Greater Tampa (view a map of the communities) home sales continued to rise in May, as the median sales price hit $202,500, a 10.7% increase compared to May 2015. Over 3,000, Greater Tampa Homes sold. The 3,108 sales month represented a 13.1% jump compared to last May.
The average number of days a home stays on the market also fell sharply — from May 2015 to May 2016 — to 31 days. That’s a 26.2% decrease from last May. As of the end of May, the months of supply (current active stood at 2.71, a 16.7% drop form May of 2015. This puts the market firmly in the Sellers’ favor. As you know, less homes on the market leads to more competition between buyers, which should keep driving prices up as the Summer buying season continues.
Here’s a detailed look at the stats:
What It Means
As I’ve said before, NOW is a GREAT time to SELL. Home sales and prices are trending up. Interest rates are still very low. And last, but not least, the inventory numbers show that the market is SOLIDLY in the SELLER’s favor.
So if you’re ready to sell, contact us and let us focus our expertise, experience and award-winning client services on helping you sell your home quickly and for top dollar. If you’re a buyer, you should also reach out. Our skilled and experienced BUYERS agents will position you to move fast and negotiate smartly in an ultra-competitive SELLERS market.
(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 or you can get a Free Market Report by following this link.)
Now let’s review a few of our most popular blog posts and some articles that can give you the information you need to buy and sell in today’s real estate market. But first, let’s see what’s going on in Tampa.
The number one city people are moving to, Realtor.com found, is Tampa. Florida itself is home to three of the cities on the top-10 list and it’s popular for migrating Americans because the state has no income tax, it has yet to fully bounce back from the housing crash of 2008-2009 so home prices are still relatively low, and there is strong job creation there.
Tampa Bay Express, otherwise known as TBX, is a $6 billion interstate expansion that has three main features, according to the Florida Department of Transportation’s 172-page draft of the project.
The state wants to replace the three-mile span of the northbound Howard Frankland Bridge that opened in 1960. Bridges typically last about 50 years.
Also, transportation officials plan to rebuild the exchange between Interstate 275 and Interstate 4 near downtown Tampa. A state study shows “malfunction junction” was built to handle about 176,000 vehicles per day, but traffic is about 8.5 percent higher than that now and 53.4 percent higher by 2040, according to projections.
The third element is the most controversial: 90 miles of tolled “express lanes.”
From the Blog:
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.”
Advice for Buyers:
First of all the home search process is completely different. Everything is online these days and you can typically see 20-30 pictures of every house that’s on the market on the internet. You can make first-level determinations from your own living room about the types of homes you would like to look at without having to go to dozens of places in person. You can pull up tax records, school district maps and neighborhood reviews on every house on the market. There’s a huge timesaving aspect of being able to cross off the ones you don’t want to physically visit.
Advice for Sellers
Every homebuyer wants to know specific aspects of homes they’re considering purchasing—information that may seem premature to advertise initially, but could ultimately be determining factors in their decision to make an offer.
- 30-year fixed-rate mortgage (FRM) averaged 3.60 percent with an average 0.5 point for the week ending June 9, 2016, down from last week when it averaged 3.66 percent. A year ago at this time, the 30-year FRM averaged 4.04 percent.
- 15-year FRM this week averaged 2.87 percent with an average 0.5 point, down from last week when it averaged 2.92 percent. A year ago at this time, the 15-year FRM averaged 3.25 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.82 percent this week with an average 0.5 point, down from last week when it averaged 2.88 percent. A year ago, the 5-year ARM averaged 3.01 percent.
Thanks for Reading#Tampa Market Monday and Please Contact Us. We’d Love to Help You!
Have a Fantastic week!
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