The Greater Tampa Home Sales Numbers for the first Quarter of 2017 are in and the year has started much better than in 2016.
Sold Dollar Volume rose 31.25% or $457,830,744. Average Sold Price climbed 10.63% from $221,798 in Q1 2016 to $245,381 in Q1 2017. The Median Sold Price (which many think is a better indicator of prices)* jumped 15.24%.
The good news does not stop there. The Number of Homes Sold also moved up double digits in the first quarter of 2017 as 18.64% more homes sold than in the first quarter of 2016. The only number that dropped was the Average Days Homes Stayed on the Market Before Selling. It fell 17.65% as homes sold 12 days faster on average than in 2016. So on average, homes sold in less than two months (56 days).
Active Listings also outpaced Q1 of 2016 as 3.02% more homes were for sale and nearly 5% more New Listings came on the market.
(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 Bottom Line
These positive trends should continue as the home buying and selling season kicks into top gear during the next few months. Interests rates dropped below 4% this week (see chart at the end of Market Monday) despite expectations that they would start rising. This should keep buyers motivated as they seek to buy while their purchasing power is at its peak.
That’s great news for those who are ready to sell. Even though more sellers have come into the market this year than last, there is still plenty of room for more inventory. So if you want to sell anytime soon, now is the time to act.
(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 here’s a quick overview of some of the best and most informative blog posts, articles and infographics we’ve run across this week. Enjoy!
As if Tampa Bay’s beaches weren’t enough to draw in tourists, a travel website has ranked the area as the No. 1 spot to take a vacation with your pet.
Yes, the Tampa-St.Petersburg-Clearwater region of the Sunshine State is considered the most pet-friendly city in the country, according to RewardExpert, which helps travelers use their points and miles to plan flights.
The group’s researchers say they have the data to back up the claim: Tampa Bay has the most pet-friendly hotels per capita, as well as an above-average number of pet-friendly activities.
The Buccaneers will appear on HBO’s “Hard Knocks” for the 2017 season, the team announced Wednesday.
It will be the first time the Bucs, which finished 9-7 last year and narrowly missed the playoffs under rookie coach Dirk Koetter, will appear on the series, which is airing for a 12th time.
“It was very appealing to us. [It’s a] young, charismatic roster,” said NFL Films’ Mark Dissinger, who was joined by Peter Nelson of HBO Sports at the team’s facility for the announcement. “I think the fact that this is clearly a team on the rise, a team I would imagine would pique national interest.
From the Blog:
According to the Beracha, Hardin & Johnson Buy vs. Rent (BH&J) Index, the U.S. housing market has continued to move deeper into buy territory, supporting the belief that housing markets across the country remain a sound investment.
The BH&J Index is a quarterly report that attempts to answer the question:
In today’s housing market, is it better to rent or buy a home?
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Advice for Sellers
Homeowners love their bathrooms. We totally get it—you spend a decent amount of time in there, and you want it to be the ultimate Zen oasis. And since potential buyers want that, too, you’re likely willing to splurge to make your lavatory lush and plush.
But one person’s lush can be another’s flush—as in flush away that weird or ugly bathroom decor before it drives you insane, or would-be buyers straight to another home.
No matter how lavish you think your loo is, beware of the design trends that will simply make buyers turn up their noses. And your bathroom doesn’t have to be a lime-green, laminate horror show to turn off buyers; there are some more subtle design trends that can also cause buyers to take a pass.
The 30-year mortgage rate fell 11 basis points this week to 3.97 percent, dropping below the psychologically-important 4 percent level for the first time since November. Weak economic data and growing international tensions are driving investors out of riskier sectors and into Treasury securities. This shift in investment sentiment has propelled rates lower.
- 30-year fixed-rate mortgage (FRM) averaged 3.97 percent with an average 0.5 point for the week ending April 20, 2017, down from last week when it averaged 4.08 percent. A year ago at this time, the 30-year FRM averaged 3.59 percent.
- 15-year FRM this week averaged 3.23 percent with an average 0.5 point, down from last week when it averaged 3.34 percent. A year ago at this time, the 15-year FRM averaged 2.85 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.10 percent this week with an average 0.4 point, down from last week when it averaged 3.18 percent. A year ago, the 5-year ARM averaged 2.81 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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