Today, let’s review how the the Greater Tampa housing market performed in August 2017. Below is a map of the areas that are part of Greater Tampa.
The Number of Single-Family Homes Sold in Greater Tampa hit 2,756 in August of 2017. This was a rise of 9.6% from August of 2016.
The Median Sale Price increased to $238,000, a 5.8% rise from August of 2016. The Average Sale to Original List Price Ratio ticked down to 96%, but has held fairly steady throughout the Spring and Summer, ranging from 96.5% to 96.0%. The Price Per Square Foot stood at $132, a 7.3% climb from last August.
(MEDIAN SOLD PRICE – Median means “in the middle,” meaning that half of the homes sold above the Median Sold Price and half sold below it. For example, if 5 homes sold in a zip code for $200,000, $250,000, $300,000, $400,000 and $800,000, the Median Price would be the one in the middle. In this case, that would be the $300,000 home. In contrast, average selling price would just be the sum of the selling prices of the 5 homes divided by 5, or $330,000. Many real estate statisticians prefer median price as a better indicator of the “typical” price within an area or zip code. Why? “Outliers” or homes sold at an extremely high or low price — like the $800,000 home in our example — do not affect it as much.)
The Average Number of Days a home stayed on the market dropped to 45 days, an 18.2% decline from August of 2016. Months of Supply, which measures housing inventory, fell 10% from August a year ago. In August 2017, it was 2.53 months. To put this in perspective, any time period under 5 months is considered a Seller’s Market.
The Greater Tampa housing market has had a strong showing this year and that should continue through December. Of course, you will see some seasonal drop off as we move into Fall and Winter. The aftermath of Hurricane Irma may also slow the market somewhat as buyers and sellers get back into their normal routines.
(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.)
Now here’s an overview of some of the most helpful and interesting blog posts, articles, and infographics we’ve read this week. Enjoy!
Tampa International Airport took second place in the J.D. Power 2017 North America Airport Satisfaction Study.
It was a repeat performance for TIA, which was named second in this survey last December. This time around, Tampa ranked second in the large airport category with a score of 795 behind John Wayne Airport in Orange County, California, which had a score of 796. Dallas Love Field came in third with a score of 790.
From the Blog:
Recently released data from Fannie Mae’s National Housing Survey revealed that rising home prices were the catalyst behind an eight-point jump in the net percentage of respondents who say now is a good time to sell. The index is now 21 points higher than it was this time last year.
Overall, 62% of Americans surveyed said that now is a good time to sell (up from 58%), while 26% of respondents said that now is not a good time to sell (down from 30%). The net score is the difference between the two percentages, or 36%.
According to CoreLogic, home prices are now up 6.7% over last year and 78.8% of homeowners with a mortgage in the US now have significant equity (defined as 20% or more).
Every successful home search begins with a wish list. Armed with your inventory of must-haves, you’ll know how to focus your search and recognize a potential home that isn’t worth your time.
Still, there’s a strange thing that seems to happen when you’re deep in the trenches of house hunting: The more you look, the longer that wish list seems to grow. But sooner or later, you have to own up to the fact that you can’t have everything—it’s inevitable that you’ll make some compromises somewhere.
And, in these days of tight inventory and cutthroat competition from other buyers, you might feel forced to waver far afield from your hallowed wish list in order to land a home.
When it comes time to sell your house, having a great listing agent is one of the keys to making it happen. And yet, the agent can’t do it all—your help is needed. Help your agent help you!
Ideally, you will have an open, honest relationship with your listing agent. But even then, there are some things your agent might be reluctant to tell you. Whether to spare your feelings or because he assumes you already know, here are some things your listing agent wishes you knew. Listen up and learn!
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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