Real Estate Insider Blog
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Sales of Tampa Bay homes dropped in April but prices surged yet again as Florida's real estate market continued to be defined by tight supply and high demand.
Compared to the same month last year, the median price for a single family home rose 12.5 percent here, the most of any major metro area in the state.
But despite that increase and Tampa Bay's most expensive residential sale ever — $11.18 million for Clearwater's Century Oaks estate — there was a hint that the pace of price growth may be slowing just a bit.
In Hillsborough, Pasco and Hernando counties, year-over-year median prices in April rose less than they had in February and March. Pasco's price gain was the lowest in a year, though still a healthy 10 percent.
Buyers shouldn't get too excited, though.
"I think that was probably a momentary blip," said Jeff Shelton, a Coldwell Banker agent in Tampa. "The Tampa Bay market is still one of the top real estate markets in the country."
It's becoming a familiar story: Too many buyers chasing too few homes. All four bay area counties had a tighter inventory of available houses in April than they did a year earlier — and April 2016 was a tight month, too.
"I personally have had to start knocking on doors," said Shelton, who with partner Mike Hughes is among Hillsborough's top-selling agents. "When I have a client who asks me about a particular property, I can go directly...
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