July 2025 Market Update

In my latest market update, I discuss the real estate trends for June and July in the five zip codes of South Tampa: 33606, 33609, 33611, 33616, and 33629. You can watch the full video here: https://youtu.be/sGlPfkxMn34?si=r0mqUwjb0nWWQolP

Here are the key takeaways from the video:

Active Listings: The number of active listings saw a slight decrease, with about 20 fewer homes on the market, indicating a lower supply.

New Homes on the Market: The number of new homes entering the market held steady at around 250, which is consistent with the historical monthly average.

Days to Sell: The median time it took for homes to sell increased to 39 days, suggesting that properties are remaining on the market for a longer period.

Sales: There was a downturn in sales, with a total of 160 homes sold. Of these, 21 were new construction (to be built in 2025), and 57 included seller concessions.

Seller Concessions: To make their homes more appealing and affordable, sellers are offering credits to buyers at closing, with these concessions ranging from $1,000 to $18,000.

Median Sales Price: The median sales price saw a decrease of $14,000 from June to July. This drop was primarily influenced by a significant decrease in the 33629 zip code, as other South Tampa zip codes experienced an increase.

Price to Sales Ratio: Sellers are, on average, accepting offers that are about 92.9% of their original asking price, which shows a willingness to negotiate.

Months of Inventory: The inventory has increased to six months, up from five, which points to a more balanced market that is beginning to favor buyers.

Affordability is being impacted by mortgage payments, which include principal, interest, taxes, and insurance. There is some potential for relief in homeowners’ insurance costs, and interest rates have recently dropped to 6.6%, their lowest point in six months.

Brown anticipates that a combination of continued falling interest rates and a hurricane season without major incidents could lead to a rise in buyer demand and an acceleration in home prices. He concludes by inviting viewers to visit his website for more real estate information.