Monthly Market Update - September 2017
Many people wondered how Hurricane Irma was going to affect a lot of things in the Tampa Bay area during the month of September. Based on September's numbers, it looks like the hurricane might have affected the area's real estate market slightly, but that overall it still remained strong.
The total number of home sales in the tri-county area in September was 5,508, a 3.3% drop month-over-month compared to August 2017. Hillsborough had a total of 2,438 sales, Pasco had 1,113, and Pinellas had 1,957. However, year-over-year, the total number of homes sold in all three counties combined saw a dramatic decrease, with a drop of 19.1%. Traditionally, August is a slower month for home sales, and we see things pick back up in September. While it was probably not the only factor, the significant year-over-year decrease in homes sold was almost certainly in part because of Hurricane Irma. Hopefully the area will see a surge of sales in October to make up for the effects of the storm.
Home prices decreased slightly from August to September, with the average price dropping from $245,257 to $238,956 (a change of -2.6%). However, year-over-year, prices were still up by 9.3%, showing that homes continue to increase in value in Tampa, even as we struggle with natural disasters. The average home price in Hillsborough was $253,270, in Pasco was $197,057, and in Pinellas was $266,542.
The median time a home stayed on the market was still extremely low, but it did increase month-over-month from 21 days to 24 days, probably due in part to bad weather from Hurricane Irma happening over a weekend when most people are out looking at homes. Year-over-year time on the market did go down however, dropping quite substantially from 34 days. This means homes are still selling quickly. This is still in part to the major shortage of inventory available at this time.
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.
Philippa Main 813.317.5556 PMain@KW.com Keller Williams Tampa Properties 5020 W Linebaugh Ave #100 Tampa, FL 33618