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Tampa Bay Real Estate Statistics – Fourth Quarter 2018

tampa real estate stats

Knowing where the market is heading, in addition to a long term-perspective, is valuable to anyone planning to purchase or sell a home. We have put together a resource tab at TomlinStCyr.com which includes how many homes are on the market, the various price ranges that are selling, etc.  

Mortgage rates took a significant drop from a recent high of 4.94 percent on November 15, 2018, to 4.06 percent the first week of April 2019.

March 2019 home sales in Hillsborough and Pinellas Counties are still strong at 4,307, but are fewer than in March 2017 (4,746) and 2018 (4,462).

Interest rates have risen steadily throughout 2018 with rates now above 4.5 percent compared to rates consistently below 4 percent in the secont half of 2017.

Tampa Bay home prices have reached peak pricing of June 2006. If adjusted to 2006 prices to reflect the 12 years of inflation; however, the price is still 25 percent lower.

Long-term trends are a constant reminder of how fortunate we are today, but also warn us that current rates continue to defy long term rate levels.

First Quarter Average Home Price has remained steady at $228,333 in Tampa Bay. This is 1 percent higher than the average price in all 2018, but is 7.5 percent above first quarter 2018 prices.

Home sales in 2018 have slightly trailed the hot pace of 2017, but remain high relative to the past seven years.

Home sales in 2018 have continued at the hot pace of 2017 for a significant drop in December. It is hard to determine whether continued shortage of inventory, stock market volatility or rising interest rates are to blame.

While home prices continue to climb at rates that far exceed the long-term trends, prices remain significantly below prices during the bubble (2006 adjusted for long-term price trends (3 percent per year).

While home prices continue to climb at rates that far exceed the long-term trends, prices remain significantly below prices during the bubble (2006 adjusted for long-term price trends at 3 percent per year).