South Tampa Real Estate Report

South Tampa Real Estate Market Report | 12/11/22 - 12/17/22

Exactly 6 months ago, I predicted what various aspects of the real estate market would look like at the end of the year. The day of reckoning is here to see how right, or wrong, my predictions were. Here we go...

Interest rates - Predicted: 5.5% - 7.0%. Actual: 6.31%.

Inventory levels - Predicted to rise but remain a seller's market.
S. Tampa inventory in June '22: 369
S. Tampa inventory last week: 572
We're still seeing multiple offer situations and homes are selling within 45 days.

Home prices - Predicted to appreciate, but at a slower pace.
Appreciation rates in June '22: +28.5% YOY
Appreciation rates in October '22 (most recent data available): +14.8% YOY
Appreciation rates are certainly trending down, but they aren't quite yet down to the 5%-7% levels I predicted.

Rents - Predicted to remain high.
Rent growth in June '22: +4% YOY
Rent growth in November '22 (most recent data available): +2.4% YOY
Rents are still high but appear to be on a downward trend.

Supply chain issues - Predicted to ease towards the end of the year.
This is the most subjective of the predictions, but I'll go out on a limb and say that it's a bit easier to buy most things today than it was 6 months ago.

I'll let you be the arbiter on whether I have a future career in fortune telling. Have a great week and Merry Christmas!

Michael Palermo

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