Supply and demand. The housing supply in the Tampa Bay area still has not caught up to the demand. According to a recent article in the Tampa Bay Times (4.20.2016), home prices rose nearly 11 percent in March, the third consecutive month to show strong gains.
Pinellas County showed the biggest gain with the median price for a single family home hitting $200,000 in March, a 14.3 percent jump from the same month one year ago. Prices for condos and townhomes jumped nearly 9 percent to a median of $125,000.
Evidence of the demand for single family homes is reflected in the average time from listing to closing – just 31 days in March.
Pinellas County also had the two top-priced sales in March – a Bellair estate that sold for $6.7 million and a mansion in the historic Harbor Oaks neighborhood that sold for $5.3 million.