Today, let’s take a look at how the housing market did in the Greater Tampa area in May of 2017.
The table above shows that Total Sold Dollar Volume climbed 27.6% in May 2017 compared to May of last year. The Number of Homes Sold (or Closed Sales) also jumped 14.2% YOY (Year-Over-Year), as 3,548 homes sold. In addition, The Median Sold Price* rose 8.6% to $220,000. Average Price Per Square Foot was also up compared to last May. It increased 11.8% to $133.
The Average Number of Days a home stayed on the market dropped to 48 days, 15.8% lower than May of 2016, while the Median Days a home stayed on the market plummeted 32.3% to 21 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 23 days or less and the other half took more than 23 days.
(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.)
See charts below for a more detailed breakdown of the trends.
The Greater Tampa real estate market as a whole is performing much better than in 2017. Demand indicators, such as home sales, prices, and total dollar volume increased, while supply indicators like months of supply and days on the market fell. These trends are expected to continue as the real estate season moves from Spring into Summer.
The next two to three months present a prime selling opportunity for those who want to sell. You still have plenty of time to get your home on the market and sold before things settle some in the fall, but you need to act now to do so.
(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!
TAMPA — Port Tampa Bay’s board of directors unanimously approved a plan to demolish part of Channelside Bay Plaza to make room for new restaurants, retailers and waterfront views.
Port officials voted in favor of amending Strategic Property Partners’ ground lease on the 230,532-square-foot retail plaza adjacent to the port at a meeting Tuesday morning.
This amendment allows SPP — the real estate firm owned by Tampa Bay Lightning owner Jeff Vinik and Bill Gates’ Cascade Investment — to demolish the southwest portion of the retail center to create better views of the waterfront and enhance the visibility of Bay Plaza.
From the Blog:
CoreLogic’s latest Equity Report revealed that 91,000 properties regained equity in the first quarter of 2017. This is great news for the country, as 48.2 million of all mortgaged properties are now in a positive equity situation.
Price Appreciation = Good News for Homeowners
Frank Nothaft, CoreLogic’s Chief Economist, explains
“One million borrowers achieved positive equity over the last year, which means risk continues to steadily decline as a result of increasing home prices.”
Investors are scouring real estate markets looking for low-priced homes, and they’re increasingly stepping on the toes of first-time home buyers, who are hunting in the same price range. “The investor is starting to gobble up pretty much anything under $200,000,” Dennis Cisterna, chief revenue officer for Investability Real Estate, which markets rental homes, told The Dallas Morning News. “We are not adding any new supply to the market to serve that first-time home buyer.”
Housing inventories are at the lowest level in 30 years, and the shortages are most pronounced in the low and middle price ranges. “We are losing inventory at a record pace and in the segment of the market with the most demand,” says Javier Vivas, a realtor.com® analyst.
Investors comprised 33 percent of all single-family and condo sales in 2016, the highest percentage ever recorded by real estate data firm ATTOM Data Solutions. “This is setting the stage for a boom in single-family rentals,” says Daren Blomquist, an economist at ATTOM.
Buying a home is an enormous decision, one that has an impact on your credit and finances like no other purchase could. The vast majority of homes are purchased through a mortgage, but most traditional mortgages require 20% down — and that is a big chunk of change that many potential homeowners might not have.
What if you meet all other requirements but just don’t have the cash for that big down payment?
Fortunately, there are numerous programs out there designed to get you into that home with little to no money down. Here are a few of the options that might work to make your dream come true.
If you’re getting ready to sell your home, you’ve probably made a list of items to tackle around the house. Declutter your rooms, paint the walls, fix any broken or worn items. Certainly, maximizing the visual appeal of your home is essential when staging to sell. But there’s one very important task to add to your list: making sure your home has a scent that will please the masses.
What exactly is a crowd-pleasing scent? That may seem a matter of debate, since an aroma’s appeal can be quite subjective. But there are definite strategies to follow. Read on for five guidelines for creating a pleasant home scent for prospective buyers.
Following last week’s sharp decline, the 10-year Treasury yield rose 3 basis points this week. The 30-year mortgage rate remained relatively flat, falling 1 basis point to 3.90 percent. Mortgage rates are continuing to hold at year-to-date lows amidst ongoing economic uncertainty.
- 30-year fixed-rate mortgage (FRM) averaged 3.90 percent with an average 0.5 point for the week ending June 22, 2017, down from last week when it averaged 3.91 percent. A year ago at this time, the 30-year FRM averaged 3.56 percent.
- 15-year FRMthis week averaged 3.17 percent with an average 0.5 point, down from last week when it averaged 3.18 percent. A year ago at this time, the 15-year FRM averaged 2.83 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgageARM) averaged 3.14 percent this week with an average 0.5 point, down from last week when it averaged 3.15 percent. A year ago at this time, the 5-year ARM averaged 2.74 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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