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Home prices rise again around Tampa Bay as supply remains tight
Sorry, Tampa Bay home buyers — prices are still shooting up.
The median price for a single-family house jumped 12.6 percent in July, the ninth straight month of double-digit, year-over-year increases. The steady rise continued to be spurred by a tight supply of available homes, with 4.3 percent fewer houses sold in July than in the same month a year earlier.
“We still have demand out there that’s not being met with the amount of supply,” Charles Richardson, senior regional vice president of Coldwell Banker, said Wednesday. “It’s a great time to come on to the market as a seller — if I was thinking of selling I’d want to be in this market. It’s crazy to see it last this long on the demand side.”
Added Richardson: “We’re looking for listings!”
Of the four bay area counties, Hernando tallied the biggest median price gain in July, up 20.3 percent to $142,000. That was followed by Pasco, up 16.5 percent to $183,620; Pinellas, up 16.2 percent to $214,950; and Hillsborough, up 9.3 percent to $223,995.
Overall, the bay area had just a 3.3 month supply of available homes in July. That contributed to the drop in sales, the first time in a year that sales were less than in the same month a year earlier.
“When you look at months of supply as a barometer, it’s still at a very historically low level,” Richardson said. “Economists tell us that a six-month housing supply is a market in equilibrium (between buyers and sellers). Right now it’s just over a three months supply, but it’s particularly low at the lower end of the market.”
The greatest demand in July continued to be for houses under $300,000 — “we have buyers waiting in line (for those),” Richardson said. But one of the most striking aspects of the July figures was the continued boom in ultra-luxury home sales: Three mansions, all in Hillsborough, went for more than $6 million.
That brings to seven the total number of Tampa Bay homes that have sold for at least $6 million this year. In 2015, there was no residential sale for more than $5-million.