The Tampa Bay real estate market continued its blistering pace in November, far outpacing the sales figures from November 2015.
And across the state, the median price for the sale of a single-family home went up for the 60th month in a row when compared to the same month in the previous year. That price is now $220,000, a 10 percent increase over the previous year.
The median price for condos and town homes also increased across the Sunshine State by 8 percent, to $162,000. The median price is the exact midpoint of all sales, with half the homes selling for more and half selling for less.
“Continued low inventory of homes for sale remains the biggest challenge to sales growth in many areas across Florida,” Matey H. Veissi, 2016 Florida Realtors President, said in a news release. “While sellers are seeing the benefits of a market where prices have consistently been on the rise, it also presents a dilemma for those who may want to purchase a ‘move-up’ home and a challenge for first-time buyers.”
Tampa Bay Market Numbers
In Tampa Bay, all four counties included in the metropolitan statistical area saw big improvements in home sale volume and prices, according to numbers from the Florida Realtors as reported in the Tampa Bay Times and other outlets.
In Hillsborough County, the number of closed sales on single-family homes increased by 29 percent over November 2015. The median price of a home sold in Hillsborough County in November was $224,900, 7 percent higher than in November 2015.
In Pinellas County, the dollar volume spent on homes increased 43.1 percent in November 2016 ($303 million) over November 2015 ($211.8 million), according to the Pinellas Realtor Organization. The number of closed sales for single-family homes and townhomes/condos was 1,789, a 20.2 percent increase over November 2015.
The median sale price for a single-family home in Pinellas County rose to $219,000, up from $183,750 in November 2015.
In Pasco County, the number of single-family homes sales increased by 5 percent year-over-year, with the median sale price also increasing almost 24 percent to $185,000.
And in Hernando County, the number of single-family homes sales increased by 19 percent, with the median price increasing to $140,500, a 17 percent gain over November 2015.
Some of the home sales reached amazing amounts. For example, the highest price home sale in Hillsborough County in November was $3.88 million spent for a 6,600-square-foot home in Tampa’s Sunset Park area.
In Pinellas County, the biggest sale by price was $2.8 million spent for a 6,300-square-foot home on Snell Isle.
In Pasco County, a buyer spent $810,000 for a 6,000-square-foot home on a golf course in the Trinity area, while in Hernando County a three-bedroom, three-bath house with views of the Gulf of Mexico fetched a $615,000 price.