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Friday, Dec 19, 2014
Pasco Tribune

Residential real estate sales in West Pasco tick up in March

BY TISH OSBORNE
Suncoast News correspondent

Published:

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West Pasco residential real estate sales took a jump in March as the market looked to equal or surpass a record spring last year.

Sales of single-family homes and condominiums hit 400 units last month.

That’s 26 percent more than sold in February this year, 317, but 6 percent less than March 2013, 426, according to the West Pasco Board of Realtors.

Notable were increases in sales at higher prices. Bargains still reign, with a quarter of March sales for single-family homes and half the sales for condominiums, townhouses and co-ops at $60,000 or less. Single-family homes sales, however, doubled over February in the $120,000-to-$160,000 and $250,000-to-$300,000 price ranges.

Sales for March varied across the state, from a jump of 25 percent for the same time last year in the Naples-Marco Island Metropolitan Statistical Area to a drop of 13 percent in the Lakeland-Winter Haven MSA.

Median prices also diverged from $400,000 in Naples, a 19 percent increase over 2013, to a drop of 24 percent in the Crestview-Fort Walton-Destin MSA from last year at $163,000.

The median is the midpoint; half the homes sold for more, half for less.

In the Tampa-St. Petersburg-Clearwater MSA — Hillsborough, Pinellas, Pasco and Hernando counties — the number of sales was second statewide for the month at 3,220 units sold with a median price of $150,000.

The Miami MSA was first with 3,708 units sold and a median price of $257,000.

“March marked the 28th month in a row that statewide median sales prices rose year-over-year for both single-family homes and townhome-condo properties,” said 2014 Florida Realtors President Sherri Meadows.

Statewide, new listings for single-family homes in March rose 16.5 percent year-over-year, while new townhouse-condo listings rose 10.3 percent.”

The statewide median sale price for single-family homes last month was $173,000, up 7.1 percent from the previous year. The statewide median price for townhouse-condo properties in March was $140,000, up 16.7 percent over the year-ago figure.

“What we’re seeing is a market we can live with,” said Florida Realtors Chief Economist John Tuccillo. “Sales are up, inventories are increasing moderately and days on the market are shrinking slightly.”

“What’s of particular interest this month is how market activity has moved up the price ladder,” Tuccillo said. “We are seeing greater sales gains and inventory increases, and strong percentage decreases in days on the market, for homes priced above $250,000.

“This is a break from the trends we were seeing last year and bears watching for the future,”Tuccillo said.

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