TAMPA BAY:
STATE OF THE
MARKET REPORT
By Linda Ross Preston
It’s been a whirlwind of a year so
far in 2019, and as we settle into
the second half of the year, the
question I hear most often from
customers and friends is, “So how is
the real estate market doing, really?”
It’s a complex and fun question
to answer, with several interesting
variables to take into consideration.
First, our listing inventory remains
low in both Hillsborough and Pinellas
Counties, with Hillsborough County
offering fewer than 500 condos for
sale, and only approximately 2,600
single family homes available in
Pinellas County.
Let’s also keep in mind that interest
rates are the lowest we’ve seen in a
decade and home values are rising at
a steady but healthy rate year to year
(just shy of 5% according to MLS data).
Buyers are motivated to transact in
such an environment.
Here’s the other catch: Tampa Bay
is one of the fastest growing regions
in the country, and projections show
steady increases in population over
the coming years due to our relatively
low cost of living, ideal weather, and
thriving corporate climate. Florida’s
lack of state income tax continues to
attract baby boomers retiring from the
North.
I see a healthy local market close to
equilibrium. Buyers, it’s time to get off
the fence and transact while rates are
low. Sellers, my best advice is to stage
and prepare your home for sale and
price it properly (so it doesn’t languish
on the market). The one constant we
have in this industry is change, so take
advantage of a favorable market! 9
EDITOR’S NOTE: Linda Ross Preston of
Coastal Properties Group can be reached
at (813) 318-2408.
ADVERTORIAL
SEPTEMBER/OCTOBER 2019 | TAMPA BAY MAGAZINE 125