Tampa Bay 1st Quarter Real Estate Market Update

Our production for the year is lingering behind 2022’s production by 25%.  We are still holding down our position within the top 10 teams in Pinellas County!! 

We are very thankful for that. 

The 1st quarter was very odd coming out of 2022.  The first half of 2022 was just as hot as the previous year and the latter half of 2022 cooled off quite a bit with rates on the rise.  December of 2022 was an epic month for us, one of our best months of 2022.  This then leads us to the 1st quarter of 2023. 

Our market showed a slow start in January and then about halfway through February our market heated back up.  We went back to receiving multiple offers on our listings, and dormant buyers came back to purchase with a small decrease in rates.  I really feel the general public had time to adjust to higher rates & understood that there is no looming real estate market crash. 

Overall the 1st quarter in the Tampa Bay real estate market was BOOMING!!  Heading into the 2nd quarter of the year, starting out the quarter with banks failing and several countries working on coming up with a mutual currency, excluding the USA?  What does this mean for our economy and our local real estate market?  Surely a little bit of uncertainty. 

2nd quarter update coming towards the end of June and my birthday!!  If you have questions in between, you can always contact me directly.  

-Lance Willard