Today, as the month closes out, we will review how the 2016 Greater Tampa Real Estate Market outpaced its performance in 2015.
The numbers paint a clear picture. Tampa home sales are back on track.
As you see below, Sold Dollar Volume climbed 16.56% compared to 2015. Average Sold Price (10.75%) and Median Sold Price*(12.70%) also jumped double-digits. The Number of Homes Sold rose 5.25%, as 1,658 more homes sold than in 2015. Plus, homes sold 14.49% faster than in 2015, as the Average Days a Home Stayed on the Market dropped from 69 to 59 days.
Average List Price, Average Sold Original List Price and Ratio of Average Sold Price-to-Original List Price increased across the board, 10.32%, 1.53% and 1.07% respectively. To sum it up, Tampa real estate showed solid progress in 2016.
What’s ahead for the rest of 2017? Stay tuned to Tampa Market Monday and we’ll keep you informed so you can make intelligent buying and selling decisions.
(Want a customized evaluation of your home and neighborhood, based on comparable homes that have sold recently? Call Annette Bohannon at 813-431-2840 and get a FREE detailed, market evaluation of your home or you can get a Free Market Report by following this link.)
Now here’s a quick look at the best and most informative blog posts, articles and infographics we’ve run across this week. Enjoy!
Many of the best private high schools in the Sunshine State are here in Southeast Florida, according to Niche.com’s recently revealed rankings.
The Pittsburgh, Pennsylvania-based education rankings and review site, formerly known as College Prowler, named 13 local institutions among the Top 25 on its list of 2017 Best Private High Schools in Florida.
From a trio of hotels with views of the Gulf of Mexico in Clearwater Beach to a casino property in Tampa, several Bay area hotels and restaurants were named to AAA’s Four Diamond Awards list.
The Opal Sands Resort, which opened just last year, made its way onto the list for the first time joining two other Clearwater Beach properties — the SandPearl Resort and the Hyatt Regency Clearwater Beach Resort & Spa, which is part of Hyatt Hotels Corp. (NYSE: H).
From the Blog:
It is common knowledge that a large number of homes sell during the spring-buying season. For that reason, many homeowners hold off on putting their homes on the market until then. The question is whether or not that will be a good strategy this year.
The other listings that do come out in the spring will represent increased competition to any seller. Do a greater number of homes actually come to the market in the spring, as compared to the rest of the year? The National Association of Realtors (NAR) recently revealed the months in which most people listed their homes for sale in 2016. Here is a graphic showing the results:
Advice for Buyers:
IRVINE, Calif. – Jan. 5, 2017 — ATTOM Data Solutions, curator of the nation’s largest fused property database, today released its 2017 Rental Affordability Report, which shows that buying a home is more affordable than renting in 66 percent of U.S. housing markets analyzed for the report.
The analysis incorporated recently released fair market rent data for 2017 from the U.S. Department of Housing and Urban Development, wage data from the Bureau of Labor Statistics along with public record sales deed data from RealtyTrac in 540 counties with at least 900 home sales in 2016 (see full methodology below).
“While buying continues to be more affordable than renting in the majority of U.S. markets, that equation could change quickly if mortgage rates keep rising in 2017,” said Daren Blomquist, senior vice president with ATTOM Data Solutions, the new parent company of RealtyTrac. “In that scenario, renters who have not yet made the leap to homeownership will find it even more difficult to make that leap this year. Additionally, renting may end up being the lesser of two housing affordability evils in a growing number of high-priced markets.”
How long do you need to save up for a down payment? How long does it take to get approved for a mortgage? Buying a home—especially for the first time—is a learning process, made all the more intense thanks to the fact that large sums of money are also involved. So I asked real-life first-time home buyers Tiffany and Alan Goldsteinto help illuminate some of the money-related concerns of buying a home.
Advice for Sellers
If you’ve been sitting on the fence about selling your home, it might just be time to hop off. Now. To put it in other terms: 2017 is poised to be the year of the home seller, real estate experts say. So what are you waiting for?
“Sellers have been in the driver’s seat for the last two years, but this year is shaping up to be even better for several reasons,” says Jonathan Smoke, chief economist of realtor.com®. “Nothing is bad for sellers today.”
A combination of factors is coming together to make 2017 a prime seller’s market for most of the nation. Here’s what’s driving it:
Home sales tend to rise when the weather warms up. That’s good news for anyone who wants to sell a home. But before you put your house on the market, you may need to add some tasks to your to-do list. Giving your house a facelift may be necessary if you want an edge over the competition. Here are six ways to prepare your home for the spring buying season.
The 10-year Treasury yield increased more than 10 basis points this week. The 30-year mortgage rate moved up as well to 4.19 percent, a 10 basis point jump. This week marks the first increase in the mortgage rate since December 29. The 2.8 percent decline in existing home sales in December is a reminder of the lack of homes for sale. According to the National Association of Realtors, supply is at its lowest level since 1999, a factor that should support higher house prices regardless of the oscillations of the mortgage rate.
- 30-year fixed-rate mortgage (FRM) averaged 4.19 percent with an average 0.4 point for the week ending Jan. 26, 2017, up from last week when it averaged 4.09 percent. A year ago at this time, the 30-year FRM averaged 3.79 percent.
- 15-year FRM this week averaged 3.40 percent with an average 0.4 point, up from last week when it averaged 3.34 percent. A year ago at this time, the 15-year FRM averaged 3.07 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.20 percent this week with an average 0.4 point, down from last week when it averaged 3.21 percent. A year ago, the 5-year ARM averaged 2.90 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.
Thanks for reading Tampa Market Monday. We’d love to help you buy or sell your home so please get in touch! You can reach me, Doug Bohannon or Dale Bohannon at 813-979-4963 or by completing this contact form.
Have a Fantastic week!
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