Tampa Bay homes prices soared 20 percent in January, the third-largest gain in all of Florida.
The dramatic year-over-year increase, exceeded only by those in the Fort Myers and Port St. Lucie areas, was caused in large part by a continuing shortage of homes for sale, which is driving up prices.
There are a lot of buyers out there, but the inventory remains tight. Homes under $500,000 that are priced right and in good shape make up what he calls the “hottest segment of the market” and can easily spark bidding wars.
The median price of single-family homes — which make up by far the biggest share of the residential market — jumped 23.6 percent in Pinellas to $193,500; 21.3 percent in Hillsborough to $194,000; 16.6 percent in Pasco to $142,000; and 23.8 percent in Hernando to $130,000. (The median is the midpoint; half the homes sold for more, half for less.)
All four counties had well under a three-month inventory of available homes.