Growing Share of Listings on Market 30+ Days (Incl. 6 FL Metros)

Welcome and thanks for visiting!  

Although the article below reveals that the average Days on Market over 30 days  in six (6) major metro areas of Florida, including 52.7% of Tampa listings, that does not have to be YOU!  The Kitchell Group is beating that average 4-fold at only 7.5 average Days on Market for our July listings! 

Let us show you how.  Please reach out when you or your family/friends need us.  And thank you for all the great referrals in 2022!  We sincerely appreciate it and it has been an honor to serve your family, friends and neighbors.  😊 

KITCHELL GROUP STATS FOR JULY:

  • Average DOM for our listings = 7.5 days.  ½ THE MARKET AVERAGE FOR JULY
  • All listing sales set RECORD PRICES in their neighborhoods – We have consistently done this for years in almost every neighborhood we’ve sold in. 
  • All listing clients received lease-backs (buyers renting back home to sellers) to allow an easier transition to their next home.  We’ve done 9 lease-backs this year and approx.. 70-80 overall.
  • NO REPAIRS were required by sellers.
  • All homes appraised.
  • All homes closed in approx. 30 days. (quick closings w/lease-back flexibility)

Thanks for visiting and please reach out with any questions!  We love hearing from you and truly want to help you understand this unusual market we are experiencing.  We are statistic driven.  Ask away!

Stacy Kitchell, Managing Broker
RE Broker & Former Corp. RE Accountant/RE Financial Analyst
Check out Stacy’s profile at: Stacy’s LinkedIn Profile

Man looking at real estate listings on a laptop

Growing Share of Listings on Market 30+ Days

The six Fla. metros included in the July report had days-on-the-market averages greater than 30 days, ranging from an average 52.7% of Tampa listings to 72% in Miami.

SEATTLE –– The share of U.S. home listings that stayed on the market for at least 30 days without a contract was up 12.5% year-to-year in July, according to a Redfin study. Nationwide, 61.2% listings were on the market for at least 30 days; a year earlier, it was 54.4%.

According to report economists, it’s the first year-over-year increase in “stale” housing supply – defined as homes on the market for a minimum of 30 days – since the beginning of the pandemic and close to the biggest uptick in Redfin’s records, which go back to 2012. The only time it increased more (13.9%) was in April 2020, when the pandemic ground the housing market nearly to a halt.

In the six Florida metro areas included in the study, days-on-market ranked both higher and lower than the national average. However, one metro, Fort Lauderdale, had quicker sales in July compared to one year earlier:

  • Jacksonville: 59.3% on the market 30+ days – a 21.2% year-to-year increase
  • Tampa: 52.7% on the market 30+ days – a 18.6% year-to-year increase
  • Orlando: 55.6% on the market 30+ days – a 15% year-to-year increase
  • West Palm Beach: 65.2% on the market 30+ days – a 10.1% year-to-year increase
  • Miami: 72% on the market 30+ days – a 1.8% year-to-year increase
  • Fort Lauderdale: 63% on the market 30+ days – down 0.9% year-to-year

The change reflects a housing market that now faces 5%-plus mortgage rates and a shaky economy. In June, mortgage rates rose to 5.8% before dropping slightly during the month of the study – to 5.4% in July. The change has pushed more buyers to act quickly, but it’s also pushed more sellers to list their home before the market cools.

The total number of U.S. homes for sale was up 4% year over year in July, the biggest increase since mid-2019 – but that’s largely due to homes staying on the market longer. The number of new listings coming into the system dropped 6%.

“People want to know whether we’ve officially shifted from a seller’s market to a buyer’s market. While there’s not a clear line separating those two ideas, homes sitting on the market longer is a point in buyers’ favor,” says Redfin Deputy Chief Economist Taylor Marr. “Buyers can take their time making careful decisions about homes without worrying so much about bidding wars, offering over the asking price and waiving contingencies.”

However, it’s a different story for sellers. They’ve “spent the last two years hearing about their neighbors’ homes getting multiple offers the day they go on sale,” says Marr. “Now they need to price lower and get back to the basics of selling a home, like staging and sprucing up painting, to get buyers’ attention.”

The number of listings over 60 days old also increased, up by 6.8% year-to-year (31.4% to 33.5%). It was the first increase since the beginning of the pandemic.

The uptick in time-on-the-market can also be misleading right now since it’s a year-to-year comparison. In July 2021, the market was red hot, and a typical home went under contract in 15 days – close to the fastest on record – and demand pushed prices to surge even as the total number of home sales declined.

The share of housing supply that was stale was stable before the pandemic, with any fluctuations largely due to typical seasonal patterns.

© 2022 Florida Realtors®

Questions? Send us a note via our Contact Us Page.  Thank you for visiting and have a great day!  
– Kitchell Group Staff

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The Kitchell Group is an award-winning team with 400+ homes and $125M+ in volume sold.  We are a cohesive group of financially savvy, technologically strong Realtors and we use this knowledge to provide great advantage to our clients.  We cover 7 counties in Tampa Bay, including Hillsborough, Pinellas, Pasco, Manatee, Sarasota, Hernando and Polk.  We specialize in Florida luxury, new construction, mid-range single family homes, 55+ communities, custom homes, historic bungalows, townhomes, downtown condos, beachfront condos, waterfront homes and more!  Because of our large number of transactions closed with homebuyers and home sellers, we have a vast amount of real estate knowledge to share with our clients to help them have one of the safest, lowest stress and financially educated experience around.  And we are nice and fun to boot.  We LOVE our clients and they often become family to us!  Let us welcome you into our family.  🙂

 

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