Dave Edwards–When it rains, it pours
The Tampa, Florida area recently had the distinction of being one of the fastest cooling real estate markets in the country. And then, along comes Helene followed by Milton. Let’s take a glance.
When you look at 2023 into spring of 2024 home prices, price drops, inventory and share of homes that sell in two weeks, Tampa is one of the chilliest in the U.S. In fact 6 of the top ten are in Florida. What’s up?
An increase in natural disasters, exploding insurance costs, a jump in new construction and rising home prices are fueling the cooling. Unheard of a year or two ago, now it’s becoming the norm to reduce your price by 20-30% to get it sold in the Tampa area.
Then, the hurricanes hit. Helene was more of a glancing blow, with flooding the big concern. Now, Milton hits with 100 mph winds and record rains. More misery.
These concerns usually wane with time, but with at least 3 major hurricanes hitting the region in the past two years, it appears Tampa’s charm of avoiding the big blow has caught up with them. Global warming is catching up with many cities, including Asheville, North Carolina. And they may have never seen it coming….
