Friday, January 19, 2018
Business

Tampa Bay home prices still climbing, though more slowly

Tampa Bay home prices rose again in June, although the once-torrid pace of increases shows signs of slowing.

For the first time in several months, year-over-year price gains were in the single digits in two of the bay's area's four counties.

The change was particularly striking in Pasco, where the median price for a house in June — $202,995 — rose 7 percent over the same month in 2016. In November and January, by comparison, Pasco's median price shot up almost 25 percent

Yet Realtors throughout Tampa Bay say they remain bullish on the market, especially for affordable homes.

"Anything in that $200,000 to $500,000 range in a decent neighborhood, we're getting between six and 15 offers within days if the price is right," Alex Jansen of Coastal Properties International/Florida said Monday. "June was the best month in our company's history."

RELATED COVERAGE: As home prices continue to rise, what will $215,000 get you across Tampa Bay?

Coastal Properties specializes in real estate in Pinellas, which had the bay area's biggest year-over year gain: The median price for a single-family Pinellas home rose nearly 13 percent to $248,450. That, however, was Pinellas' second smallest increase in 12 months.

In Hillsborough, the median price climbed to $245,000 for a 6.6 percent year-over-year increase, also the second smallest in a year. And in Hernando, the $159,000 median price represented a 10.6 percent gain, the third lowest in 12 months.

Although Pasco's rate of price increases dropped to a single digit figure in June, agent Penny Perry says the market there continues to be strong.

"I don't think it's slowing down at all," she said, noting that she had four offers within four days after listing a house in Land O' Lakes for $184,000. "Houses in the sweet spot — $175,000 to $230,000 — are just flying off the shelf."

Of course, Land O'Lakes is where a giant sinkhole drew international attention July 14 after it swallowed two houses and threatened others. Perry said that when she recently recommended the Land O'Lakes area to an out-of-state buyer, the woman exclaimed: "I'm afraid of sinkholes!"

"I told her, 'This is Florida, there are pockets (of sinkholes)' but yeah, people are expressing concern, especially if they don't understand the Florida geology," Perry said.

An agent with Berkshire Hathaway Home Services, Perry listed the most expensive home sold in Pasco in June, a waterfront house in Port Richey's Harborpoint area that is 26 miles from the infamous sinkhole. The house sold for $1.15 million to an out-of-state couple after the first person to make an offer couldn't get financing.

The top price paid in June for any Tampa Bay home was $4.075 million for a four-bedroom, four-bath mansion on St. Petersburg's Snell Isle. The West Indies-style house, built in 2012, looks out over the water at the downtown skyline.

Hillsborough's priciest sale of the month was $3.65 million for a bayfront home in Tampa's Sunset Park area. And in Hernando, a buyer paid $585,000 for a house on five acres just outside of Brooksville.

Tampa Bay condo and townhomes prices showed stronger gains in June than those for houses, rising 16.7 percent to a median of $157,7000.

PREVIOUS COVERAGE: Tampa Bay home prices soared 20 percent in January as supply shortage continues

For Florida as a whole, prices for single family homes rose nearly 9 percent over the year to a median of $245,000, while price for condos and townhomes climbed 7.2 percent to a median of $176,820.

Nationally, the median price for all housing types — houses, condos and townhomes — rose to $263,800 in June, up 6.5 percent from a year earlier. The volume of sales, though, slipped.

"Closings were down in most of the country last month because interested buyers are being tripped up by supply that remains stuck at a meager level and price growth that's straining their budget," said Lawrence Yun, chief economist of the National Association of Realtors. "Listings in the affordable price range continue to be scooped up rapidly, but the severe housing shortages inflicting many markets are keeping a large segment of would-be buyers on the sidelines."

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

 
Comments
Bus rapid transit: First look at Tampa Bay’s next, best hope

Bus rapid transit: First look at Tampa Bay’s next, best hope

ST. PETERSBURG — The public got its first glimpse Friday morning of a new transit system that could one day connect Wesley Chapel to Tampa to St. Petersburg.It’s called bus rapid transit, or BRT. Representatives from Hillsborough, Pasco and Pinellas ...
Updated: 2 hours ago
Five things Tampa Bay needs to know about bus rapid transit

Five things Tampa Bay needs to know about bus rapid transit

ST. PETERSBURG — Transportation planners on Friday unveiled a new transit vision for Tampa Bay leaders on Friday morning: Bus rapid transit.Also known as BRT, it has arisen as the leading option in an ongoing study to find the best regional transit p...
Updated: 2 hours ago
Amazon boosts monthly Prime membership fees by 20 percent

Amazon boosts monthly Prime membership fees by 20 percent

NEW YORK — Amazon is raising the price of its Prime membership monthly plan by nearly 20 percent. The fee of $99 for an annual membership will not change, the company said Friday. The online retailer had added the monthly payment option about two yea...
Updated: 3 hours ago
Cuba’s tourism is booming despite Trump’s tougher policy

Cuba’s tourism is booming despite Trump’s tougher policy

HAVANA — On a sweltering early summer afternoon in Miami’s Little Havana, President Donald Trump told a cheering Cuban-American crowd that he was rolling back some of Barack Obama’s opening to Cuba in order to starve the island’s military-run economy...
Updated: 4 hours ago
Tech firm TranferWise moves to Ybor City, illustrating a new chapter in Tampa’s business history

Tech firm TranferWise moves to Ybor City, illustrating a new chapter in Tampa’s business history

TAMPA — You could sketch an economic history of the city of Tampa — and maybe get a glimpse of its future — just by looking at the old J. Seidenberg & Co./Havana-American Cigar Factory.It opened in 1894, making it Ybor City’s second oldest brick ciga...
Published: 01/19/18
Florida unemployment rate increases slightly in December

Florida unemployment rate increases slightly in December

Florida’s rock-bottom unemployment rate ticked back up slightly after months of decline. The state’s unemployment rate was 3.7 percent in December, up from 3.6 percent in November, according to state figures released Friday. Tampa Bay’s jobless rate ...
Updated: 3 hours ago
House approves government spending bill

House approves government spending bill

A divided House on Thursday passed an 11-hour plan to keep the government running. But the GOP-written measure faced gloomy prospects in the Senate, and it remained unclear whether lawmakers would be able to find a way to keep federal offices open pa...
Published: 01/18/18
Will the third time be the charm for these Tampa Bay townhouses?

Will the third time be the charm for these Tampa Bay townhouses?

ST. PETERSBURG — In real estate circles, it would seem an odd match — 54 townhouses in an office park and a group of Realtors best known for selling luxury single-family homes in Snell Isle. Yet the Strickland Property Group is convinced it can do wh...
Published: 01/19/18
Crystal Lagoon planners cut the ribbon on a chilly day (w/video)

Crystal Lagoon planners cut the ribbon on a chilly day (w/video)

WESLEY CHAPEL — Mother Nature seems to have a way of putting a chill on one of the hottest amenities in residential real estate development.Members of the business community, elected officials and executives with Metro Development Group and Crystal L...
Published: 01/18/18

Consumer agency to spend rainy day funds

NEW YORK — The Trump-appointed acting director of the federal government’s consumer watchdog agency requested zero dollars of funding for its second-quarter budget, saying he intends to first spend down the agency’s rainy day fund. In a letter to the...
Published: 01/18/18