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The year 2017 has come and gone and the changing real estate market trends this year made it a fun year to watch. Sellers definitely benefited from the continued shortage of inventory driving prices in the Tampa Bay area. Pinellas County say a 9% increase in average sales price of single family homes, Hillsborough saw a 5% increase, and Pasco saw a whopping 12% increase from one year ago. New and Active listings were down across the board for the month of December, but the total closed sales increased.
Overall, the market is maintaining a consistent trend that started a few years ago as the overall economy became healthier and the real estate market was in recovery from the downturn of 2007. Prices are steadily increasing, inventory remains very tight with high demand, and total sales are being driven by the demand for housing. Interest rates remain low, hovering in the low 4% range for a 30-year fixed rate mortgage, so buying a home now, even with higher prices, may very well be a great investment in the long run.