Monthly Market Update - June 2017
Contrary to popular belief that home sales slow down in the summer, the tri-county real estate market continued to climb in June with more homes coming onto the market and homes selling faster than the month before. For families looking to move into a new home before the school year starts, now is the right time to buy, and June's sales numbers reflect buyer's eagerness to purchase.
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 4.4% since May and 6.5% since June 2016. Hillsborough had a total of 3,514 sales, Pasco had 1,664, and Pinellas had 2,968. Hillsborough county saw the largest unit increase in sales with an extra 353 homes sold month-over-month.
Prices also continued to rise with the average home price in Hillsborough county at $262,537, Pasco county at $191,808, and Pinellas county at $285,175. On average, prices in the tri-county area went up 3.2% since May and 8.7% since June 2016. Pinellas county saw the largest spike in prices with an average sales price of $15,945 more than the month before.
The median time a home is staying on the market went down by 1 day since May (to 22 days), so it is 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 40% 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