Tampa Bay Homes - Supply and Demand

The Tampa Bay area has seen home prices rise while inventory has gone way down. But, while single family home sales are flat, condo and townhomes have gone up - 13% in Hillsborough County and 16.6% in Pinellas County, which could have to do with typically lower prices on these type of properties. Since inventory is down, homes currently on the market are selling above asking price, usually with multiple offers. The decision by the Federal Reserve to raise interest rates for the first time in seven years will undoubtedly have an effect on buyers who are on the fence, as well as sellers, who want to purchase once they sell. Lenders are saying that rates shouldn't change too much, but buyers would be wise to act before rates get much higher. Throughout the Tampa Bay area - in all four counties - Hillsborough, Pinellas, Pasco and Hernando - single family homes continue to move fast. The average days on market in Hillsborough County last month was 43 days, while the median price was up 20% to $210,000. Median prices rose 9.1% in Hernando to $120,00; 5.6% in Pasco to $149,500 and 4.7% in Pinellas to $183,275. November was the 48th month in a row that showed median prices increase statewide - this coupled with low inventory could result in a slow down in the market in early 2016. So, all you sellers - now is the time - supply and demand are in your favor!