Monday, September 24, 2018
Business

Tampa Bay homes values continue to rise along with sales prices

For the second month in a row, Tampa Bay had one of the highest year -over-year increases in home values in May, Zillow reported today.

The median value of a bay area home jumped to $184,900 for an 11 percent gain, tying with Dallas for the second biggest increase among the nation's 35 largest metro areas. Seattle was No. 1 as home values there shot up 13 percent to a median of $440,100.

The Zillow report covers all single family homes including those that have not recently sold. Of Tampa Bay houses that sold in May, the median price rose to $221,200 from $215,000 a month earlier as the limited supply of homes continues to drive up prices nationwide.

"Inventory has been falling for years with supply no longer meeting demand, and there are multiple reasons for the worsening situation," said Svenja Gudell, Zillow's chief economist.

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

Among those reasons: Millennials are reaching their prime home-buying years and entering the market in droves. The relatively low level of new home construction has failed to keep pace with demand, and what is built is largely priced beyond the reach of many first-time and entry-level home buyers.

According to Zillow, the number of U.S. single-family homes for sale is dropping at the fastest pace in four years as an increase in home rentals takes away a chunk of sellable inventory.

"Thousands of single-family homes that were once bought and sold every few years prior to the recession have now been converted into rental properties by investors, trading hands much less frequently and further contributing to inventory shortages,'' Gudell said.

Previous Coverage: What does a top land broker say about Tampa Bay's real estate market?

In May, the Tampa Bay area had 17.6 percent fewer houses for sale than it did a year ago while the percentage of houses for rent has soared 110 percent since 2000.

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

Comments
Struggling against Red Tide, a Redington Beach liquor store is too small to qualify for local aid

Struggling against Red Tide, a Redington Beach liquor store is too small to qualify for local aid

REDINGTON BEACH — Mark Wilson hasn’t had a customer for hours.As the only liquor store on his stretch of Pinellas County beaches, Wilson is used to a steady stream of tourists from the nearby condos and hotels. Other beachfront businesses affected by...
Published: 09/25/18
Weight Watchers slims its name down to WW

Weight Watchers slims its name down to WW

Weight Watchers is its dropping its brand name in exchange for something slimmer: "WW." The company says the new logo - coupled with the tagline "Wellness that Works" -- puts an emphasis on overall health and well being, with less...
Updated: 11 hours ago
Study: Some Tampa Bay neighborhoods among quickest selling in the state

Study: Some Tampa Bay neighborhoods among quickest selling in the state

Tampa Bay sounds like a home seller’s dream market — even compared to other locales statewide. According to a recent study by SmartAsset, four of the top 10 easiest places to sell a home in Florida are in the bay area. Northern Hillsborough County ac...
Published: 09/24/18
Lower demand brings slight dip in gas prices across state, Tampa Bay

Lower demand brings slight dip in gas prices across state, Tampa Bay

Just in time for fall, pump prices are finally declining. Gas prices in Florida averaged $2.72 per gallon Monday, down from $2.74 per gallon a week ago, according to AAA, The Auto Club Group. Tampa Bay prices were even lower at $2.63 per gallon, down...
Published: 09/24/18
SiriusXM to buy Pandora for $3.5 Billion in bid to expand reach

SiriusXM to buy Pandora for $3.5 Billion in bid to expand reach

Satellite radio provider Sirius XM said Monday that it would acquire music streaming service Pandora Media for $3.5 billion in a bid to corral listeners who do not want to pay for premium channels.Pandora rose to success by providing tailored radio s...
Published: 09/24/18
Jeff Vinik invests in gaming headset maker boosted by Fortnite’s popularity

Jeff Vinik invests in gaming headset maker boosted by Fortnite’s popularity

TAMPA — As a mutual fund wonder-boy, hedge fund manager and real estate investor, Jeff Vinik has long displayed a sense for knowing when to put money into the next big thing, and his latest bet on e-sports may be no different.Vink recently bought nea...
Published: 09/24/18
Hernando Business Digest for Sept. 28

Hernando Business Digest for Sept. 28

BrieflyEMPLOYERS NEEDED FOR JOB FAIR: Pasco-Hernando State College, CareerSource Pasco Hernando, the Greater Hernando County Chamber of Commerce and Hernando County Office of Economic Development are seeking employers to participate in the Open for A...
Published: 09/24/18
Solar farm land price is $6.8 million, including $4.4 million to state Sen. Wilton Simpson

Solar farm land price is $6.8 million, including $4.4 million to state Sen. Wilton Simpson

Tampa Electric Co. has said its Mountain View Solar project near Dade City represented a $75 million investment in alternative energy. The investing began in earnest last week when the utility paid more than $6.8 million for 382 acres in the rural co...
Published: 09/24/18
Dear Penny: I spent everything ending a bad relationship. Can I treat myself?

Dear Penny: I spent everything ending a bad relationship. Can I treat myself?

Dear Penny, I just made one of the hardest decisions of my life and ended the relationship I had been in since my early 20s. After a decade in a bad relationship, I’m super excited to be single again. The problem is my wardrobe. Over the past few yea...
Published: 09/24/18
Nearly half of cellphone calls will be scams by 2019, report says

Nearly half of cellphone calls will be scams by 2019, report says

Nearly half of all cellphone calls next year will come from scammers, according to First Orion, a company that provides phone carriers and their customers caller ID and call blocking technology.The Arkansas-based firm projects an explosion of incomin...
Published: 09/23/18