March was a great month for the Tampa Bay area housing market, with average prices and sales numbers going up while median time on the market went down. All signs point to a strengthening market that has recently been called the healthiest real estate market in the U.S. by CNBC.
Month-over-month, the number of home sales increased by 15.2% in Hillsborough county, 5.5% in Pasco county, and 7.9% in Pinellas county. In March, a total of 3,308 homes were sold in Hillsborough, 1,561 in Pasco, and 2,828 in Pinellas - an average of a 32% increase since last year across all three counties.
Prices were also on the rise with the average home price in Hillsborough county at $245,460, Pasco county at $176,767, and Pinellas county at $250,195. On average, prices in the tri-county area went up 10.5% month-over-month, indicating that it's still very much a seller's market and that the right time to buy is now because prices are going to keep going up.
A good indicator of how hot the market is right now is the median time homes are staying on the market. Most homes are selling within 2 - 3 months, with the average time on market being only 26 days in Hillsborough county, 28 days in Pasco county, and 27 days in Pinellas county. Year-over-year, homes have been selling at an average of 18% faster, so those looking to sell their home are in luck.
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 worth 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.
Keller Williams Tampa Properties
5020 W Linebaugh Ave #100
Tampa, FL 33618