The residential real estate market within the Tampa – St. Petersburg – Clearwater metro area continues to slow. As of May 2022, the single-family home market has experienced four straight months of declining year-over-year sales and a year-to-date decline of more than 6%. However, single-family homes prices have continued to grow at a double-digit rate.
According to FloridaRealtors, there were a total of 4,406 existing single-family home sales throughout the greater Tampa Bay area during the month of May 2022. This represents a 7.5% decline from the number of existing single-family sale transactions completed during the May 2021 (4,761). Based on the most current data, industry experts feel that the cause of the decline is due to limited inventory levels, rising interest rates and historically high prices.
- May 2022 – 4,406 (down 7.5% year-over-year)
- April 2022 – 4,219 (down 15.4% year-over-year)
- March 2022 – 4,721 (down 7.2% year-over-year)
- February 2022 – 3,782 (down 0.6% year-over-year)
- January 2022 – 3,501 (up 2.3% year-over-year)
Based on the current level of activity, it is anticipated that the number of overall sales of existing single-family homes will continue to decline due as pending home sale inventory is down by 12.8% (year-over-year).
Overall dollar sales volume during the the month of May 2022 was $2.3 billion which represents a 16.2% year-over-year increase.
- May 2022 – $2.3 billion (up 16.2% year-over-year)
- April 2022 – $2.1 billion (up 5.3% year-over-year)
- March 2022 – $2.2 billion (up 13.4% year-over-year)
- February 2022- $1.7 billion (up 27.9% year-over-year)
- January 2022 – $1.5 billion (up 28.1% year-over-year)
Single Family Home Sale Prices (May 2022)
The median sale price is one of the preferred statistical methods for measuring price activity as it is not as sensitive of extraordinary high or low sale prices (that are not typical of a particular market area) which can easily skew the values.
For the month of May 2022, the median sale price for existing single-family home sale transactions in the greater Tampa area was $413,108 which is 28.4% higher than that observed for during May 2021. Year-to-date 2022 the median sale price is up by 28.7%.
- May 2022 – $413,108 (up 28.4% year-over-year)
- April 2022 – $404,900 (up 29.0% year-over-year)
- March 2022 – $390,000 (up 30.0% year-over-year)
- February 2022 – $378,142 (up 28.2% year-over-year)
- January 2022 – $366,000 (up 28.4% year-over-year)
For the same period, the average sale price for single-family home sale transactions in the greater Tampa area was $614,166. This amount is 25.5% higher than May 2021 and also higher than the $442,385 average reported in January 2022. Year-to-date 2022 the average sale price is up by 24.7%.
- May 2022 – $514,166 (up 25.5% year-over-year)
- April 2022 – $494,597 (up 24.4% year-over-year)
- March 2022 – $474,565 (up 22.3% year-over-year)
- February 2022 – $456,983 (up 22.5% year-over-year)
- January 2022 – $442,385 (up 25.2% year-over-year)
Single Family Home Inventory Levels (May 2022)
Inventory is the number of active property listings on the market for sale at any given point in time. This particular statistic is one of the main components in a healthy real estate market.
As of the end of May 2022, there were 4,444 single-family homes available for sale throughout the Tampa – St. Petersburg – Clearwater area. This is a 34.7% increase from the amount of inventory as of May 2021, and considerably higher up from January 2022 (2,851). Overall year-to-date 2022 inventory is down by 2.4%.
In the past three years, overall inventory has been extraordinary low compared to historical levels.
- May 2022 – 4,444 homes (up 34.7% year-over-year)
- April 2022 – 3,594 homes (up 12.7% year-over-year)
- March 2022 – 2,937 homes (down 3.6% year-over-year)
- February 2022 – 2,713 homes (down 20.0% year-over-year)
- January 2022 – 2,851 homes (down 29.2% year-over-year)
Generally speaking the monthly supply of single-family home inventory as of the end of the May 2022 was near the historical lows. At the current pace of sales, there is just one month of inventory available for sale throughout the greater Tampa area, which is down 12.5% year-to-date.
- May 2022 – 1.0 months supply (up 42.9% year-over-year)
- April 2022 – 0.8 months supply (up 14.3% year-over-year)
- March 2022 – 0.6 months supply (down 14.3% year-over-year)
- February 2022 – 0.6 months supply (down 25.0% year-over-year)
- January 2022 – 0.6 months supply (down 33.3% year-over-year)
Although overall inventory is down substantially, the number of new single-family home listings were put onto the market during May 2022 decreased by 9.5% (year-over-year) to 5,717. Year-to-date the number of new listings is up slightly by 0.4%.
- May 2022 – 5,717 homes (up 9.5% year-over-year)
- April 2022 – 5,143 homes (down 4.0% year-over-year)
- March 2022 – 5,080 homes (up 0.1% year-over-year)
- February 2022 – 4,044 homes (down 3.1% year-over-year)
- January 2022 – 4,061 homes (down 1.4% year-over-year)
Based on the most current data, new listings are increasing at higher price points. Following is a table of new May 2022 single-family listings at individual price ranges.
| New Listing Price Point | New Listings | % Change (YOY) |
| Less than $50,000 | 0 | -100.0% |
| $50,000 – $99,999 | 3 | -87.5% |
| $100,000 – $149,999 | 27 | -78.7% |
| $150,000 – $199,999 | 130 | -67.5% |
| $200,000 – $249,999 | 273 | -55.4% |
| $250,000 – $299,999 | 513 | -44.2% |
| $300,000 – $399,000 | 1,512 | 9.6% |
| $400,000 – $599,000 | 2,020 | 90.4% |
| $600,000 – $999,999 | 860 | 81.1% |
| $1 million or more | 379 | 72.3% |
As of the end of May 2022, the following table will show the number of active property listings at individual price points.
| Current Listing Price Point | New Listings | % Change (YOY) |
| Less than $50,000 | 2 | -66.7% |
| $50,000 – $99,999 | 3 | -89.7% |
| $100,000 – $149,999 | 27 | -74.8% |
| $150,000 – $199,999 | 97 | -65.2% |
| $200,000 – $249,999 | 182 | -40.7% |
| $250,000 – $299,999 | 340 | -19.2% |
| $300,000 – $399,000 | 944 | 22.3% |
| $400,000 – $599,000 | 1,462 | 135.4% |
| $600,000 – $999,999 | 769 | 84.4% |
| $1 million or more | 618 | 82.3% |
Are you thinking of selling?
Based on the most recent data, the current state of the residential market is changing fast. If you are a homeowner and are considering selling your personal residence, vacation home or investment property, now may be the perfect time to do so while prices are still strong.
Our team has assisted sellers not only throughout the state of Florida, but in most major markets nationwide. We take a highly methodical and deliberate approach when working with or clients and have specific strategies to help get the best value for the property.
Contact us at info@quantumcos.com or learn more by visiting our web site at www.QuantumRealtyAdvisors.com.
The information provided in this website was derived from sources deemed to be reliable to is not guaranteed or warranted. All information, content, and materials available on this site are for general informational purposes only.
