It was another good month for Tampa Bay homes sales in October. It was the biggest percentage gain in the last three months. And typically, October is not a very active month for real estate sales.
Sales were up 21% in October. One realtor commented that there was really no slowdown at all in this usually quieter fall buying time.
Florida overall did well. Sales were up 17.8% and prices rose 4.6% to $177K. That’s the 35th consecutive month where prices have risen.
Some say that it’s too soon to know if this is a sustainable trend or if this is just a one month spike. But it’s clear that the real estate market is heading in the right direction.
Tampa Bay Median Prices Still Low
The median sale price in Tampa Bay for single-family home is $159,900, still one of the lowest in the state. But on a county-by-county basis there are pockets of good news.
- Pinellas’ median is $175,000 which is up 13% from the same time last year.
- Hillsborough was at $204,231 which was a 6% increase.
Condos in general are looking good as well. They moved up 17% to $116,000.
The next question is how will the normally slow holiday period of November and December do. If things stay steady then we might just be doing well.
Who knows, maybe the early cold weather up north may have some snowbirds down here looking for a more permanent place to roost. After all, isn’t that how many of us got here?
What About Jobs
The only sobering thought is how poor the average income is in the Tampa Bay area. According to recent studies talked about in this post, average incomes in Tampa Bay are moving up very slowly. The recovery is adding many low-paying jobs and not enough middle-income jobs. This will help keep home prices down and sales weak unless things change.
But let’s focus on the good news for now.