Happy Wednesday!

2025 is off to a strong start, and Tampa Bay is making headlines across the board. This week, we’re diving into:

Tampa’s Selmon Expressway gets a $4M boost to improve travel times and safety—game-changing for local drivers. Also, Tampa Bay has emerged as a top-tier tech hub, ranking 18th among the South's 20 leading metro areas in 2024, according to a new report by CommercialCafe!

We're also taking a look at the sales slowdown we had in December—was it just the holiday lull, or something bigger? We’re breaking down the trends and what to watch in the weeks ahead.

Hope you enjoy!

—Sean

🛣️ Tampa’s Traffic Woes Get a High-Tech Solution with $4M Grant

Driving the news: The Tampa Hillsborough Expressway Authority (THEA) has secured a $4 million grant from the U.S. Department of Energy to reduce congestion on the Lee Roy Selmon Expressway.

Collaborating with the University of South Florida’s Center for Urban Transportation Research, THEA will implement the Smart Eco-Driving Connectivity for Urban Roadway Efficiency (SECURE V2X) platform.

Details:

• The SECURE V2X platform optimizes vehicle speeds to smooth traffic flow, reducing abrupt braking and acceleration.

• The initiative is expected to improve travel times by up to 25%, cut energy consumption by 15%, and reduce secondary crashes by 10%.

• Data collected from the program will be shared with the Department of Energy to support national goals for energy efficiency and transportation innovation.

Why it matters: Tampa Bay drivers on the Selmon Expressway will benefit from shorter commutes and safer roads, thanks to this advanced traffic management system.

The project positions Tampa as a model for smart transportation technology, elevating its status as a leader in urban mobility solutions.

The big picture: THEA’s grant is part of a broader U.S. Department of Energy initiative, which allocated $51.7 million to 19 projects nationwide.

THEA was the only Florida agency selected, highlighting the region's commitment to addressing transportation challenges.

What’s next: As development begins, THEA and USF will gather and analyze traffic, energy, and emissions data to measure the platform's success.

Officials anticipate this project could serve as a replicable model for other regions aiming to modernize their transportation networks.

The bottom line: THEA’s proactive approach to integrating connected vehicle technology is poised to improve the daily commute for Tampa residents, enhance air quality, and solidify the city’s reputation as a forward-thinking hub for transportation advancements.

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💼 Why Tampa Bay is the South's
New Tech Hot Spot

Driving the news: Tampa Bay has been named the third-best tech hub in Florida and ranks 18th among the South's top 20 metro areas for technology, according to a new CommercialCafe report.

The ranking highlights factors such as tech job density, median earnings, and quality of life.

Details:

• Tampa Bay ranks 4th in business growth and 8th in tech earnings increase among the South's tech metros.

• Tech employment in the region has grown 24% since 2019, with median earnings hitting $92,903 annually.

• The area is home to key players like cybersecurity firm ReliaQuest and thriving initiatives such as Tampa Bay Wave, which has surpassed $1 billion in capital funding for startups.

• Florida's other entries on the list include Palm Bay (No. 15), Crestview (No. 17), Jacksonville (No. 19), and Orlando (No. 20).

Why it matters: Tampa Bay’s rise in the rankings underscores its growing reputation as a vibrant tech hub, creating high-paying jobs and fostering business growth.

This is a boon for local residents, attracting talent and investment while enhancing the area’s quality of life.

The big picture: While Washington, D.C., and Austin, Texas, lead the rankings, Tampa Bay’s steady rise highlights the region’s ability to compete in the tech sector.

Southern metros like Wilmington, North Carolina, which saw a 30% increase in tech establishments, are also gaining ground.

What’s next: With ongoing support for startups and an increasing focus on cybersecurity and innovation, Tampa Bay is poised to further climb the rankings in the years ahead.

Local leaders and businesses are working to sustain this momentum, ensuring the region remains an attractive destination for tech professionals and companies alike.

The bottom line: Tampa Bay’s growing prominence in tech isn’t just about statistics—it’s about creating opportunities for residents, attracting innovative companies, and building a thriving community that balances work, life, and growth.

❄️ Is the Housing Market Cooling or Just Taking a Holiday Break?

Driving the news: December saw a slowdown in home sales, likely influenced by holiday distractions and rising mortgage rates.

With New Year's and Christmas mid-week, these disruptions curtailed activity during a critical tracking period, compounded by mortgage rates surging above 7%.

Details

• New pending sales averaged 44,000 weekly for single-family homes, matching last year’s numbers.

• Inventory fell 2.4% over the holidays, with 635,000 unsold homes now on the market. This is 27% higher than a year ago, hinting at dampened demand.

• Home prices remain resilient, up 4% nationally in 2024, though days on the market extended by 20%.

Why it matters: The local housing market mirrors these national trends, showing both challenges and opportunities for buyers and sellers.

Buyers face fewer immediate sales and more negotiating power, while sellers contend with slower demand but sustained pricing stability.

The big picture: High mortgage rates and holiday seasonality have reset the momentum from earlier sales growth in 2024.

Experts suggest that January’s data will provide clearer insights into how sensitive buyers remain to these elevated borrowing costs.

By the numbers:

• Median contract price: $377,000 (2.3% above last year).

• Immediate sales now represent only 13% of new listings, down from 35% during the pandemic.

• Pending home sales increased by 5% compared to last year but are still 35% lower than in early 2022.

What’s next: January will reveal whether inventory builds earlier than usual, signaling a challenging year ahead.

Local agents and sellers should prepare for shifting dynamics as mortgage rates hold steady above 7%.

The bottom line: Despite challenges, opportunities remain in the housing market as buyers and sellers adapt to slower demand and resilient pricing.

Early-year activity will set the tone for the 2025 housing market.

📊 Our Current Local Market Data:

As we begin 2025, Tampa's real estate market continues to present opportunities for both buyers and sellers.

Recent data indicates that the median sale price of homes in Tampa is approximately $450,000, reflecting a modest 0.2% increase compared to the previous year. Additionally, homes are spending more time on the market, with an average of 44 days before sale, up from 27 days last year.

For sellers, this underscores the importance of a well-crafted strategy to effectively showcase properties and attract potential buyers. For buyers, the current market conditions offer a window to explore available properties before any potential increase in competition.

If you’re curious how much your home could sell for now, then reply “What’s my home value” or you can get an estimated value here.

Or if you’re just curious about how the current market affects your situation & what’s going on in your specific neighborhood, just reply & ask.

📰 In Other News:

• Tampa International Airport breaks ground on Airside D terminal

• Polar Capital opens first Tampa Bay office at Water Street

• Breeze Airways increases investment in Tampa Bay in 2024

That’s all for today, I hope you have an amazing week!

If there’s ever anything you need:

• a custom market or home value report

• a home services list for a reliable contractor or services professional

• feedback or a professional opinion on a home project

Just let me know! We’re here to help with all your home needs.

Talk soon,

- Sean, and the Bello Home Team

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