On pace with the trends, the inventory is still scarce in most of the Tampa Bay area with the exception of Pasco County, specifically in south Pasco. New construction and housing starts have increased with an improved economy and buyers are drawn to these areas of new development. While Pinellas and Hillsborough Counties have seen a decrease of the number of sold single family homes year over year, Pasco County has increased 8%.
According to data from My Florida Regional MLS, Pasco County new construction sales accounted for about 15% of total single family home sales in 2017, particularly along Highway 54 in South Pasco County. New home sales have surged in Odessa, Land O’Lakes, and Wesley Chapel and the surrounding areas. Hillsborough County is also benefiting from new construction sales (about 16% of total 2017 single family homes sales) with most activity of sales in the south part of the county between Riverview and Ruskin.
These trends will be interesting to watch, especially the impact of new construction on re-sales even though overall prices have appreciated in the past year. (Click on the reports below for a full screen view.)