Some West Coast Locations Seeing Price Cuts
Six of the top 10 metro areas in the nation with the greatest increase in inventory are in Florida, according to Redfin.
TAMPA – Redfin reported that 48% of all North Port-Sarasota-Bradenton listings saw prices reduced, 44% of all Tampa listings saw price cuts, and 41% of Cape Coral listings saw prices drop.
The report also indicated that some South Florida metro areas saw the housing supply double, with 51% and 48% more homes for sale, respectively, in the Cape Coral and the North Port-Sarasota-Bradenton areas, compared with March 2023.
Overall, six of the top 10 metro areas that saw the greatest increase in inventory are in Florida, according to Redfin.
In Fort Lauderdale, the housing supply rose 30%, Tampa saw a 29% increase, Orlando saw a 23% increase, and West Palm Beach saw a 20% increase in housing supply.
Overall, prices for homes are on the decline and are taking longer to sell, particularly in the North Port-Sarasota-Bradenton area.
In March, the median sale price nationally increased 4.8% year over year, but median prices in the North Port-Sarasota-Bradenton area dropped 4.6%, according to Redfin.
Median days on the market nationwide was 40 days in March, down from 44 days in March 2023.
The greatest increase in days on the market for Cape Coral was up 31 days compared to the previous year, and in North Port-Sarasota, it took 20 more days to sell than in 2023.
Source: Business Observer (04/29/24) King, Elizabeth
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