Home sales in Tampa Bay have sizzled over the summer

The slow summer selling season has been anything but as Tampa Bay home sales shot up 30.2 percent in July.

Year-over-year sales of single family homes showed the biggest gain in Hernando County, up 40.5 percent, followed by Pasco (34 percent) Pinellas (27 percent) and Hillsborough (24.9 percent.)


All four counties did even better than Florida as whole, which posted nearly a 22 percent increase.

“The Florida real estate market continues to boom along, fueled by job growth . . . and fears of higher interest rates,” said John Tuccillo, chief economist of Florida Realtors. “Tight inventories are beginning to get worrisome, even in price tiers where they had not been a problem. But we’re not in any great danger of a runaway market because mortgages are still difficult to get for most households, keeping demand down.”

Statewide in July, the inventory of available homes tightened to a 4.5-month supply. Most analysts consider a 6-month supply to be evidence of a balanced market between buyers and sellers, Tuccillo said.

Prices also rose in July though at a lower rate than sales. For the greater Tampa Bay area, the median price of a single family home climbed 4.7 percent to $176,000. In Hillsborough, the median price hit $205,000, a 10.2 percent gain.


The increases in sales and prices “give owners assurance about listing their homes and receiving (amounts) at or near their asking price,” said Barbara Jordan president of the Greater Tampa Association of Realtors.

Hillsborough was the leader in luxury home sales in July with six of the seven bay area transactions that topped $2-million.

Read More

About Author

John William is a cum laude graduate of the University of Miami, and has spent his lifetime in sales and marketing. The fourth generation to join his family business, John William manages all luxury residential sales and transactions within the Tampa Bay and South Florida markets. A keen industry insider with a finger on the pulse of the area, He is an expert identifying high-return acquisition and development opportunities for hungry investors both large and small while simultaneously working with homeowners and homebuyers to buy and sell the home of their dreams… often times without the need of the MLS or a For Sale sign. He also oversees all digital and print marketing for the company, and handles all sales training for new and established agents alike. He is a member of the Board of Directors of Brookwood Florida, the oldest charity in Florida, and works to raise millions of dollars annually for local charities and museums.