TAMPA BAY real estate listings have been dropping in number since the second half of 2009, the year after the housing mortgage crisis that caused the US Recession of December 2007 – June 2009.
The drop has pushed up sale prices, shortened the stay of properties on the market, and persuaded prospective home sellers to finally come out and list their properties.
Look at the trends of Tampa Bay real estate listings and median sale prices in these 4 charts below. They are all based on data from January 2006 to June 2016.
NUMBER of LISTINGS vs MEDIAN SALE PRICE in 4 Tampa Bay Counties
HILLSBOROUGH County Real Estate Listings
In Hillsborough County, the peak of home listings was in July 2007, when 16,447 homes were listed. The next year, 2008, in the month of April, the number of listings continued to drop and never again went back up past the 16,000 level. From month to month, listings declined, dropping to a low of 6,692 in June this year.
Median home prices started to rise as an effect of the decline in listings in the first quarter of 2012. Prices continued to rise as listings continued to drop in number. The lowest median price was $89,700, posted in January 2011. The median price in June this year was $212,000, a huge increase from the median price in June 2012, which was $134,450.
PINELLAS County Real Estate Listings from January 2006 to June 2016
In Pinellas County, the number of home listings peaked in in April 2007, when there were 21,209 homes listed. After this peak, listings dropped from month to month, mostly by the hundreds. In the most recent data — this June — there were only 7,236 listings.
Median home prices also started to rise in the first quarter of 2012 as the number of listings dropped. The lowest median price was $90,000, posted in January and February 2011. In June 2012, the price increased to $122,700 and further to $190,000 this June 2016.
PASCO County Real Estate Listings
In Pasco County, listings peaked in in June 2007, when 9,861 homes were listed. Listings hovered above the 9,000s until it started to drop from month to month starting December 2007. In June this year, only 3,498 homes were listed.
Median home prices also started to rise in the first quarter of 2012 as number of listings decreased. The lowest median price over the ten-year period was $82,750, the median price in February 2012. In June 2012, the median price was $109,000. In June this year, the median price increased to $166,500.
HERNANDO County Real Estate Listings from January 2006 to June 2016
In Hernando County, listings peaked in October 2008, when 1,237 properties were listed. From 2007 to 2009, the total number of listings every month was above 1,000. The number started to drop in November 2010. In June this year, listings have dropped in number to only 711 homes.
Median home prices also started to rise in the first quarter or 2012 as number of listings continued to drop. The lowest median price was $64,999, posted in March 2012. This June 2016, the median price was $142,500, a big increase from $84,870, posted in June 2012.