Data: Florida Realtors and Stellar MLS; Chart: Daniel Alberti / Axios
Home stocks continue to decline and home prices continue to rise in Tampa Bay.
Why is it important: If real estate is a roller coaster, we are heading for the top. Low supply and high demand will drive up housing prices for the foreseeable future.
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However, if the supply increases, buyers will have more options. This will allow them to become more discerning, forcing sellers to lower their prices.
Game state: Demand in Sarasota and manatee counties rose sharply in May, with closed sales up 84.7% over the same month last year. Homes in this region are sold on average in six days.
Average house prices: On average, in May 2021, the average sales prices for single-family homes increased by 25%. Here’s a breakdown by county:
Hillsborough: USD 334,950, an increase of 21.8%.
Manatee: USD 400,000, an increase of 23.1%.
Pascoe: 300 380 USD, an increase of 20.2%.
Pinellas: 355,000 USD, an increase of 24.6%.
Sarasota: USD 407,000, an increase of 36.6%.
The essence: We are still largely in a sellers’ market with no end in sight, and home values are set to rise year after year for the foreseeable future.
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