Monthly Market Update - April 2017
The Tampa Bay market has been gaining a lot of attention lately, being ranked on Realtor.com's 20 Hottest Markets list and featured on Zillow as one of the most desirable areas to live in the country.
In April, all three counties (Hillsborough, Pasco, and Pinellas) saw a drop in number of home sales, with a total of 2,172 homes sold in Hillsborough, 1,173 in Pasco, and 2,166 in Pinellas. Historically, April has seen less total sales than March, and the market's current lack of inventory may also be responsible for this slight decrease in sales. If you're looking to sell, now is a good time. Up to a certain price point, the number of people who want to buy a home is outpacing the number of homes available for sale.
On average, home prices in Hillsborough and Pasco slightly decreased month-over-month (-3% and -1.4%, respectively) while the average price in Pasco county went up by 6.3%. However, prices remain strong with the average home price in Hillsborough county at $250,395, Pasco county at $185,150, and Pinellas county at $273,107.
Additionally, median days on the market dropped by 14.3% to only 24 days, meaning if a home is priced right, it is selling in less than a month. Year-over-year this is a decrease of 40% (from 40 days).
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, contact me directly and I'd be happy to provide local, expert advice.
Philippa Main 813.317.5556 PMain@KW.com Keller Williams Tampa Properties 5020 W Linebaugh Ave #100 Tampa, FL 33618