Housing inventory continues to shrink and home prices continue to surge across Tampa Bay.
Why it matters: If real estate is a roller coaster, we're inching toward the peak. Low supply and high demand will continue to push home prices higher for the foreseeable future.
- If supply increases, though, buyers will have more options. That would allow them to become more picky, forcing sellers to have to come down on price.
State of play: Demand in Sarasota and Manatee Counties spiked the most in May, with an 84.7% increase in closed sales from the same month last year. Homes in that region are selling in six days, on average.
- Closed sales were up 28.3% in Hillsborough; 39.9% in Pasco; and 60.4% in Pinellas. Homes went under contract within 5-6 days in those three counties.
Median home prices: On average, year-over-year median sales prices were up 25% in May 2021 for single-family homes. Here's a breakdown by county:
- Hillsborough: $334,950, up 21.8%.
- Manatee: $400,000, up 23.1%.
- Pasco: $300,380, up 20.2%.
- Pinellas: $355,000, up 24.6%.
- Sarasota: $407,000, up 36.6%.
The bottom line: We're still very much in a sellers' market — with no real end in sight — that'll see home values rising year over year for the foreseeable future.
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