Happy Monday, April 16, 2018
As the real estate season gets more active, let’s take a look at how Greater Tampa real estate — which includes all the communities listed below — performed in March of this year.
As you see below, Total Sold Dollar Volume, Closed Sales, Median Sold Price, Average Sold Price and Average Price per Sq Foot rose compared to March 2017 (YoY). Median Days on the Market and Average Days on the Market both fell 7.7% and 5.2% respectively. (-6.9%) on a year-to-year basis. On a month-to-month (MoM) basis (or February 2018 compared to March 2018), most statistics climbed, except for Median Days on the Market which dropped 11.1%.
(See table below for details).
The data in the chart above includes all types of housing, but let’s take a closer look at the sale of single-family homes. As you’ll see below, Closed Sales fell 2.7% compared to March 2017, as 2,561 SFHs sold. (Just place your cursor on the bars in the graph to see the stats.)
The Number of Active Listings also declined 4.7% from March a year ago, as 5,710 homes were listed for sale. Fortunately, New Listings ticked up 1.7% from March a year ago, as 3,493 homes came onto the market.
The March 2018 Median Price gained 5.3% over March of 2017, as it rose to $240,000. The Average Price per Sq Foot for Sold Homes rose 5.4% in March of 2018 to $137/sq ft. By comparison, the Median List Price stood at $299,900 about where it was last March, while the Average Price List Price per Sq Foot increased 3.2% to $163/sq ft.
Supply and Demand
The supply of homes dropped 7.8% from March a year ago to 2.41 months. The Median Days on the Market, which shows how fast homes are selling descended to 10.7% to 25 days. That means half of the homes in the Greater Tampa real estate market sell in 25 days or less.
Homes sales should pick up steam going into the spring and summer, but inventory continues to hold the market back and take prices higher. Sellers should find plenty of buyers if they list in the next few months. Buyers should remain motivated feeling that their purchasing power is higher now than in six months to a year when interest rates are likely to have moved higher.
Now here are some of the most helpful and interesting blog posts, articles, and infographics we’ve seen this week. Enjoy!
Earth Day: Sunday is the official day to celebrate our big blue rock, but Island Earth Days is Saturday and Sunday at Honeymoon Island in Dunedin with music, kids’ activities, nature walks, live animals and environmental displays. Free; $8 park admission per carload. islandearthdays .com.
Mainsail Art Festival: One of the area’s biggest and highest-quality art shows brings 250 artists, a Kids Create activity tent, live music and food vendors to St. Petersburg’s Vinoy Park on Saturday and Sunday.
Music: Friday, contemporary jazz icons Spyro Gyra play Clearwater’s Capitol Theatre ($35-$55), while the 98RockFest featuring headliners Shinedown takes over Tampa’s Amalie Arena ($29-$75). Saturday, country superstar Kenny Chesney returns to Raymond James Stadium in Tampa ($32-$370).
Beach Goes Pops: Bring a blanket or a chair to Pass-a-Grille Beach on Saturday and enjoy free live music, an arts and crafts show, and food and drink from numerous area restaurants. Free; VIP seating $100-$125. beachgoespops.com.
Florida Orchestra Masterworks: Verdi’s Requiem: The Florida Holocaust Museum begins each performance with a talk on how the work became known as the “Defiant Requiem” during the Holocaust. Performances are Friday at the Straz Center, Saturday at the Mahaffey Theater and Sunday at Ruth Eckerd Hall. $15-$45.
Record Store Day: Local record stores pull out all the stops for vinyl lovers Saturday. Check our Soundcheck music blog ( tampabay.com/blogs/soundcheck) for a list of deals and festivities such as St. Petersburg’s Bananas Music with giveaways and live music.
American Stage in the Park: The Producers: The Broadway show based on Mel Brooks’ cult comedy opens at Demens Landing in St. Petersburg with pay-what-you-can previews Wednesday and Thursday. Starting Saturday, performances are $18-$30 lawn, $32-$35 premium blanket, $38-$40 reserved. americanstage.org.
SunLit Festival: The celebration of the local literary scene continues with events including the Antiquarian Book Fair Friday-Sunday at St. Petersburg’s Coliseum. $10 weekend pass; $6 daily.
From the Blog:
In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the number of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.
Even if you are in a market that is not as competitive, understanding your budget will give you the confidence of knowing if your dream home is within your reach.
Freddie Mac lays out the advantages of pre-approval in the ‘My Home’ section of their website:
“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”
Realtors are seeing listings move off the market as “quickly as they’ve ever seen them,” Hale says. In March, homes stayed on the market an average of 63 days, a 7 percent drop year-over-year from 2017. Inventory is predicted to move even faster in the summer, as it usually does, and Hale expects many markets to set records.
She also expects aggressive tactics from buyers. A Realtor.com survey of potential buyers found that 40 percent plan to put more than 20 percent down, and 26 percent are willing to pay above asking price. A survey in early March by Toluna Research found that 40 percent of current buyers have been searching for more than seven months.
“Buyers right now are staying informed and signaling they’re serious, that’s how they’re staying competitive,” she says.
There are many misconceptions when it comes to real estate. Some of the basic myths and fables can sway buyers and sellers without any valid cause. A real estate agent’s job is to inform clients and help them understand what is typical of a home transaction and what is simply untrue. Many homeowners are still unaware of things they can do that would help the process run more smoothly, from updating a property to accommodating showings for potential buyers and more.
That’s why nine members of Forbes Real Estate Council share below some of the things that home sellers are constantly surprised by, that they wish there were more common knowledge. Here is what they had to say:
Mortgage rates have been holding steady over the past two months. The U.S. weekly average 30-year fixed mortgage rate was 4.42 percent in this week’s survey. Rates have bounced around 4.4 percent since mid-February. Rates could break out and head higher if inflation continues to firm. The U.S. Bureau of Labor Statistics reported this week that the Consumer Price Index increased 2.4 percent over the 12 months ending in March, the largest 12-month increase in a year. Members of the Federal Reserve’s Federal Open Market Committee are looking at inflation indicators to help determine the appropriate path for policy.
If inflation continues to trend higher, we may see two or three more rate hikes from the Fed this year, and mortgage rates could follow. For now, mortgage rates are still quite low by historical standards, helping to support homebuyer affordability as the spring homebuying season ramps up.
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!
Search for Tampa Homes By Neighborhood
Tampa, a beautiful, modern city located on the Gulf Coast of Florida, is bordered by Old Tampa Bay and Hillsborough Bay, which come together to makeup Tampa Bay. It offers…
View 3546 homes
Apollo Beach is a vibrant waterfront community, located in Hillsborough County in Tampa, FL. It features over 50 miles of interconnected canals that lead to Tampa Bay and the Gulf…
View 325 homes
Land O’ Lakes, located in Pasco County, is north of downtown Tampa. It’s also part of the Tampa-St. Petersburg-Clearwater, Florida MSA. The population of the area is a little over…
View 468 homes
FishHawk, Hillsborough County’s first “green community”, is made up of a variety of smaller communities located in Lithia, Florida. They including Starling at FishHawk, The Preserve, FishHawk Ranch and FishHawk…
View 215 homes
Lutz, which began as a small train depot on the Tampa North Railroad, now has about 20,000 residents. It was named for W. P. Lutz, who brought the railroad to…
View 424 homes
New Tampa, Tampa Bay’s fastest growing community is located in the northern side of Tampa. New Tampa, well-known for its master-planned communities, features upscale residences surrounded by lakes, lush green…
View 361 homes
The Carrollwood area, about 7 miles northwest of Tampa includes two distinct communities — Carrollwood and Carrollwood Village. Both are located in Hillsborough County. Together, they have a population of…
View 266 homes
Odessa, located in Pasco County started as a community of open spaces that residents used for ranches and horse farms. But in more recent years, it has grown considerably due…
View 271 homes
Brandon is an appealing suburb, east of downtown Tampa, Florida. It offers residents a quieter, family-oriented lifestyle just outside of Tampa’s city center. Over 100,000 people call it home and…
View 311 homes
Riverview, Florida, located in Hillsborough County near Tampa has nearly 80,000 residents. The community saw its population increase close to 500 percent from 2000 to 2010 as new development occurred…
View 703 homes
South Tampa, located on the Interbay Peninsula, includes areas of Tampa south of Kennedy Boulevard. Many of Tampa’s most unique and in-demand neighborhoods, Beach Park, Ballast Point, Bayshore Beautiful, Bayshore…
View 1055 homes
Ruskin, located in Hillsborough County, Florida, near Tampa’s South shore has blossomed since the early 2000’s. It’s population, which doubled from 2000 to 2010 now tops 17,000 residents. Background The…
View 297 homes
Valrico, located east of Tampa, is home to more than 35,000 residents. The population has expanded over 400% since 2000, when only 6,500 residents lived there. The median house or…
View 263 homes
Wesley Chapel, in Pasco County, has been one of Tampa Bay’s fastest growing communities during the past 10 years. Currently, there are over 45,000 residents, 16,000 households and 12,000 families…
View 502 homes
Westchase, founded in 1991, is a luxurious planned community located between Tampa and Clearwaterin Hillsborough County. It has around 22,000 residents and is one of the most affluent subdivisions the…
View 154 homes
Are you seeking a one-of-a-kind luxury home? You’ll discover many remarkable million-dollar-plus properties in the Tampa area. Whether you prefer living on the water with spectacular views, a Championship golf…
View 3772 homes
If you love golf, you’ll love the Tampa Bay area’s challenging and picturesque golf courses set in vibrant and beautiful communities on the Gulf Coast. You can enjoy a daily…
View 6222 homes
Living on the waterfront means a variety of things to different people. Some love the all-the-time access to sunshine, the beach and the ocean. For other it’s about a peaceful…
View 13625 homes
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!