Monthly Market Update - March 2018
In March, the Tampa Bay area saw a total of 7,574 new listings come onto the market, the highest amount of new listings in any one month since March 2017. A total of 13,311 active listings competed for buyers' attention, and throughout the month, over $1.48 billion dollars of residential real estate was sold.
In March, the total number of residential home sales combined in Hillsborough, Pasco, and Pinellas counties was 5,634 - a 30% increase month-over-month! (March is traditionally the most active month for home sales in our area.) However, year-over-year, the total number of sales dropped by 6.6%. Hillsborough county was responsible for 2,247 of these sales, Pasco had 1,212, and Pinellas had 2,175.
In the tri-county area, the average home prices rose 8.7% year-over-year and were up month-over-month by 3.5%. The average sales price was $275,260 in Hillsborough, $205,434 in Pasco, $286,290 in Pinellas, and $255,661 overall. In February, Pasco county saw an unusually high month-over-month increase in pricing, but this month Hillsborough county was the winner, with the average sales price increasing 5.9% or $15,663.
In March 2018, the median time homes were on the market before going under contract was 25 days, down 3.9% both year-over-year and month-over-month. In Hillsborough county homes were selling in a median of only 22 days, while homes in Pasco and Pinellas had a median time on the market of 27 days.
The number of active listings this month was down 15.3% year-over-year, and March had the lowest amount of inventory available since June 2017. Currently, there are only two months of inventory available, making it an extreme sellers market from the perspective of properties available versus buyers to purchase them. However, interest rates have been slowly ticking up since the beginning of the year, and those who are thinking of buying should seriously consider doing so now. In a year, home prices and interest rates will likely be higher, meaning it could be substantially more expensive to buy then rather than now.
There are currently down payment assistance programs available that will cover the 3.5% FHA down payment with a grant (that does not have to be paid back) and there are other programs available offering up to $10,000 with a zero interest loan for five years. If you are thinking of buying a home but are not sure if you can afford it, reach out to me today to learn more about your options.
Remember, 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 PM@YourMainAgent.com Keller Williams Tampa Properties 5020 W Linebaugh Ave #100 Tampa, FL 33618