The spring season is traditionally one of the busiest times of the year for the housing market, and that’s especially the case down here in Tampa. A few weeks ago, the Greater Tampa REALTORS® released their monthly breakdown for market activity in May, and as you’ll quickly see, it was quite the month in several different categories.
According to the report, Hillsborough County saw a whopping 2,040 closed sales during the month of May, which is not only a 12.4% spike compared to May 2016, but also the only month within the past year that registered over 2,000 closings.
As expected, the median sales price in Hillsborough County also jumped 6.6% compared to last year, which is actually a little bit of a drop compared to median sales price increases this past March and April, which registered an 11.1% increase and a 10.6% increase respectively. Additionally, the average sales price for the month of May also increased by 11.1% to $299,127, which is also the highest average price we’ve seen over the last 12 months as well.
Despite a steady increase in home prices, homes in Hillsborough County also continue to sell quicker as the median time to sale dropped to 74 days back in May, which is not only a 1.3% drop compared to last year, but also the shortest amount of time to a sale of any month over the last year.
Finally, although June’s numbers still haven’t been released, expect another big month in terms of overall closings. At the end of May there were still 2,128 pending sales, which is up a significant 13.3% year-over-year.