Happy Monday, January 28, 2019
Today let’s review how the Greater Tampa real estate market did compared to 2017.
Sold Dollar Volume climbed 7.79% in 2018 as 3.75% more homes sold than in 2017. The Average Sold Price increased 3.90% from $258,784 to $268,869, while Median Sold Price (the price which half of the homes sold for) rose 5.03 % from $219,000 to $230,023.
The Average List Price for Solds was up 3.71%. Homes Sold Price averaged 97.8% of the List Price in 2017, slightly more than the 97.6% in 2017. On average, homes sold 2% or one day faster than in 2017. See the tables below for a more detailed breakdown of the housing market.
Monster Jam: Just when lesser cars thought it was safe, the wildly popular monster truck event returns to Raymond James Stadium on Saturday, for the second time in less than a month. Fan favorites like Grave Digger, Monster Mutt Dalmation and the mighty horned El Toro Loco will be there racing on the track and competing in the freestyle competition to wow the crowd with their best tricks. Come early to tailgate and get pictures with the trucks and drivers in the Party in the Pits, 2:30-5:30 p.m. before the 7 p.m. show ($15-$185). raymondjamesstadium.com.
St. Pete Beach Seafood and Music Festival: Head down to Corey Avenue Friday-Sunday to enjoy seafood, other food items, drinks and live music by bands including Kettle of Fish, the Bob Marley Tribute Band featuring Yvad (formerly of the Wailers) and the Black Honkeys Band. Free (food/drink additional). seafoodfestivals.com.
Music: Knock Three Times if you want to see Tony Orlando at Clearwater’s Ruth Eckerd Hall for an afternoon concert on Thursday ($18-$35). Friday, songer-songwriter Neko Case plays the Orpheum in Ybor City ($36.50-$40), while Drive-By Truckers and Grammy Award winner Lucinda Williams play an all ages show at St. Pete’s Jannus Live ($35-$40).
The Florida Orchestra Pops: Dreams of Spain: Under the baton of Jeff Tyzik, star soprano Camille Zamora takes audiences on a musical journey from Bizet to Piazzolla, Friday at Tampa’s Straz Center and Saturday at St. Pete’s Mahaffey Theater ($18-$48). floridaorchestra.org.
A Bronx Tale: The Broadway production of Chazz Palminteri’s one-man-show-cum-film has a run at the Straz Center Tuesday-Sunday ($60 and up). strazcenter.org.
iLuminate: A dance troupe clad in glow-in-the-dark suits performs on the Mahaffey’s fully darkened stage on Thursday ($26.50-$49.50. themahaffey.com.
Penn & Teller: The comedy magicians bring their legendary act to the Mahaffey Theater on Friday ($37-$72). themahaffey.com
Eddie Griffin: The comedian who was everywhere in the 1990s and star of the sitcom Malcolm and Eddie plays the Tampa Improv for special engagement performances Friday-Saturday. $45. improvtampa.com.
Kids and family
New Port Richey Carnival: The St. George Greek Orthodox Church festival that features a carnival with midway rides, games, fair food, a winter festival, a barbecue competition, vendors, DJ dancing and live music takes over the Kontos Event Center Thursday-Sunday. Free. Ride cost varies. dreamlandamusements.com.
Find more date night ideas at tampabay.com/thingstodo.
Video of the Week:
From the Blog:
For centuries, people in this country have seen homeownership as part of the American Dream. Whether they were born here or immigrated from another country, they wanted to own a piece of America. With so many prominent societal changes over the last few decades, it is fair to ask if people in America still feel the same way about owning a home. The answer was made abundantly clear in two separate reports released earlier this month.
In their market trends report, As Housing Trends Shift, So Does Renter, Buyer and Seller Sentiment, Truliarevealed that:
“After two years of no change, the share of Americans who say that homeownership is part of their personal “American Dream” ticked up from 72 percent to 73 percent of Americans.”
At the same time, the National Association of Realtors released their Aspiring Home Buyers Profile. As the report explained:
“For both homeowners and non-homeowners alike, homeownership is strongly considered a part of the American Dream. For non-owners, roughly 75 percent reported that homeownership is part of their American Dream. For owners, nine in 10 believe it is part of their American Dream.”
The belief among the vast majority of Americans, whether they rent or own, is that purchasing a home still remains a major step toward accomplishing the American Dream.
The price of any item (including residential real estate) is determined by the theory of ‘supply and demand.’ If many people are looking to buy an item and the supply of that item is limited, the price of that item increases.
The supply of homes for sale dramatically increases every spring, according to the National Association of Realtors (NAR). As an example, here is what happened to housing inventory at the beginning of 2018:
Putting your home on the market now, rather than waiting for increased competition in the spring, might make a lot of sense.
Buyers in the market during the winter are truly motivated purchasers and they want to buy now. With limited inventory currently available in most markets, sellers are in a great position to negotiate.
January 24, 2019
Mortgage rates have stabilized during the last month and are essentially at the same level as last spring – yet the most recent home sales are roughly half a million lower over the same period. Given that the economy remains on solid footing and weekly mortgage purchase application activity has been strong so far in 2019, we expect the decline in home sales to moderate or even reverse over the next couple of months.
Thanks for reading Tampa Market Monday. If you want help buying or selling your home, please get in touch. We have sold over 5,000 homes in the Tampa area and our mission is “to elevate the practice of real estate to an art form — and to deliver a real estate experience that is re-imagined and extraordinary!
Have a Fantastic week!
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Thanks for taking time to read the Tampa Market Monthly! If you want to buy or sell a home or find out your home’s value please let us know. We’d love to work with you. You can reach me, Doug Bohannon or Dale Bohannon at 813-979-4963 or by completing this contact form. You can search all Tampa area homes for sale at www.teambohannon.com.
Have a Fantastic week!