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. More than 44 percent of people who searched on ApartmentList.com for the Tampa Bay area from June to December were outside the region, according to a report from Apartment List. Percentages in the “Top Three Sources” box represent the share of searches coming from outside the metro area. (Apartment List map) [Apartment List]
    The region trails only Denver, Baltimore and San Diego for the percentage of people from outside the area searching for apartments on Apartment List.
  2. To accommodate the swelling numbers of aging baby boomers, experts say we will need to make transportation more readily available, build more affordable housing, modify homes and apartments to help seniors age in place, and create programs to bring young and old people together. [Times (2011)]
    “There’s never been a time like this,” one expert says. Solutions include more health aides, taming long-term care costs and just healthier living.
  3. In this Sept. 20, 2017, file photo Oscar the cat sits in his carry on travel bag after arriving at Phoenix Sky Harbor International Airport in Phoenix. Airlines might soon be able to turn away cats, rabbits and all animals other than dogs that passengers try to bring with them in the cabin. The U.S. Transportation Department on Wednesday, Jan. 22, 2020, announced plans to tighten rules around service animals. The biggest change would be that only dogs could qualify. (Ross D. Franklin | Associated Press] [ROSS D. FRANKLIN  |  AP]
    Soon mainly dogs would be allowed on planes, under plans announced on Wednesday.
  4. The sale of Tampa-based WellCare Health Plans to Centene Corp. is expected to close Thursday, the companies said on Wednesday. [File photo]
    The companies said Wednesday they have satisfied all regulatory approvals, including with the U.S. Department of Justice, for the merger to close.
  5. Power Design has a 22-acre campus in the Gateway area of St. Petersburg. [Rendering courtesy of Power Design]
    In settling the case with the District of Columbia Attorney General’s Office, the electricial contractor company denies that it violated worker classification laws.
  6. Rooker Properties of Atlanta plans to build at least 400,000 square feet of industrial and office space at what is now county-owned  land on Old Pasco Road, Wesley Chapel. Pictured is Rooker's Spartan Ridge Logistics Center, a 273,000-square-foot, Class-A industrial building in Spartanburg, S.C. It was constructed in 2018 and the company said the buildings planned for the Pasco County site will closely resemble this. [Rooker Properties]
    Rick Narkiewicz is seeking tenants for the planned Rooker Properties spec buildings known as North Tampa 75 Business Center.
  7. This home in Colonial Hills neighborhood in west Pasco has been vacant for 10 years, neighbors said. A new Pasco County ordinance would require the owners of vacant and rental residences to register their properties with the Pasco County Sheriff's Office. [C.T. BOWEN  |  Tampa Bay Times]
    A new ordinance is supposed to aid sheriff’s deputies and code-enforcement officers dealing with rental or vacant properties.
  8. Four Tampa Bay businesses made Fortune’s list of “Most Admired Companies” in the world for 2020. Pictured is a Publix location in the Channelside district last year. [OCTAVIO JONES   |   Times (2019)] ["OCTAVIO JONES   |   TIMES"  |  Tampa Bay Times]
    Four Tampa Bay businesses made Fortune’s list of “Most Admired Companies” in the world for 2020.
  9. After a spike last week, gas prices in the Sunshine State are down slightly. Pictured is the Courtney Campbell Causeway in 20098. [Times file] [CLIFFORD, DOUGLAS R.  |  St. Petersburg Times]
    Low demand and higher gas supply are bringing cheaper gas this week, experts said.
  10. Next month the Pirate Water Taxi will debut a 100-passenger vessel and two smaller taxis as part of an expansion of the company's routes and coverage of Tampa's waterfront. (Yacht StarShip) [Yacht StarShip]
    The service, owned by the operator of Yacht StarShip Dining Cruises, is investing $1.6 million in three new vessels and adding a long-desired stop near the Florida Aquarium.
Advertisement
Advertisement
Advertisement