Monthly Market Update - February 2018
The Tampa Bay real estate market in February saw a total of 6,397 new listings come onto the market, and homes selling for 96.7% of their asking price. With over $1 billion of residential real estate sales in February (up 12% from January), the Tampa area continues to see a boom in its real estate industry.
In February, the total number of residential home sales combined in Hillsborough, Pasco, and Pinellas counties was 4,163, a -3.9% decrease year-over-year compared to February 2017, and up month-over-month from January 2017 by 9.9%. Hillsborough county was responsible for 1,609 of these sales, Pasco had 950, and Pinellas had 1,604.
In the tri-county area, the average home prices rose 7.6% year-over-year and were up slightly month-over-month by 1.4%. The average sales price was $259,597 in Hillsborough, $202,139 in Pasco, $278,475 in Pinellas, and $246,737 overall. Pasco county specifically saw a big jump in home prices, as the average sales price was up 13.8% month-over-month, increasing by $24,627.
In February 2018, the median time homes were on the market before going under contract was 26 days, down 19.2% year-over-year from February 2017 when it was 31 days, but still the same as January 2018.
The recent combination of low interest rates, down payment assistance programs, and rising home prices has spurred many people to start purchasing homes in the Tampa Bay area. As the area grows and becomes more popular with out-of-state buyers as well, home prices typically tend to increase both annually and monthly. However, with such low inventory, sometimes the market sees a drop in total number of homes sold because the needs of buyers are not being met in the currently available homes.
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