Florida's housing inventory soared to historic highs in February, with realtor data revealing 168,717 homes for sale, marking a 34% increase compared to last year. St. Petersburg saw a staggering 164% increase in inventory year-over-year. Despite this increase in available homes, the time homes spend on the market has remained stable. This influx of listings offers prospective buyers numerous options at competitive prices, even as prices per square foot slightly declined, signaling a shift in market dynamics as spring approaches.
"This surge of fresh inventory is good news for prospective buyers as the spring buying season approaches; they'll have plenty of options to choose from at competitive prices."
"St. Petersburg is experiencing a flood of new inventory, especially of larger homes," says Realtor.com Senior Economist Joel Berner.
"The inventory-rich local market has yet to slow down, judging by the fact that the number of days a typical home spent on the market in February was the same as last year."
"Price cuts were up 2.6%, but not as much as the national level, and price per square foot dipped 2.9%..."
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