Happy Monday, August 26, 2019
In today’s Market Monday, I’ll review the housing market for all of Greater Tampa. The area includes the communities in the map below.
As you’ll see in the table that follows, all housing market metrics rose compared to July of 2018, but compared to June 2019 all measures fell except for Closed Sales and Median Sold Price.
The data above covers all types of Greater Tampa housing, but let’s dig deeper into single-family homes. Closed Sales increased 8.6% compared to July 2018, as 2,936 SFHs sold. That was 25 fewer than in June 2019. (Just place your cursor on the trend line in the graph below to see the stats.)
The Number of Active Listings declined 1.6% from July 2018, as 6,204 homes were for sale (55 less than in June 2019). New Listings climbed 5.5% from July a year ago, as 3,242 homes came onto the market, 17 less than in May 2019.
The July 2019 Median Sale Price jumped 2.4% to $255,995 compared to July 2018. It was $995 higher than in June 2019. The Average Price per Sq Foot for Sold Homes rose 5% from July 2018 to $147/sq ft. The Median List Price increased 2% to $260,000 compared to July 2018. In June 2019, it stood at $259,900. The Average List Price per Sq Foot climbed 2.4% to $169/sq ft compared to July 2018.
Supply and Demand
The supply of single-family homes dropped 5.8% from July 2018 to 2.48 months. In June 2019, the supply was 2.52 months. The Absorption Rate*, which shows the rate that homes sell during a given time period, leaped 10.3% from July 2018 to 0.47. So the Greater Tampa single-family housing market continues to favor sellers.
*Absorption rate is calculated by dividing the number of sales in a given month by the number of available homes for sale. For example, if there are 100 homes listed for sale in a certain area, and 20 sold during the last month, the absorption rate is 20/100 = .20 or 20%.
*Buyer’s market: 16.67% and below
Seller’s market: 33.33% and above
Neutral market: 16.67% – 33.33%
Chris Brown: The controversial Grammy-winning R&B star will play his fourth Tampa show in five years in support of his latest album, Indigo. Tory Lanez, Ty Dolla $ign, Joyner Lucas and Yella Beezy are tagging along. The show starts at 6:30 p.m. Saturday at Amalie Arena in Tampa.
Labor Day: Prepare for a long weekend as Labor Day approaches. There will be free music all weekend at Sparkman Wharf in Tampa, and the nearby Florida Aquarium will have a Labor Day Luau on Sunday night from 6 to 10 ($15).
Star Wars land: At last, the elaborately themed land Star Wars: Galaxy’s Edge opens to earthlings on Thursday at Disney’s Hollywood Studios. The stakes are high in Florida after crowds were surprisingly light this summer in California when Disneyland opened a nearly identical land, which also cost $1 billion to pull off.
Music: Grammy-nominated jazz artist and the pride of USF’s music program, Chuck Owen, with his new sextet ReSurgence, debut Wednesday at the Mainstage Theatre at Hillsborough Community College ($25). New Wave heroes the B-52s bring their 40th anniversary tour to Ruth Eckerd Hall on Wednesday ($53.25 and up). Post-punk outfit Ash Code play Crowbar on Tuesday ($15-$20). The master of funk George Clinton and Parliament Funkadelic bring their final tour to the Mahaffey Theater on Thursday ($45 and up). Local bands such as Ordinary Boys, Row Jomah and Talk to Mark put their spin on classics for WMNF Presents: Tributes at Skipper’s Smokehouse on Saturday ($15). Smooth ’70s pop and rock will be in the air Saturday at Ruth Eckerd Hall when Firefall, Poco and Pure Prairie League stop in ($39-$83.75). Founding member Johnny “Jaimoe” Johnson brings An Evening of Allman Brothers Music to the Palladium in St. Petersburg on Saturday ($40-$45). Shephard’s Labor Day weekend celebration includes concerts by Sam Feldt on Saturday and Nervo on Sunday ($16 and up).
Summer of Rum Festival: The seventh annual rum lovers party with more than 40 varieties of rum drinks will have live music by Sublime, Rome, the Expandables and Inner Circle. $15. Noon-11 p.m. Saturday in Julian B. Lane Riverfront Park in Tampa.
National Dog Day: Every dog has his day on Monday when both Caddy’s on Central and the Sundial shopping and entertainment plaza invite patrons to bring their dogs to celebrate National Dog Day. Sundial will have beer samples for people and frozen treats for dogs starting at 5 p.m., and Caddy’s will have a Yappy Hour and a new doggy menu starting at 4 p.m. Monday at 217 Central Ave., St. Petersburg. Free.
Comedy: The Palladium in St. Petersburg hosts the comedy show Kick the Bucket List, dubbed “the world according to AARP,”on Friday with comics Scott Novotny, John Carfi and Bob Burr poking fun at growing older ($25-$35). Comedian Lavell Crawford, a fan favorite on AMC’s Breaking Bad, will be at Tampa’s Improv Friday through Sunday ($37.55).
KIDS AND FAMILY
Geckofest: The 19th annual Labor Day weekend party and festival in Gulfport this year is themed “Geckos of the Round Table,” so expect lots of King Arthur costumes. With music on two stages, hundreds of vendors, kids’ activities, acrobats, magicians, daredevils, fire eaters and costumed characters from 10 a.m. to 10 p.m. Saturday in downtown Gulfport.
Labor Day Luau: The Florida Aquarium in Tampa reopens at 6 p.m. and stays open late on Sunday for an unofficial end-of-summer luau. Get an after-hours look at its animals and attractions, as well as a live DJ and steel band. Parking is $6. $15, ages 2 and younger free. 6-10 p.m. Sunday.
MORE TO EXPLORE
Find date night ideas and things to do with kids at tampabay.com/thingstodo.
From Our Blog:
Buyers and Sellers:
We’re in the back half of the year, and with a decline in interest rates as well as home price and wage appreciation, many are wondering what the predictions are for the remainder of 2019.
Here’s what some of the experts have to say:
“We see the cooldown flattening or even reversing course in the coming months and expect the housing market to continue coming into balance. In the meantime, buyers are likely claiming some ground from what has been seller’s territory over the past few years. If mortgage rates stay low, wages continue to grow, and inventory picks up, we can expect the U.S. housing market to further stabilize throughout the remainder of the year.”
“We expect the second half of year will be notably better than the first half in terms of home sales, mainly because of lower mortgage rates.”
“The drop in mortgage rates continues to stimulate the real estate market and the economy. Home purchase demand is up five percent from a year ago and has noticeably strengthened since the early summer months…The benefit of lower mortgage rates is not only shoring up home sales, but also providing support to homeowner balance sheets via higher monthly cash flow and steadily rising home equity.”
The housing market will be strong for the rest of 2019. If you’d like to know more about our specific market, let’s get together to discuss what’s happening in our area.
August 22, 2019
The drop in mortgage rates continues to stimulate the real estate market and the economy. Home purchase demand is up five percent from a year ago and has noticeably strengthened since the early summer months, while refinances surged to their highest share in three and a half years. Households that refinanced in the second quarter of 2019 will save an average of $1,700 a year, which is equivalent to about $140 each month. The benefit of lower mortgage rates is not only shoring up home sales, but also providing support to homeowner balance sheets via higher monthly cash flow and steadily rising home equity.
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 day!
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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!