Now we’re still at a .8 month supply so we are a LONG way off from a balanced market of 6 months supply.
The average home prices are at a market high of $518,584 which is 24% higher than this time last year. Homes are still going under contract quickly with an average time on market of 5 days. We are just now entering the summer selling/buying season so it will be interesting to see how the market responds over the next couple months. The Tampa Bay area is still experiencing tremendous growth from buyers moving into the market. If inventories continue to rise then we will likely see a plateau or slight pull back in average sale prices.