Mortgage rates stabilized throughout November in response to the economy softening and there are talks about the rate hikes being put on pause for the near future. Homebuyers took advantage of these steady rates and mortgage applications increased, indicating that despite higher rates this year, there are still many interested buyers who are ready to move forward with purchasing. November was also the second month in a row we saw three months of inventory versus two, which is line with the prediction that we are moving more towards a buyer's market.
In November 2018, over $1.3 billion of residential real estate was sold throughout Hillsborough, Pasco, and Pinellas counties (very similar to last month's volume and up from approximately $1.2 billion last November). There were 6,168 new homes listed (a 5.8% increase year-over-year). The total number of currently active listings was 15,535, up 1,100 units year-over-year. As more sellers put their home on the market, inventory continues to increase giving buyers more options and slowing the rate at which homes are selling.
In November, the number of home sales combined in Hillsborough, Pasco, and Pinellas counties was 4,994 - an increase year-over-year of 4.1% and a month-over-month decrease of 4.3%. Of the total home sales, Hillsborough county was responsible for 2,154, Pasco had 1,077, and Pinellas had 1,763. Considering the general trends this year, a month-over-month decrease is not alarming and home sales will likely speed up in December as people try to buy before the end of the year.
In the tri-county area, the average home price increased month-over-month by 4.6% and rose year-over-year by 9.1%. The average sales price was $279,136 in Hillsborough, $210,216 in Pasco, $307,886 in Pinellas, and $265,746 overall. The high average monthly price in Pinellas county is what makes the year-over-year increase larger than what we've seen in any other month this year, as Hillsborough county saw reasonable year-over-year price growth and Pasco county stayed virtually the same.
In November 2018, the median time homes were on the market before going under contract was 26 days, the same as October and up two days from last year November 2017. Anecdotally, many agents are starting to notice homes staying on the market longer. This is due to a combination of the time of year, mortgage rates going up, and more inventory becoming available.
Whether you are thinking of buying or selling, I would love to help guide you through the process. There are a lot of steps to take on either side, and it helps to have a local and knowledgeable Realtor working for you (even if you're buying new construction!).
Remember, real estate is hyper-local and what's happening in your neighborhood could dramatically differ from someone else's. If you'd like a customized analysis of your home's current value or help in deciding whether it's the right time for you personally to buy a home, contact me directly and I'd be happy to provide local, expert advice.
Keller Williams Tampa Properties
5020 W Linebaugh Ave #100
Tampa, FL 33618