It’s no secret that the Tampa Bay real estate market has been on fire since the beginning of 2016, even receiving national attention for being one of the hottest real estate markets in the country. Now that we’ve passed the halfway point in 2016, how is the market holding up? Is it still as hot as it was at the beginning of the year?
Data is not available for June yet, but in May, prices of Tampa Bay homes continued to rise according to the Tampa Bay Times. Three out of the four counties in this metro area saw double digit growth in terms of home prices.
Although Hillsborough and Pinellas did see increases, the growth was not nearly as dramatic as it had been earlier this year. The median sale price for a home in Pinellas County during the month of May increased by 8.1%. This is a strong increase, but no where near the 23.3% growth that occurred in January. On the other side of the bridge, Hillsborough County saw a 10% increase in the median sales price, bringing the median price of a home to $224,500, slightly higher than the state’s average.
Pasco County had a 12.8% increase in the median price, raising it to $176,000, and Hernando saw a whopping 19% increase in median prices. The median price of a home in Hernando County is now $138,000.
Condos appear to still be a wise investment, since their median sales price in May rose by 4.2%, which is a 6.3% increase compared to last year.
How does the Tampa Bay area compare to the rest of the state? The median sales price of a home in Florida rose by 10.5%, meaning Tampa Bay counties are either right on track with the rest of the state, or well above it.
Does this signal that the market may be coming to a slowdown? These numbers don’t mean that the market is coming to a halt, but it could be stabilizing. Local realtors say that sales are still holding strong throughout the Bay area, especially around the water where there are a limited number of homes and empty lots available for buyers.
One trend that many realtors are noticing? The hunt for newly constructed homes. As buyers become more selective and demand flashy features and luxurious amenities, older homes are becoming less popular. These homes are being torn down to make way for newer, upgraded homes that have all the bells and whistles.
Sellers don’t have much to worry about within the Tampa Bay market, especially after looking at some of the pricier homes that were sold during May. In Hernando, a buyer paid $900,000–which was well over the asking price for the property–for a custom home in Brooksville. In Pinellas, a penthouse unit in St. Petersburg’s Ovation sold for a staggering $6.9 million in May, which was the highest sale of the month for that county.
Looking for more real estate news and advice? Contact our team of real estate experts at Coast 2 Coast Realty who have years of experience listing and selling homes in the Tampa area.