Happy Monday, July 16, 2018
As July hits the halfway point, let’s take a big-picture view and see how the housing market performed across the Greater Tampa area — which includes all the communities listed below.
As you see below, Total Sold Dollar Volume, Closed Sales, Median Sold Price, Average Average Sold Price and Average Price Per Square Foot rose compared to June 2017 (YoY). Average Days on the Market fell 2.1%, while Median Days on the Market stayed flat. On a month-to-month (MoM) basis (or May 2018 compared to June 2018), Total Sold Volume, Median Sold Price, Average Sold Price and Average Price Per Square Feet climbed, while Closed Sales and Median and Average Days on the Market descended.
(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 ticked up 0.7% compared to June 2017, as 2,897 SFHs sold. That was four fewer homes than in May 2018. (Just place your cursor on the bars in the graph to see the stats.)
The Number of Active Listings jumped 4.5 % from June 2017, as 6,382 homes were for sale (492 or 8.3% more than in May 2018). New Listings rose 3.4% from June a year ago, as 3,455 homes came onto the market. In May 2018, 3,443 new listings came onto the market, 12 less than in June 2018.
The May 2018 Median Price increased 6.3% over June of 2017, climbing to $255,000. This was $7,000 or 2.8% higher than in May. The Average Price per Sq Foot for Sold Homes jumped 5.9% in June 2018 to $143/sq ft, $4 more than in May 2018. The Median List Price rose 3.3%, increasing to $309,900 compared to June 2018. In May, it stood at $314,860. The Average Price List Price per Sq Foot increased 5.8% to $165/sq ft, $1 higher than in May 2018.
Supply and Demand
The supply of homes increased by 2.5% from June 2017 to 2.67 months. In May 2018, the supply stood at 2.47 months. The Median Days on the Market, which shows how fast homes are selling, rose 5% from June 2017 to 21 days. That means half of the homes in the Greater Tampa real estate market sold in 21 days or faster. By comparison, in May it took 23 days.
Prices moved higher on a month to month basis, while the number of homes sold and the number of new listings stayed relatively flat. As July hits the halfway point, it will be interesting to see how the summer homebuying and selling season ends. With August just around the corner, sellers have a tight window of time to get their homes on the market while buyer demand is peaking.
Now I’d like to share some of the most helpful and interesting blog posts, articles, and infographics we’ve seen this week. Enjoy!
Metrocon: The convention focused on anime that also covers all elements of pop culture that have been influenced by it settles into the Tampa Convention Center Thursday-Sunday. $30-$40. metroconventions.com.
Beer Project: Inspired by the ancient mosaics in their collection, the Museum of Fine Arts, St. Petersburg looks back to how beer was used in antiquity during the two-day event. Thursday, enjoy beers made using ancient ingredients and techniques. ($35, $25 designated drivers). Friday, learn about the ancient Roman drinking game convivium, and taste ales crafted by students in the USF Brewing Arts program. ($45, $25 designated drivers). (727) 896-2667. fine-arts.org.
Music: Country band Rascal Flatts boot scoots through Tampa’s MidFlorida Credit Union Amphitheatre on Friday ($21-$85.75). Saturday, rock-reggae-hip-hop fusion band Slightly Stoopid perform at Vinoy Park in St. Petersburg ($25-$40.98), while legendary rockers Chicago and Reo Speedwagon co-headline at the MidFlorida Credit Union Amphitheatre ($29.50-$129.50).
The Fun Show with Cat and Nat: The mom duo known for their viral #Momtruths video and Facebook Live shows bring their act to the Straz Center in Tampa on Sunday ($39.50-$49.50). strazcenter.org.
Tampa Theatre BeerFest: The annual fundraiser is once again a movie-themed party, this time called “Hop Gun,” and party-goers are encouraged to dress up in the Top Gun theme. Premium sampling begins at 7 p.m. ($65-$70), and the grand sampling is at 8 p.m. ($40-$45). 711 Franklin St., Tampa. tampatheatre.org/beerfest.
Sun, Swimsuits and Suds: Put on a bathing for this bar crawl on Saturday in Ybor City with water fun along the way, including squirt guns, and kiddie pools. It starts off at Crowbar at 1:30 p.m., 1812 N 17th St., Tampa. $25-$30 (includes free drink, towel and swag), $10 after-party only. eventbrite.com.
Kids and family
Glo-Night Party: Families can enjoy glowing fun disco lights, black lights, lasers, slides, glow necklaces, lighted mohawks and DJ dancing at the Highland Family Aquatic Center in Largo Friday night. $8, $5 members. l argopools.com.
Meet ‘Dolphin Tale’ Stars: Dolphin Tale stars Nathan Gamble (Sawyer), Cozi Zuehlsdorff (Hazel) and Austin Highsmith (Phoebe) will make special appearances and be available for photos and autographs at the Clearwater Marine Aquarium on Saturday. $17.95- $22.95. seewinter.com.
Find more ways to cool off with the kids at tampabay.com/thingstodo.
From the Blog:
The National Association of Realtors surveyed their members & released the findings of their Profile of Home Staging.
62% of seller’s agents say that staging a home decreases the amount of time a home spends on the market.
50% of staged homes saw a 1-10% increase in dollar-value offers from buyers.
77% of buyer’s agents said staging made it easier for buyers to visualize the home as their own.
The top rooms to stage in order to attract more buyers are the living room, master bedroom, kitchen, and dining room.
We keep hearing that home affordability is approaching crisis levels. While this may be true in a few metros across the country, housing affordability is not a challenge in the clear majority of the country. In their most recent Real House Price Index, First American reported that consumer “house-buying power” is at “near-historic levels.”
Their index is based on three components:
- Median Household Income
- Mortgage Interest Rates
- Home Prices
The report explains:
“Changing incomes and interest rates either increase or decrease consumer house-buying power or affordability. When incomes rise and/or mortgage rates fall, consumer house-buying power increases.”
Combining these three crucial pieces of the home purchasing process, First American created an index delineating the actual home-buying power that consumers have had dating back to 1991.
Here is a graph comparing First American’s consumer house-buying power (blue area) to the actual median home price that year from the National Association of Realtors (yellow line).
Consumer house-buyer power has been greater than the actual price of a home since 1991. And, the spread is larger over the last decade.
Even though home prices are increasing rapidly and are now close to the values last seen a decade ago, the actual affordability of a home is much better now. As Chief Economist Mark Fleming explains in the report:
“Though unadjusted house prices have risen to record highs, consumer house-buying power stands at near-historic levels, as well, signaling that real house prices are not even close to their historical peak.”
- After falling for two straight weeks, mortgage application volume rose 2.5 percent last week, seasonally adjusted, compared with the previous week. The increase was driven entirely by purchase applications.
- “The strong job market continues to bolster demand for homes,” said the Mortgage Bankers Association’s chief economist.
- On the other hand, higher interest rates have kept the refinancing business very low. Mortgage applications to refinance a home loan fell 4 percent for the week — to the lowest level since December 2000.
In the eyes of some consumers, the Internet and associated technology have replaced the critical importance of the working Realtor. Unfortunately, a bad experience or failed transaction is the painful lesson for buyers and sellers who forgo a professional real estate agent to represent them in the most expensive purchase/sale they will ever make.
Before joining the ranks of these now-enlightened consumers, take a moment to understand the extraordinary value your agent brings to the table — and the risks he or she must accept on a daily basis.
Mortgage rates were mostly unchanged, but did tick up for the first time since early June.
The 10-year Treasury yield continues to hover along the same narrow range, as increased global trade tensions are causing investors to take a cautious approach. This in turn has kept borrowing costs at bay, which is certainly welcoming news for those looking to buy a home before the summer ends.
A record number of people quit their job last month, most likely for a new opportunity with higher wages and better benefits. This positive trend, along with these lower mortgage rates, should increasingly give some previously priced-out prospective homebuyers the financial wherewithal to resume their home search.
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!