SI Real Estate has been watching the market in Tampa Bay closely this year. We have reported several times since the beginning of 2015 that the market is on the upswing, with statistics to back it up. Hillsborough County just released more first quarter data, and the real estate market is continuing to surge! Housing data released Monday by Florida Realtors showed 3,213 single-family homes sold, 28.6 percent more than February 2014.
Buyers are finding that inventory is still thin, causing prices to rise. The Tampa Tribune interviewed Thomas O’Bryant, executive director of the Greater Tampa Association of Realtors. “Home prices are going up,” he said. In Hillsborough County, the median price for a house in February was $177,000, up 7.3 percent over February 2014. “Sales of townhomes and condos also were on the upswing in Tampa Bay (Hillsborough, Pinellas, Pasco and Hernando counties) The median price was $106,400, a 12.1 percent bump” from February 2014. We are seeing more activity lately on our own listings here at SI Real Estate.
The time to buy a home in Tampa is now. Now is a great time to list your property for sale too! Interest rates are still at historic lows until the Fed meets in June. The rates will almost surely be raised when they do meet! PMI insurance reduction, steady job growth, and rising home values have activated the market and we are seeing results.