Monthly Market Update - November 2017

November's Tampa Bay real estate market saw both the total number of home sales and the average home prices going up slightly month-over-month and year-over-year. However, they increased by a much smaller percentage than usually seen so far this year. There has been speculation that our market is long overdue for a shift back to a buyer's market, and November's increases being smaller could indicate that the market is trying to naturally correct itself.

The total number of home sales in the tri-county area in November was 6,262, only a 0.5% increase month-over-month compared to October 2017. Hillsborough had a total of 2,726 sales, Pasco had 1,311, and Pinellas had 2,225. Year-over-year the total number of homes sold in all three counties combined increased by 2.1%.

Combined across the three counties, the average home prices rose a healthy 4.9% year-over-year and were up by 0.7% month-over-month. The average sales price was $256,250 in Hillsborough, $198,301 in Pasco, $246,726 in Pinellas, and $233,759 overall. Both Pasco and Pinellas actually saw slight month-over-month average price drops, but Hillsborough county's average home price increased almost $12,000 from October, so the overall area average still went up.

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% (down from 33 days in November 2016), but month-over-month, the median time on market stayed exactly the same. 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.