The pace of our market’s growth is slowing down.
July is here and the summer is well underway, so we wanted to share the latest Tampa Bay area real estate numbers with you in a market update.
Overall, things are going well. Home sales were up year over year from May 2017 to May 2018 by 4%. The 3,670 closed home sales we saw this May were actually a record-setting number for the Tampa Bay area.
Home prices are up 2% from May 2017, but how does that compare to the pricing gains we’ve seen in years past? From May 2016 to May 2017, we saw a 12% increase in pricing. As you can see, the pace of our growth is slowing down.
If you’re a seller thinking about listing your home on the market, now is the time to do so to get the maximum price for your home. With interest rates on the rise, we may see price gains slow as we move into the future.
One other thing we’re seeing is that new construction is making up a significant portion of the sales here in Hillsborough and Pasco counties. In Hillsborough County, new construction accounted for 16% of all sales in 2018, which is up from 13% in 2017. In Pasco County, we’re seeing similar numbers.
If you have any questions for us about your own home or about the Tampa Bay real estate market in general, don’t hesitate to reach out and give us a call or send us an email. We look forward to hearing from you soon.