Advertisement
  1. Business

Tampa Bay's jump in home prices among highest in the state

The Tampa Bay area posted a sales increase in July, with 3,500 single-family home sales, a 22 percent year-over-year jump.
Published Aug. 27, 2013

Tampa Bay homes last month posted some of the biggest price jumps in the state, but gaunt supplies of homes for sale continue to stifle the market, Florida Realtors said Monday.

Median home prices here jumped to about $165,000, 27 percent over those in July 2012, a rate beaten only by Punta Gorda and Vero Beach, where fewer sales lead to more volatile price shifts.

Prices jumped 20 percent in Miami and 23 percent in Orlando. Tampa Bay also posted a bigger sales increase than those metros, with 3,500 single-family home sales, a 22 percent year-over-year jump.

Why here? A rush of buy-to-rent investors targeting bargains in the Hillsborough and Pasco suburbs has helped boost prices and crimp supplies already tight with buyer demand.

Foreclosures and short sales that dragged down prices are also exerting less pull. About 60 percent of sales here in early 2011 were of distressed homes; last month, that dropped to 30 percent, listing data show.

Tampa Bay home prices now sit almost directly in the middle of their 2006 peak ($245,000) and 2011 bottom ($107,500), a sign that the local market is still more moderate than the last bubble.

But the seller's market empowered by a skimpy supply of local for-sale homes could further cut into what many home buyers can afford. Hillsborough's home inventory dropped last month to a three-month supply, half the size of a healthy market. And Pinellas' inventory stands at about four months, a 23 percent drop over last year's.

There are some "straws in the wind," however, that suggest the state's inventory crunch could ease, Florida Realtors chief economist John Tuccillo said.

New home listings in Florida have jumped year-over-year every month since December, as sellers enticed by higher prices jump into the market. That could cause prices overheated by competition to cool.

"Most likely, we're going to see prices begin to stabilize," wrote Bruce Tigert of Bayshore Title in a report on South Tampa's housing market, "and a slight — but very slight — cooling of demand."

The median Florida home sold for 18 percent more last month than in the year before, and sales grew 20 percent over July 2012, to more than 21,000 closed deals.

Florida Realtors, which typically releases data alongside the National Association of Realtors, made its newest numbers public Monday after a five-day technical delay.

Across the country, median home prices jumped to $213,500, just 7 percent below their 2006 peak. Two years ago, U.S. home prices were 25 percent below their peak.

Contact Drew Harwell at (727) 893-8252 or dharwell@tampabay.com.

ALSO IN THIS SECTION

  1. Neeld-Gordon Garden Center, open at this location since 1925, is closing on Sept. 28. MARTHA ASENCIO-RHINE  |  Times
    The development of Pinellas County and the arrival of the big box stores helped hasten the store’s demise.
  2. Tampa investor and owner of the Tampa Bay Lightning Jeff Vinik, right, speaks about his investments in the video game industry at the eSports Summit Wednesday in Tampa as Matt Samost, Vice President of New Ventures for Tampa Bay Sports and Entertainment looks on. LUIS SANTANA   |   TIMES  |  Tampa Bay Times
    A summit at USF brought together major players and explored the possibility of an esports arena.
  3. 7-Eleven Inc. is opening its first location in a Brandon mall. Pictured is a location in Port Richey in 2018. | [Times (2018) TYLISA JOHNSON | TIMES  |  TyLisa Johnson | Times
    It is the first of eight mall locations opening this year.
  4. Tampa has a pilot program underway to test scooters. Clearwater could soon have one of its own. But if it's limited to downtown, who will use it? CHRIS URSO  |   Times
    The city’s plan is coming into focus, but there will be limitations.
  5. Pages from a confidential whistleblower's report obtained by The Associated Press, along with two printed Facebook pages that were active on Tuesday, Sept. 17, 2019, are photographed in Washington. Facebook likes to say that its automated systems remove the vast majority of prohibited content glorifying the Islamic State group and al-Qaida before it’s reported. But a whistleblower’s complaint shows that Facebook itself has inadvertently produced dozens of pages in their names. (AP Photo/Jon Elswick) JON ELSWICK  |  AP
    A whistleblower’s complaint shows that the company has inadvertently provided the two extremist groups with a networking and recruitment tool.
  6. Pasco County community news TMCCARTY80  |  Tara McCarty
    Neighbors voice concerns about increased traffic, water quality and adhering to the county’s protections for northeast Pasco.
  7. This satellite image shows Hurricane Michael on Oct. 9, 2018, as it enters the Gulf of Mexico. It made landfall near Mexico Beach in the Panhandle as a Category 5 storm. [Photo courtesy of NOAA] NOAA
    Nearly a year after the storm, 18,000 claims are still open.
  8. Watermans Crossing apartments at 4515 N. Rome Avenue in Tampa. Westside Capital Group
    Jakub Hejl discovered the Tampa Bay area while studying at IMG Academy.
  9. The Tampa Bay Lightning has tapped Cigar City Brewing to bring its Jai Alai, Guayabera, and Florida Cracker beers to Amalie Arena as the team’s official craft beer partner. (Photo via Tampa Bay Lightning) Tampa Bay Lightning
    Cigar City also will move its popular annual Hunahpu’s Beer Festival to Amalie Arena starting next March.
  10. An administrative judge said a Pasco County ordinance allowing solar farms in agricultural districts did not violate the county's comprehensive land-use plan. Times
    An ordinance did not violate the county’s land-use plan that is supposed to protect rural Northeast Pasco, a judge said.
Advertisement
Advertisement
Advertisement