Monthly Market Update - April 2018
In April, the Tampa Bay area saw a total of 7,187 new listings come onto the market, and a total of 14,953 active listings competed for buyers' attention. Throughout the month, over $1.39 billion dollars of residential real estate was sold. While many people continue to speculate about where the market is heading, looking at monthly and yearly patterns can help us estimate, but not predict, the future of the Tampa Bay real estate market.
In April, the total number of residential home sales combined in Hillsborough, Pasco, and Pinellas counties was 5,258 - a decrease both year-over-year and month-over-month, down 6.9% from April 2017 and 5.2% from March. Hillsborough county had 2,066 of these sales, Pasco had 1,093, and Pinellas had 2,099. While all counties saw less sales overall, Pasco county saw the biggest decrease in home sales month-over-month down 119 units (-10.9%).
In the tri-county area, the average home prices rose 7.9% year-over-year and were up month-over-month by 3.5%. The average sales price was $270,657 in Hillsborough, $232,437 in Pasco, $291,620 in Pinellas, and $264,905 overall. Since the beginning of the year, home prices have been rising by approximately 3% every month. As interest rates also continue to rise, waiting to purchase a home will put buyers in a situation of paying substantially more per month the longer they wait.
In April 2018, the median time homes were on the market before going under contract was 23 days, down 4.3% year-over-year and 8.3% month-over-month. In Hillsborough county homes were selling in a median of only 19 days, the quickest amount of time in the past ten years. Homes in Pasco and Pinellas had a median time on the market of 25 and 24 days, respectively.
Whether you are thinking of buying or selling, now is the time as the hot sellers market makes it ideal for current home owners to list, and the still-low interest rates and small down payment requirements have made it more affordable than ever before to purchase a home.
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