Monthly Market Update - October 2017
October is historically a slower month of the year for home sales, usually ranking 8th out of 12 for most homes sold. However, with Hurricane Irma dramatically decreasing the number of home sales in September (most likely because many closings were pushed back), October saw an unusual month-over-month increase in the amount of homes sold. Many had wondered if people would still want to buy property in Tampa after realizing there is a potential threat of natural disaster, but October's numbers indicate that those who want to purchase in Tampa Bay are doing so regardless.
The total number of home sales in the tri-county bay area in October was 6,234, a 13.2% increase month-over-month compared to September 2017. Hillsborough had a total of 2,723 sales, Pasco had 1,291, and Pinellas had 2,220. However, year-over-year, the total number of homes sold in all three counties combined saw virtually no change and dropped only 0.1% (by 9 total home sales). Last month we were hopeful that a surge in home sales in October would help balance out the lack of sales in September, but it appears that October's numbers are on par with previous years, and we did not see the increase that we had expected.
That being said, home prices rose a healthy 8.7% year-over-year across all three counties, though month-over-month home prices were down an average of 2.8%. The average sales price was $244,656 in Hillsborough, $199,548 in Pasco, $252,431 in Pinellas, and $232,212 overall. Home prices slightly increased in Pasco (going up an average of $2,491), but Hillsborough and Pinellas saw average prices drop by $8,614 and $14,111, respectively. Pasco county continues to be a growing market, where things like new construction homes and commercial land development are making it a desirable place for people to move, and this is reflected in increasing prices.
Over the last few months, the median time homes are staying on the market has started to rise, though that time period is still only 27 days. Year-over-year this is a decrease of 22.9% (down from 35 days in October 2016) and a month-over-month increase of 12.5% (up from 24 days in September 2017). Homes that are priced right are not available for long, but homes that are even slightly overpriced and sitting for a while, as savvy buyers and agents recognize they won't appraise or aren't worth the asking price.
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