Short Supply Continues Affecting Home Prices
$180,000 median price of a Tampa area single-family home in February and 16.1 percent increase from February 2015 to February 2016.
Tampa Bay homes prices soared again in February, continuing a robust start to the year driven by the meager supply of homes on the market.
The median price of a single family home jumped to $180,000, a 16.1 percent increase from the same month a year ago. That follows January's year-over-year price jump of nearly 20 percent.
February's biggest gains were in Pinellas County, where prices shot up 21.6 percent to $189,700 on a modest 3.2 percent increase in sales.
"I've been in buyer-heavy markets, but this, with the level of inventory and the amount of people relocating to St. Pete from larger metro areas, is something else," said agent Judson Kidd of Southern Roots Realty.
Kidd, who himself moved from Atlanta 21/2 years ago, said the low supply of homes puts an added "level of responsibility" on agents representing would-be buyers.
"When a great house hits the market and I have six buyers, who am I to judge who should see it first?" Kidd said.
Though house-hunters continue to clamor for property in and around downtown St. Petersburg, which is drawing national attention for its lively culture and restaurant scenes, the most expensive bay area homes sold in February were both in Tampa.
A local investment group listed a waterfront West Indies-style spec home on Davis Islands for $5.995 million and sold it to a trust for the same price in an all-cash deal. It was the second sale topping $5 million this year; there were no sales above $5 million last year.
"The market is very strong, there's especially a lot going on in the high-end market," said Mary Pond, the Smith & Associates agent who represented the sellers. Another spec home by the same group, listed at $4.995 million, is under contract, she said.
In the Sunset Park area, an Ohio trust represented by Mary Pipino paid $4.25 million for a 7,000 square foot home overlooking Tampa Bay. Pipino is CEO of a large real estate risk management and insurance firm.
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