Pasco County house prices shot up in November as more and more buyers flocked to the booming south county area with its growing range of amenities and relative proximity to Tampa.
Pasco had its priciest sale in three years — $1.9 million for a lakefront estate on five acres in Land O’Lakes.
Hillsborough, Pinellas and Hernando showed price gains, too, although the Tampa Bay region remains Florida’s most affordable major metro area. "We continue to have great demand in our market,'' said Charles Richardson, regional senior regional vice president of Coldwell Banker Real Estate. "We’re not overpriced and there hasn’t been a lot of speculation with the crazy prices we’re seeing in other areas.''
Pasco outpaced the other three counties in November with the median price of a single-family home soaring 10.5 percent to $243,000. The 13 percent spike in sales was also the highest in the bay area. The strong numbers are being driven in part by the higher price points in the many new-home communities along the State Road 54/56 corridor.
"It’s a growth market, and it’s going to be in the foreseeable future,'' Richardson said of Pasco. "I’m not surprised prices are escalating because the demand is high, the taxes are lower, you can get greater value than in Hillsborough or Pinellas.''
The bounty of shopping and entertainment options makes Pasco "a very attractive area,'' he added, "but because of the demand and density, it’s going to have some of the big-city issues of the rest of Tampa Bay.''
Here’s how single-family homes fared in other counties in November:
Pinellas — Prices up 4.9 percent to a median of $274,250; sales up 2.3 percent.
Hillsborough — Prices up 2.3 percent to a median of $253,783; sales up 5.6 percent.
Hernando — Prices up 6.1 percent to a median of $187,700; sales up 8.8 percent.
The top price paid in November for a bay area home was $4.5 million for a newly constructed house in Tampa’s Beach Park area. Built in the "Malibu Modern'' style, the house has six bedrooms, six bathrooms and a 200-plus bottle wine cellar.
In Pinellas, a penthouse in Sunset Pointe at Collany Key sold for $3.9 million, the most paid for a unit in that gated waterfront community on Tierra Verde. Formerly two separate units, the 5,743-square-foot penthouse has four bedrooms and four bathrooms.
Pasco’s top sale, $1.9 million for a nearly 7,000-square-foot house on a ski lake, was the highest since 2016 and the ninth-highest ever in the county, according to Multiple Listing Service records. In Hernando, a buyer paid $935,000 for an equestrian estate on 20-plus acres in Brooksville.
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Statewide, prices of single-family homes rose 3.9 percent to a median of $265,000 as sales jumped 6.1 percent.
Nationally, sales of existing homes — condos and townhomes as well as houses — rose 2.7 percent compared to a year ago, while the median price climbed 5.4 percent to $271,300.