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Monthly Market Update - December 2017

2017 was an interesting year for the Tampa Bay real estate market. Average home prices kept climbing substantially, the continuing lack of inventory lead to a very strong seller's market, and down payment assistance problems helped many first-time buyers get in to homes they otherwise wouldn't have been able to afford. December capped the year with a strong month in both number of sales and home prices.

The total number of home sales combined in Hillsborough, Pasco, and Pinellas counties in December was 6,586, only a 0.6% increase year-over-year compared to December 2016, but up 5.2% month-over-month from November 2017. Hillsborough had a total of 2,822 sales, Pasco had 1,364, and Pinellas had 2,400.

In the tri-county area, the average home prices rose 6.3% year-over-year and were up by 3.6% month-over-month. The average sales price was $257,881 in Hillsborough, $203,904 in Pasco, $264,877 in Pinellas, and $242,221 overall.

The median time homes are staying on the market is still 27 days, so no change from last month. Year-over-year this is a decrease of -22% (down from 33 days in December 2016).

December was definitely a healthy month for the Tampa area real estate market, especially as the end-of-year holiday season usually has an effect on the number of people both buying and selling homes. An increase in home sales is always a good sign that the market is doing well, as it typically means more people are financially able to purchase. The average price increases both month-over-month and year-over-year are also promising signs of a market that has truly rebounded from the effects of the housing market crash.

Remember, though, real estate is hyper-local and what's happening in your neighborhood could dramatically differ from someone else's. If you're looking for a customized analysis of your home's current value or help in deciding whether it's the right time for you to buy in your dream community, contact me directly and I'd be happy to provide local, expert advice.

Philippa Main 813.317.5556 Keller Williams Tampa Properties 5020 W Linebaugh Ave #100 Tampa, FL 33618

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