Monday, November 19, 2018
Real Estate

A tight supply cuts into Tampa Bay home sales while prices keep rising

Tampa Bay’s two largest counties showed anemic home sales in May as prices continued to rise due to a tight supply.

In Pinellas, sales of single-family home plunged nearly 12 percent from the previous May, the second-worst showing in a year. Prices, though, shot up 10 percent, to a median of $253,000.

In Hillsborough, the number of sales crept up less than 1 percent as prices rose 4.7 percent.

The bay area figures reflect a nationwide trend as sales remain surprisingly weak given the solid economy and job market.

"Closings were down in a majority of the country last month and declined on an annual basis in each major region," said Lawrence Yun, chief economist of the National Association of Realtors. "Incredibly low supply continues to be the primary impediment to more sales, but there’s no question the combination of higher prices and mortgage rates are pinching the budgets of prospective buyers, and ultimately keeping some from reaching the market."

RELATED COVERAGE: Here are the Tampa Bay ZIPS where flippers have done the best and worst this year

In the Tampa Bay area, Hernando recorded the best sales growth in May -- up 12 percent with prices rising 9.7 percent to a median of $188,585. Pasco sales, meanwhile, climbed nearly 8 percent as prices rose almost 5 percent.

Once again, all counties but Hernando had under a three month supply of available homes in May — two months less than they would have in a "balanced" market where supply meets demand.

Tampa Bay’s top sale of the month was a gulf-front estate in Belleair Shore that went for $5- million — $600,000 more than the seller paid for it barely a year earlier. Built in 2002, the four-bedroom, five-bath house with nearly 5,000 square feet sits on what is essentially a private beach in one of the bay area’s smallest towns.

MORE: Go here for more Business News

In Hillsborough County, the priciest transaction was $2.885-million for a 5,150-square-foot home on Tampa’s Davis Islands. Almost a fourth of the square footage is devoted to a second-floor master suite with bay views.

A similarly size home in the Champion’s Club area of Trinity sold for $1.175-million in May, making it Pasco’s top sale of the month. And in Hernando’s Spring Hill, a home in the style of a French chalet fetched $610,000.

Other May results for single-family homes:

• In all four Tampa Bay counties, the median time from listing to contract was less than a month. Pinellas had the shortest time: 22 days.

• Pinellas had the biggest drop in cash sales, down nearly 18 percent from a year ago May. Pasco had the smallest drop, down 8 percent.

• Hillsborough had the highest dollar amount of sales — $627.7 million, nearly a 3 percent increase from a year earlier.

Statewide, sales of single family homes rose less than 1 percent while prices climbed 6.7 percent.

Nationally, sales of existing homes — condos and townhomes as well as single-family — dropped 3 percent. The median price hit $264,800, an all-time high.

Contact Susan Taylor Martin at [email protected] or (727) 893-8642. Follow @susanskate

Comments
Safety tips for Realtors: forget the taser and spike heels, always follow, never lead a client

Safety tips for Realtors: forget the taser and spike heels, always follow, never lead a client

ST. PETERSBURG — Chips Wells, crime prevention specialist for the St. Petersburg Department, has daughter who’s a Realtor. Among the advice he gave her: Forget the spike heels when showing a house to a stranger. "I want you to wear shoes...
Published: 11/09/18
Hotel developer closes on block next to Tampa City Hall for Hyatt project

Hotel developer closes on block next to Tampa City Hall for Hyatt project

TAMPA — HRI Properties has closed on its $7.6 million purchase of a city-owned block next to Tampa’s City Hall and says it plans to start construction later this month on a dual-branded Hyatt Place and Hyatt House hotel project.In 2016, Tampa put out...
Published: 11/09/18
Have a household income of $59,000 a year? There might be an apartment in Water Street Tampa’s first residential building for you

Have a household income of $59,000 a year? There might be an apartment in Water Street Tampa’s first residential building for you

TAMPA — Water Street Tampa broke ground Thursday on its first residential project — a pair of apartment towers rising 21 and 26 stories with:• Floor-to-ceiling windows in every apartment that open onto balconies eight feet wide.• Roofs topped with ou...
Published: 11/08/18
Investor Ben Mallah pays $20 million for Holiday Inn Westshore

Investor Ben Mallah pays $20 million for Holiday Inn Westshore

TAMPA — Largo real estate investor Ben Mallah likes to say that while the other kids were out playing football, he was inside playing Monopoly.That hasn’t changed. Last week Mallah paid $20 million to buy the Holiday Inn Westshore, his second recent ...
Published: 11/05/18
As more shops open in St. Pete’s booming downtown, should Chamber of Commerce find a new home?

As more shops open in St. Pete’s booming downtown, should Chamber of Commerce find a new home?

ST. PETERSBURG — Shoppers can find an array of unusual and upscale items in downtown St. Petersburg:Purses made in Italy of genuine crocodile skin. Hand-enameled jewelry and Russian nesting dolls. Stiletto heels, slinky cocktail dresses and original ...
Updated one month ago
‘Zombie’ homes fading away in the Tampa Bay area

‘Zombie’ homes fading away in the Tampa Bay area

"Zombies’’ are gradually disappearing from Tampa Bay’s housing scene.As of the end of September, the area had just 410 zombies, or vacant homes in some stage of foreclosure, according to ATTOM Data Solutions. That was 6.7 percent of all homes in fore...
Updated one month ago
From bunkers to tunnels, Mafia history stirs underworld exploration in Ybor City

From bunkers to tunnels, Mafia history stirs underworld exploration in Ybor City

TAMPA — A real estate listing touts the features of a 2,068-square-foot home for sale on North 12th Street: Three bedrooms, two bathrooms, a basement, a courtyard with Mediterranean-style shed, and beneath the shed, "its own bunker."Welcome to Ybor C...
Updated one month ago
In second major deal, Water Street Tampa to pay $2.75 million for critically needed parcels of land

In second major deal, Water Street Tampa to pay $2.75 million for critically needed parcels of land

TAMPA — One business day after paying $13 million for the site of the ConAgra flour mill, the development company for Water Street Tampa on Monday got the green light to spend another $2.75 million more on land it needs for its finest hotel and talle...
Updated one month ago
Affordable housing ‘nearly impossible’ to build to now in Tampa Bay area

Affordable housing ‘nearly impossible’ to build to now in Tampa Bay area

Construction began on nearly 3,000 homes in the Tampa Bay area in the third quarter of this year but the new-home market shows definite signs of slowing down. Moreover, "truly affordable housing (is becoming) an impossibility in this market," a new ...
Updated one month ago
Water Street Tampa developers buy ConAgra flour mill for future expansion of their $3 billion project

Water Street Tampa developers buy ConAgra flour mill for future expansion of their $3 billion project

TAMPA — In a deal that will sweep away one of downtown Tampa’s last vestiges of heavy industry, the development company for Jeff Vinik and Cascade Investment on Friday paid $13 million to buy the ConAgra flour mill just north of their 50-acre Water S...
Updated one month ago