End of Year Report: Analysis of Metro New Construction Median Sale Price Per Square Foot in San Tampa, FL (Jan-Nov 2023)

End of Year Report: Analysis of Metro New Construction Median Sale Price Per Square Foot in San Tampa, FL (Jan-Nov 2023)

San Tampa Real Estate Market Analysis: 2023 Year in Review and 2024 Predictions

Introduction:
The San Tampa real estate market witnessed fluctuating trends in 2023, with median sale prices per square foot for newly constructed houses experiencing variations throughout the year. This report analyzes the data provided by Zillow, covering the period from January to November 2023, to offer insights into market trends, highs and lows, quarterly averages, annual averages, monthly percentage changes, and predictions for 2024.

Trends and Relationships:
The median sale price per square foot for newly built houses in San Tampa, FL, ranged from a low of $188.44 to a high of $204.41 throughout 2023. The data reveals fluctuations, indicating dynamic market conditions.

Highs and Lows:
The highest median sale price per square foot was recorded in July at $204.41, while the lowest was observed in November at $188.44.

Monthly Percentage Changes:

Annual Average:
The annual average median sale price per square foot for 2023 was approximately $198.35.

Quarterly Averages:

• Q1: $198.13
• Q2: $201.04
• Q3: $200.30
• Q4: $194.47

Closing and Ending Figures:
The year ended with a median sale price per square foot of $188.44 in November.

Analysis and Recommendations:
The data indicates mixed trends throughout 2023, with notable fluctuations in monthly percentage changes. While there were periods of growth, such as in March and June, there were also declines, particularly in October and November. Overall, the annual average suggests a relatively stable market.

For clients considering buying or selling a new home in San Tampa in 2023, the decision would have depended on specific circumstances and preferences. Buyers may have found opportunities during months with lower prices, such as November, while sellers may have benefited from the higher prices observed in July.

Predictions for 2024:
Considering the trends observed in 2023, it is predicted that the San Tampa real estate market in 2024 will continue to experience fluctuations. External factors such as economic conditions, interest rates, and housing supply may influence market dynamics. However, with prudent decision-making and a thorough understanding of market trends, both buyers and sellers can navigate the San Tampa real estate landscape effectively in 2024.

In conclusion, while 2023 presented both challenges and opportunities in the San Tampa real estate market, informed decision-making based on comprehensive market analysis remains key for success in 2024.

End of Report

This comprehensive analysis provides stakeholders with valuable insights into the San Tampa real estate market, empowering them to make informed decisions and navigate market conditions effectively.