In the area of town that I work in, Northwest Hillsborough county, I compared the sales from March 2018 to March 2019. The area is from Busch Blvd to the south, State Road 54 to the north, Livingston to the east, and Pinellas county line to the west; Neighborhoods include Westchase, Cheval, Carrollwood, Carrollwood Village, and Northdale.
In this area there were 400 closed sales in March 2018 compared to 391 sales in 2019. Foreclosures and short sales have both decreased in recent years with only 20 foreclosed sales this year and 5 short sales closed in both 2018 and 2019. In the price range above $500,000, the number of homes sold in 2018 was 48, 7 more than 2019 with 41 sales. There were also more new construction homes sold last year with 68 closings compared to 53 this year. Zip code 33556 had 14 closed sales above $500,000 in 2019 followed by 33626 with 13 closed sales. There were more total sales this year in this price range than last year.
The median price of a home was lower year over year. Median price in 2019 was $301,000 compared to $304,340 in 2018. However, median cost per sq. ft. was higher in 2019 at $149.34 compared to $144.85 in 2018, indicating homes sold were slightly smaller in 2019.
Currently there are 956 active listings on the market and 751 homes under contract. In the last 6 months 1,906 single-family homes sold. This represents 5.38 months of supply of homes for sale, which is considered to be slightly favorable to sellers. Under $300,000 the supply of homes is 3.54 months of available homes for sale, with 549 active and pending listings on the market and 155 homes selling per month-a strong seller market!
Overall, the real estate market in Northwest Hillsborough county remains strong with low amounts of inventory available. Prices per foot have risen but not median price, meaning that strategic pricing is the key to getting your home sold.
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