Monthly Market Update - May 2017
May was an exciting month for the real estate market in Tampa Bay, with the most expensive sale in Hillsborough so far this year and homes continuing to sell quickly.
In Hillsborough, Pasco, and Pinellas, the total amount of home sales went up both month-over-month and year-over-year. Across all three counties, the number of homes sold increased by 41.1% since last month and 4.3% year-over-year. Hillsborough had a total of 3,303 sales, Pasco had 1,621, and Pinellas had 2,869. It appears that the decrease in sales in April was a small blip on the otherwise healthy radar of the Tampa Bay real estate market.
Prices were also on the rise with the average home price in Hillsborough county at $258,166, Pasco county at $188,825, and Pinellas county at $269,230. On average, prices in the tri-county area went up 1% month-over-month and 15% year-over-year. It's generally believed that we will start seeing a shift towards a buyer's market sometime within the next year as home prices start to even out and more inventory becomes available; a 1% increase in home prices may be indicative of that change. However, Tampa is still a healthy real estate market with great opportunity for sellers and buyers alike.
The median time a home is staying on the market went down by 1 day month-over-month, so it's still taking the average home less than a month to sell. This is another indicator that there is not enough inventory available for those who are looking to buy. Sellers interested in listing their home should do so soon to take advantage of the surplus of current buyers. Year-over-year, homes have been selling at an average of 30% faster.
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.
Philippa Main 813.317.5556 PMain@KW.com Keller Williams Tampa Properties 5020 W Linebaugh Ave #100 Tampa, FL 33618