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Why Are Home Prices So High In Tampa Bay

June 16, 2015 By Deborah Ward

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Why Are Home Prices So High In Tampa Bay?

If you hadn’t noticed, home prices in Tampa Bay have risen… a lot! The median sales price has risen 14% in the last year and closed sales from November 2013 to November 2014 increased 18.4%! In a real estate market that just 5 or 6 years ago was crashed and dismal, that is huge. Buying now is a good idea. Prices aren’t going to drop any time soon.

Seller’s market

So if you’re wondering why prices have risen it might be for a few reasons. The improvements in the market are the biggest. The market, now a seller’s market, have improved over the last year or so for a few reasons as well. Mortgage rates are, and have been, low. That means that it’s less expensive for people to buy a home. It’s also great for first time home buyers. New mortgage programs help them as well. There’s a new 3-percent-down conventional mortgage available for first-time homebuyers. That means less expense up front for them, meaning the difference between homeownership or not.

More homes are selling

That 14% rise in median price means that more homes are selling. More transactions mean that prices go up. Especially prices for condos and townhomes. Condos and townhomes median price has risen a bit more than 19% over the last year. Even with those price increases, listings are becoming fewer and far between. That also pushes price up. With more competition for existing listings, bidding wars happen and prices rise.

Buy now

So what does that mean for you if you are looking in Tampa Bay? Buy now! Prices will continue to rise and interest rates are slated to rise this year. Now is the time to become a Tampa Bay home owner.

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Filed Under: Clearwater Homes For Sale, Tampa Bay Real Estate Tagged With: first time home buyers, median sales price, sellers market, tampa bay real estate

 

 

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The Deb Ward Team

Keller Williams Realty
30522 U.S. Highway 19 N, #107
Palm Harbor, FL 34684
Phone: 727-216-9247
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The Deb Ward Team at Keller Williams Realty specializes in all of Pinellas County, Florida including: Clearwater, Palm Harbor, Dunedin, St. Petersburg, and the Gulf Beaches from Clearwater Beach down to St. Pete Beach serving buyers and sellers with a focus that is rarely found in the real estate world!

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