The final numbers for the 2017 Tampa Bay real estate market are in, which means it’s time for your market recap.
By every measure, 2017 was a very strong year for the Tampa Bay market.
Overall home sales were up by 7.85%, with 36,044 closed sales in 2017, up from 33,422 sales in 2016.
The average sale price in Tampa Bay grew by 6% in 2017. In comparison, the Tampa Bay region had an 11% increase in prices in 2016, and a 7% increase in 2015.
A lot of that growth has been fueled by new construction here in our market.
Experts predict that 2018 will be another strong year for the market, but the pace of growth is expected to stabilize, with the National Association of Realtors predicting a nationwide average price growth at a more conservative 1% to 3% annually.
If you have a home to sell, it’s certainly a great time to put it on the market. I’m happy to share with you the best time do that based on your own particular situation.
Inventory has been a huge topic of discussion lately since it’s so low. For homes under $300,000 in Tampa, supply is extremely low, with less than three months of inventory available on the market. When we look at the $1 million and up range, there are 11 months of inventory on the market, so the upper price ranges are still experiencing a buyer’s market. Supply and demand in real estate is highly localized – so the national headlines won’t always translate literally when we examine your home’s value. Pricing can change week to week, and is a direct product of the pool of available buyers and how many other homes are on the market.
Keep in mind that a lot of the new construction that is out there for buyers is not listed in the MLS and therefore not reflected in these inventory numbers.
You can check out the full list of market statistics here.
If you have any other questions about our market or about buying or selling a home, just give us a call or send us an email. We would be happy to help you!