Happy Monday, September 24, 2018
As you see below, Total Sold Dollar Volume, Closed Sales, Median Sold Price, Average Average Sold Price, Median Days on the Market, Average Days on the Market and Average Price Per Square Foot rose compared to August 2017 (YoY). On a month-to-month (MoM) basis (or July 2018 compared to August 2018),Total Sold Volume, Median Sold Price, Average Sold Price and Average Price Per Square Feet fell, while Closed Sales and Median and Average Days on the Market jumped.
(See table below for details).
The data in the chart above covers all types of housing, but let’s take a closer look at the sale of single-family homes. Closed Sales increased 2.9% compared to August 2017, as 2,835 SFHs sold. That was 132 more homes than in July 2018. (Just place your cursor on the bars in the graph to see the stats.)
The Number of Active Listings jumped 4.9 % from August 2017, as 6,290 homes were for sale (14 fewer than in July 2018). New Listings increased 5.7% from August a year ago, as 3,202 homes came onto the market. In July 2018, 3,087 new listings came onto the market, 115 less than in July 2018.
The August 2018 Median Sale Price increased 2.9% over August of 2017, rising to $245,000. This was $3,000 lower than in July 2018. The Average Price per Sq Foot for Sold Homes jumped 5.3% in August 2018 to $139/sq ft. The Median List Price rose 4.1%, increasing to $249,900 compared to August 2017. In July 2018, it stood at $254,900. The Average Price List Price per Sq Foot increased 5.1% to $165/sq ft compared to August a year ago.
Supply and Demand
The supply of homes increased by 3.6% from August 2017 to 2.62 months. In July 2018, the supply stood at 2.64 months. The Absorption Rate, which shows how the rate at which homes sell during a given time period, rose 1.9% from August 2017 to 0.45. 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.
An absorption rate of 20% (.20) indicates homes are selling fast and the market favors sellers. The lower the mark, the slower homes are selling.
Prices moved lower on a month to month basis, while the number of homes sold and the number of new listings worked their way higher after a dip in July. The Absorption rate shows that the market continues to favor sellers, but buyers should find better prices as summer turns to fall.
Now I’d like to share some of the most helpful and interesting blog posts, articles, and infographics we’ve seen this week. Enjoy!
Darius Rucker and Lady Antebellum: Two of country music’s most upbeat and crowd-pleasing acts perform Friday at MidFlorida Credit Union Amphitheatre in Tampa. ($35.25 and up).
Super Boat National Championship: The high-speed powerboats return to Clearwater Beach. There’s a parade and block party at 6:30 p.m. Friday on Cleveland Street, a race village in Coachman Park on Saturday and races start at noon Sunday near Pier 60. Free. superboat.com/clearwater.
Hooters 35th Anniversary: The wing house celebrates its 35th anniversary with a free concert by The Romantics (What I Like About You) followed by fireworks at Pier 60 on Clearwater Beach. 7:30 p.m. Saturday.
The Florida Björkestra Buffyfest: The alternative-classical ensemble presents “Once More With Feeling,” the famous musical episode of Buffy the Vampire Slayer. Nicholas Brendon, who played Xander, and Emma Caulfield (Anya) will be there Saturday at St. Pete’s Palladium. $28-$40.
Music: The Australian Pink Floyd Show plays all the hits Thursday at Ruth Eckerd Hall ($40.50-$70.50). Polish global fusion jazz/pop singer Basia plays Clearwater’s Capitol Theatre Thursday ($35-$55). That bloomin’ Aussie Troye Sivan performs Friday at the Mahaffey ($45.50 ) themahaffey.com. Dashboard Confessional plays with All Time Low on Friday at Jannus Live in St. Petersburg ($38.50). jannuslive.com. Tampa wrestler and rocker Chris Jericho brings his grunge-glam band Fozzy to the Orpheum on Friday ($22) theorpheum.com.
Florida Orchestra: Kicking off its season with Beethoven’s 5th, the masterpiece will be performed Friday at the Straz Center in Tampa; Saturday at Mahaffey in St. Petersburg; and Sunday at Ruth Eckerd Hall in Clearwater. $18-$48. floridaorchestra.org.
Tampa Bay Women’s Expo: Exhibits, seminars, vendors and some of the Tampa Bay Times’ favorite female writers and editors will be at the Florida State Fairgrounds on Saturday. 10 a.m.-5 p.m. Free; parking is $8.
kids and family
Roboticon: See a variety of robots in various stages of construction. USF Yuegling Center, Tampa. 10 a.m.-5 p.m. Saturday-Sunday. Free.
From the Blog:
Rising home prices have been in the news a lot lately and much of the focus has been on whether home prices are accelerating too quickly, as well as how sustainable the growth in prices really is. One of the often-overlooked benefits of rising prices, however, is the impact that they have on a homeowner’s equity position.
Home equity is defined as the difference between the home’s fair market value and the outstanding balance of all liens (loans) on the property. While homeowners pay down their mortgages, the amount of equity they have in their homes climbs each time the value of their homes go up!
According to the latest Equity Report from ATTOM Data Solutions, “13.9 million U.S. properties in Q2 2018 were equity rich — where the combined estimated balance of loans secured by the property was 50 percent or less of the property’s estimated market value — representing 24.9% of all U.S. properties with a mortgage.”
This means that nearly a quarter of Americans who have a mortgage would be able to sell their homes and have a significant down payment toward their next home. Many who sell could also use their new-found equity to pay off high-interest credit cards or help children with tuition costs.
The map below shows the percentage of properties with a mortgage in each state that were equity rich in Q2 2018.
If you are a homeowner looking to take advantage of your home equity by moving up to your dream home, let’s get together to discuss your options!
When you’re planning on buying a housein the near future, you’re subject to lots of advice. Suddenly, everyone seems to have an opinion on which features your new home needs to have. We thought we would take this debate to the experts to settle it once and for all. In that light, we asked real estate agents what buyers should look for in a home. Here’s what they had to say:
How to price a home in a seller’s market may be a question that’s top of mind if you’re listing your home. Much of the United States right now is a seller’s market—which spells potential for major profits. Lucky you!
However: Some sellers may see this as an opportunity to set the bar high—maybe too high—when it comes to their list price. Others may decide on a lower asking price, in hopes of generating a bidding war.
So which pricing strategy works best in a seller’s market? Every approach has its pros and cons, so here’s how to determine the best one for you.
September 20, 2018
The 30-year fixed-rate mortgage increased once again to its highest level since May.
Mortgage rates are drifting upward again and represent continued affordability challenges for prospective buyers – especially first-time buyers. Borrowing costs are moving right now for three main reasons: the very strong economy, higher U.S. government debt issuances and global trade tensions.
Amidst this four-week climb in mortgage rates, the welcoming news is that purchase applications have risen on an annual basis for five consecutive weeks. However, given the widespread damage caused by Hurricane Florence in the Carolinas, the next few months of housing activity will likely be somewhat volatile.
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!