Based on August's numbers, it seems like the Tampa Bay real estate market may finally be making a shift towards equilibrium. A shortage of inventory is still making it tough for buyers to find a home and making it easier for owners to sell, but year-over-year it looks like we're starting to return to normal.
The total number of home sales in the tri-county area in August was 5,694, a 20.6% drop month-over-month compared to July 2017. Hillsborough had a total of 2,498 sales (compared to July's 3,131), Pasco had 1,179 (1,450 in July), and Pinellas had 2,017 (2,241 in July). However, year-over-year, the total number of homes sold in all three counties combined went up 2.27%. In our volatile market, month-over-month comparisons can look scary, but seeing a small increase in a 12 month period means our housing market is still heading in a healthy direction.
In August, the average home sales price in Hillsborough county was $260,198, in Pasco county was $205,699, and in Pinellas county was $269,873. This was an increase in both Hillsborough and Pasco county month-over-month, and a very small decrease month-over-month for Pinellas county. Overall, average home prices saw an 8.2% increase year-over-year and a 2.7% increase month-over-month. In comparison, at the beginning of the year we were seeing 16% year-over-year growth. Over the last few months we have returned to pre-2004 annual growth percentages, signaling that the long overdue market shift may be coming. If and when that happens, we will move from a seller's market to a buyer's market as we see inventory staying on the market longer and their being more homes available for sale.
The median time a home was on the market is still extremely low, but there was no change month-over-month, with the median time it took for a home to sell staying at 21 days. Year-over-year the time on market is down 55.2% (from 37 days). Homeowner's eager to sell their home should do so soon, as the time homes stay on the market is likely to go up as we experience a shift in the market.
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.
Keller Williams Tampa Properties
5020 W Linebaugh Ave #100
Tampa, FL 33618