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Tampa Bay home prices surge again as demand continues to dominate supply
Tampa Bay home prices shot up nearly 11 percent in March, the third consecutive month to show healthy gains.
The volume of single-family home sales also rose — up 4.2 percent over the same month a year ago — although the slower pace reflects a continued shortage of moderately priced homes.
“It’s really a good market right now, and if I can stress one thing that’s been a common theme it’s that demand exceeds supply in lower price points,” Charles Richardson, senior regional vice president of Coldwell Banker, said Wednesday.
Pinellas County showed the biggest gain with the median price for single family homes hitting $200,000 in March. That was a 14.3 percent jump from the same month a year ago.
Pasco was next, up 11.3 percent to $167,000, followed by Hillsborough, up 10.2 percent to $206,000 and Hernando, up 7.1 percent to $120,000.
Prices for condos and townhomes in the four-county area rose nearly 9 percent, to a median of $125,000.
As evidence of the huge demand for single-family homes, the median time from listing to contract in Pinellas was just 31 days in March.
“We are seeing a shorter window for marketing the properties because there’s a lot of pent-up demand from buyers all the way up to $500,000,” Richardson said.
Year-over-year prices of single-family homes in the bay area jumped nearly 20 percent in January and 16 percent in February.