Your Tampa Bay, Florida Real Estate Market Update

The February 2019 Real Estate Market Stats for Tampa Bay are in! Once again, we have some positive news to report about our market in Pinellas County.

According to the Feb stats, closed home sales increased +1.4% last month, despite having just over 3 months of inventory available (to give more context, we had 5 months of inventory available in 2014 at the same time of year, which is equivalent to about 2,000 more homes on the market being offered for sale).

The average single family home price continues its upward trend in Pinellas County, with a +14% increase to $362,988.

Townhouses and condos are also seeing HUGE amounts of positive growth, with the average sale price climbing to $329,617, which represents a +40% increase in price compared to February 2018!

Factors contributing to the Health of the Pinellas County Real Estate Market:

• Even though inventory numbers are increasing, we are still at low overall inventory levels (which equals lots of demand!)

• Mortgage rates are at some of the LOWEST rates in the past 12 months (more affordability)

• The Fed has indicated there will be NO mortgage interest rate increases for the rest of 2019

• Unemployment rates in Pinellas County are dropping (See the latest numbers here)

• The popularity of our beaches is growing- this will be the busiest Spring Break on record!

• Land is quickly becoming a very limited resource in Pinellas, with less and less space for new developments

As you can see, the factors above are continuing to drive demand up for homes in our area. If you’re thinking of selling, WE WANT TO SPEAK WITH YOU! Now is the time to take advantage of peak market pricing!

To see the full version of the February 2019 real estate stats, CLICK HERE.

To get a FREE Desktop Home Valuation on your home, CLICK HERE.