Florida quarterly real estate report shows 30% drop in sale values vs 2021

TAMPA, Fla. (WFLA) — Florida’s real estate market is slowing down, and newly released data on state markets shows a big drop in sale values compared to the previous year.

According to a report by Florida Realtors, single-family home sales fell just over 30%, when it came to dollar volume in the past three months versus the same time period in 2021.

The fourth quarter 2022 report showed that while the end of 2021 showed a $43.8 billion sale volume for Q42021, this past quarter fell to $30.6 billion.

Additionally, the median sale price of a single-family home in Florida rose 9.6%, even as the overall sales that closed fell 33%.

The median sale price of a Florida home was $400,000 from October to December, but in the Tampa market, it was a hair lower at $399,000. Compared to Q42021, Tampa homes had a 12.4% median price increase, while sale levels fell 32%.

Tampa still had the highest number of home sales in the state. The reported portion of single-family homes sold was 16.4% of the fourth quarter’s statewide sales. Between the various real estate markets and metros in the larger Tampa Bay area, the sales amounted to nearly 30%.

New listings and new pending sales were also down compared to the previous year. For Q42021, there were 81,377 new listings and 81,657 new pending sales.

In Q42022, there were 67,455 new listings and 51,566 new pending sales, a 17.1% and 37% drop, respectively. However, the amount of inventory, or active listings, was 117% higher than at the end of 2021, while pending inventory was down 34.5% from the year before in the same quarter.

Zooming in on the timeline for just the month of December, Tampa was still king when it comes to Florida’s single-family home sales. Of more than 19,000 houses sold in Florida in December, Tampa was home to just over 3,000, for nearly 16%.

Statewide, the Tampa Bay area accounted for 28.5% of closed sales.