According to the Florida Realtors Association, Single Family Homes in the Greater Tampa Bay area, including Hillsborough, Pinellas, Pasco and Hernando counties saw in increase of over 6% in the average home sale price for 2018, over prices the year before. Another important factor in home sales is the listing price. More Sellers also priced their homes closer to fair market value, which they capitalized on by receiving over 96% of their asking price in these closed sales.
With the amount of new listings hitting the market up 5%, a more balanced market is on the horizon, meaning more housing inventory and opportunities for Buyers looking in Tampa Bay. This should help to ease some of the affordability constraints Buyers have faced in recent years. While many buyers still want to find that great deal out there, with foreclosed or short sale properties, those home sales were down over 37% and 46% respectively.
Tampa Condo and Townhome 2018 Stats
Tampa Bay’s Condo and Townhome market also gained a large increase in the average sale price year over year! These properties rose in value 7% for 2018. While the number of closed sales dropped slightly, the Sellers dollar amount rose. Buyers will also see an increase of inventory in the condo and townhome market, as new developments are completed and ready for move-in.