Today, let’s review the performance of the Greater Tampa housing market in June of 2017.
The table above shows that Total Sold Dollar Volume jumped 21.1% from June 2016 and 4.3% from May 2017. The Number of Homes Sold (or Closed Sales) hit 3,581, which was a 10.6% YOY (Year-Over-Year) and a 0.9% MOM (Month-Over-Month) increase. The Median Sold Price* of $227,000 bested last June’s by 8.1% and beat May 2017’s price by 3.2%. Average Price Per Square Foot also rose compared to June 2016 (+10.7%) and May 2017 (+1.5%), as the price increased to $135 per square foot. The Average Sales Price to List Price Ratio held steady at 96.1% compared to June 2016 and declined slightly from 96.4% in May of 2017.
(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 fell to 48 days, 12.7% lower than June of 2016, while the Median Days a home stayed on the market plunged 37.5% to 20 days. To get the Average Days you simply take the number of days it took all homes to sell and divide it by the number of homes sold. On the other hand, Median Days on the Market shows that half of the homes on the market sold in 20 days or less and the other half took more than 20 days to sell. Months of Supply, which measures housing inventory, dropped to 2.57 months, a 9.7% decline from June of 2016. It ticked up from 2.52 months compared to last month.
The Greater Tampa real estate market continued its strong performance in June 2017. Increases in home sales, prices, and total dollar volume combined with decreases in housing inventory and days on the market indicate that demand is outpacing supply. The biggest concern is that dwindling levels of inventory (homes for sale) will eventually cause demand to drop off.
This is a great environment for those who plan to sell in the near-future. My advice is to do it now. If you wait, the strong demand may taper off some, which could affect the time it takes to sell your home, as well as the opportunity for peak pricing.
(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!
The latest installment of American City Business Journals’ series on Money in America took a look at the affluence levels of 22,568 ZIP codes across the country. One commonly accepted principle is that higher levels of education relate to higher incomes.
From the Blog:
If you thought about selling your house this year, now more than ever may be the time to do it! The inventory of homes for sale is well below historic norms and buyer demand is skyrocketing. We were still in high school when we learned the concept of supply and demand: the best time to sell something is when supply of that item is low and demand for that item is high. That defines today’s real estate market.
If you are debating purchasing a home right now, you are probably getting a lot of advice. Though your friends and family will have your best interests at heart, they may not be fully aware of your needs and what is currently happening in the real estate market.
Ask yourself the following 3 questions to help determine if now is a good time for you to buy in today’s market.
Buying your first home can be exciting but also fraught. It’s not a choice you want to get wrong.
To help you out, CNBC spoke with Michelle Brownstein, a certified financial planner at Personal Capital, who helped boil down the complicated process into eight steps.
She also revealed the two biggest mistakes she sees first-time homebuyers make: Buying more home than you can afford and settling down in an area that you haven’t fully explored.
From leaving the house for showings and open houses to having to keep the place spotless at all times, having a home on the market can be a nerve-wracking endeavor. Once you’ve made the decision to sell, you want to know that you won’t be in this anxiety-filled limbo forever. You want to hand over those keys, collect your check and move on — literally!
So, without lowering your asking price, what can you do to sell your home in a hurry? The following are 11 strategies that will help your property sell quickly without your wallet taking a heavy hit.
No matter your budget, there’s always an upgrade or two that’ll up the resale ante.
Whether your home improvements are for you or potential buyers, consider their impact on your home’s potential resale price before picking up your toolbox (or the phone to call a contractor).
A brand-new kitchen or bathroom will undoubtedly wow potential buyers, but there’s no guarantee you’ll recoup the money you put into those pricey remodels.
To help you navigate the choices that lead to the best return on investment, we asked two industry experts (and one enthusiastic DIYer) to weigh in.
Continued economic uncertainty and weak inflation data pushed rates lower this week. The 10-year Treasury yield fell 5 basis points this week. The 30-year mortgage rate moved with Treasury yields, dropping 7 basis points to 3.96 percent.
- 30-year fixed-rate mortgage (FRM) averaged 3.96 percent with an average 0.6 point for the week ending July 20, 2017, down from last week when it averaged 4.03 percent. A year ago at this time, the 30-year FRM averaged 3.45 percent.
- 15-year FRM this week averaged 3.23 percent with an average 0.5 point, down from last week when it averaged 3.29 percent. A year ago at this time, the 15-year FRM averaged 2.75 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.21 percent this week with an average 0.5 point, down from last week when it averaged 3.28 percent. A year ago at this time, the 5-year ARM averaged 2.78 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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