Advertisement
  1. Business

Pinellas County home sales in May were the strongest in more than two years

This home on Clearwater Harbor sold in May for $4.835 million.  (Courtesy of the Thorn Collection)
This home on Clearwater Harbor sold in May for $4.835 million. (Courtesy of the Thorn Collection)
Published Jun. 21, 2019

Pinellas County showed its strongest growth in home sales in more than two years in May as prices rose in all four Tampa Bay counties.

According to figures released today by Florida Realtors, sales of single family homes in Pinellas shot up 13.8 percent from May 2018. That was biggest year-over-year increase since November 2016, when sales soared nearly 27 percent.

Pinellas also had the biggest price jump in the bay area in May — up 7.1 percent to a median of $271,000.

Sales in Pinellas were even better than for Florida as a whole although statewide figures showed an impressive increase of almost 10 percent.

"May turned out to be our highest single-family home sales' monthly total for any single month over at least the past 10 years," said Brad O'Connor, Florida Realtors chief economist. "This resurgence in single-family home sales is largely being driven by a single factor, which is that mortgage interest rates have been declining sharply since late last year.''

The average interest rate on a 30-year fixed mortgage is 4 percent, down from 4.6 percent a year ago.

Here's how single family homes sales fared in other counties

Hillsborough — sales up 5.1 percent, prices up 3.5 percent to a median of $259,900.

Pasco — sales up less than 1 percent, prices up 4.1 percent to $223,745.

Hernando — sales down 6.3 percent, prices up almost 6 percent to $180,000.

The top price paid for a Tampa Bay home in May was $6.849 million for a penthouse in the Ovation condo tower on Beach Drive in downtown St. Petersburg. That was second highest price ever for a bay area condo, exceeded only by the $6.9 million sale of another Ovation unit three years ago.

READ MORE: In Tampa Bay, penthouses aren't just for those at the top anymore

Among single family homes, a house in Spottis Woode, a gated enclave overlooking Clearwater Harbor, took the top-price honors as it sold for $4.835 million. The seller, entrepreneur Ben Mallah, had paid $3.298 million for it exactly two years earlier. He has since purchased a 39,000-square-foot gulf-front house in Belleair Shore for $16.5 million, the record price for a home in the Tampa Bay area.

READ MORE: Developer Ben Mallah buys former Phillies slugger Ryan Howard's Pinellas home for $16.5 million

In Hillsborough, the priciest transaction was $3.25 million for a newly built house in South Tampa's Beach Park area. The 5,804-square-foot house, which sits on a canal, has five bedrooms and six full baths.

In Pasco, a home on nearly four acres sold in Land O' Lakes for $987,990 while Hernando's priciest sale in May was $725,000 for a house with a wine room that can hold 2,000 bottles.

Statewide, sales of single family homes rose 9.6 percent as prices climbed 4.3 percent to a median of $266,000.

Nationally, sales of existing homes — condos and townhomes as well as single family — fell about 1 percent from a year ago. The median price rose 4.8 percent to $277,700.

Contact Susan Taylor Martin at smartin@tampabay.com or (727) 893-8642. Follow @susanskate.

ALSO IN THIS SECTION

  1. A proposed bill in the Legislature would set a statewide referendum on whether to amend Florida's constitution to add a year to the period when home buyers can transfer their accumulated benefits under the Save Our Homes cap on property assessments to a new home. Pinellas County Property Appraiser Mike Twitty says going from two years to three would reduce the possibility that construction delays in a booming real estate market would prevent some buyers from meeting the deadline, costing them potentially thousands 
 of dollars in property tax savings. [SUSAN TAYLOR MARTIN | Times (2019)]
    The bill, the idea of Pinellas County Property Appraiser Mike Twitty, would give buyers another year to transfer their tax savings under Florida’s Save Our Homes assessment cap to a home they’ve...
  2. The Tampa Bay Times' headquarters in downtown St. Petersburg. [CHRIS URSO  |  Times]
    No customer information was compromised. The Times is removing the malicious code.
  3. Concentrix has told the state of Florida that it plans to lay off as many as 174 employees from one of the programs it has at the Interstate Corporate Center east of Tampa. This is the same call center hit with 245 layoffs announced in November. (Google street view photo) [Google Street View]
    In November, Concentrix, the California multinational company that runs the center, announced the layoffs of 245 employees.
  4. Loreen Spencer (left) and Sue Watts, the two newest members of HCI Group's board of directors. [HCI Group]
    “I just wish I had thought of this earlier,” the chairman and CEO said.
  5. Tampa-based WellCare Health Plans will become the headquarters for Medicare and pharmacy operations now that it has been acquired in a $17 billion cash and stock deal by Centene Corp., base in St. Louis. (Times files)
    New owner Centene said it “expects to maintain strong operations in Tampa,” which is anticipated to be the headquarters for its Medicare and pharmacy operations.
  6. Jon McCurdy 50, a deli retail improvement specialist, assists Yesenia Ynfante 30, and Janet Morales 54, at the new Publix located in downtown Tampa. The deli will now be able to take online orders easier via Instacart, a grocery delivery app. [OCTAVIO JONES   |   TIMES  |  Times]
    New Instacart Meal program to make Pub Sub orders a breeze, according to the grocery delivery app.
  7. Johanna Santiago, 50, of Riverview, hopes to start selling her Joba Sofrito early this year. Santiago developed the product, a savory Puerto Rican cooking sauce, with help from the nonprofit Enterprising Latinas in Wimauma. [MARTHA ASENCIO RHINE  |  Times]
    Selling food and crafts, three women are among the dozens who turned to the organization for training in 2019.
  8. Ramon Christopher Blanchett. [Courtesy of Ramon Christopher Blanchett] [Ramon Christopher Blanchett]
    An attorney for Ramon Christopher Blanchett sought a lesser sentence after his client admitted to filing a false return.
  9. Kahwa Coffee master roaster Cedric Anderson, 35, drops roasted coffee beens to cool Thursday, Jan. 16, 2020 in St. Petersburg. [CHRIS URSO   |  Times]
    One of Florida’s leading independent roasters offers an inside look into how they make your favorite blends.
  10. [Getty Images] [Getty Images]
    It won’t be easy at first, and you’ll make mistakes, but that’s okay.
Advertisement
Advertisement
Advertisement