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Its crazy to see it last this long on the demand side. Added Richardson: Were looking for listings! Of the four bay area counties, Hernando tallied the biggest median price gain in July, up 20.3 percent to $142,000. That was followed by Pasco, up 16.5 percent to $183,620; Pinellas, up 16.2 percent to $214,950 and Hillsborough, up 9.3 percent to $223,995. Overall, the bay area had just a 3.3 month supply of available homes in July. That contributed to the drop in sales, the first time in a year that sales were less than in the same month a year earlier. When you look at months of supply as a barometer, its still at a very historically low level, Richardson said. Economists tell us that a six-month housing supply is a market in equilibrium (between buyers and sellers.) Right now its just over a three months supply, but its particularly low at the lower end of the market. The greatest demand in July continued to be for houses under $300,000 we have buyers waiting in line (for those), Richardson said. But one of the most striking aspects of the July figures was the continued boom in ultra-luxury home sales: Three mansions, all in Hillsborough, went for more than $6 million. That brings to seven the total number of Tampa Bay homes that have sold for at least $6 million this year. In 2015, there was no residential sale for more than $5-million. Julys top price was $6.625 million for the 10,850-square-foot estate of former Tampa Bay Buccaneers coach Greg Schiano in South Tampas gated Culbreath Isles. Runner-up was the Mediterranean-style home in Beach Park that sold for $6.4 million to Joey Redner, founder of Cigar City Brewing, and his wife, Jennifer.
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