Greater Tampa Q1 2019 Home Sales as of April 22, 2019 – Tampa Market Monday

    Happy Monday, April 22, 2019

    In today’s Market Monday, I’ll review the performance of the entire Greater Tampa housing market for Quarter 1 of 2019. The map below shows the communities included in Greater Tampa.

    As you’ll see in the table below, Sold Dollar Volume, Average Sold Price, Median Sold Price, Average Days on the Market and Average List Price for Solds increased, while Units Sold, Average Sold Price to Original List Price and Ratio of Average SP to OLP decreased compared to Q1 2018. The Average Sold Price and Units Sold for Detached Homes (which includes single-family homes) ticked up 1.08% and 0.33% respectively.

    The data above covers all types of housing, but let’s find out how single-family homes and villas fared compared to Q1 2018. Closed Sales rose 0.5% compared to Q1 2018, as 6,183 sold. (Just place your cursor on graph below to see the stats.)

    The Number of Active Listings climbed 12.6% from Q1 2018, as 6,413 homes were for sale. New Listings fell 3% from Q2 2019 compared to Q1 2018, as 9,050 homes came onto the market. That was 281 fewer than in Q1 2018.

    Pricing

    The Q1 2019 Median Sale Price rose 1.1% compared to Q1 2018, increasing to $240,182. The Average Price per Sq Foot for Sold Homes climbed 3.7% to $140/sq ft during the same period. It was $135 in Q1 2018. The Median List Price climbed 2.1% in Q1 2019 compared to Q1 2018, rising to $245,000. In Q1 2018, it stood at $240,000.

    Supply and Demand

    The supply of single-family homes and villas jumped by 19.5% from Q1 2018 to 2.89 months in Q1 2019. The Median Days Homes stayed on the Market was 36 days for Q1 2019. That was 10 more days or a 38.5% increase over Q1 2018.

    Tampa:

    Top things to do in Tampa Bay for the week of April 22-28

    Dragon Boat Festival: It’s free for spectators to watch paddlers from across the globe at Tampa’s Cotanchobee Fort Brooke Park. 8:30 a.m.-5 p.m. Saturday.

    Green Thumb Festival: One of the biggest plant sales in the area returns to St. Petersburg’s Walter Fuller Recreation Center 9 a.m.-4 p.m. Saturday-Sunday.

    Music: On Thursday, Patti LaBelle brings her serious pipes to Ruth Eckerd Hall ($53.50-$133.50). There they go again, Whitesnakeperforms Tuesday at Ruth Eckerd Hall ($38.75-$88.75). Also on Tuesday, RL Grime drops heavy trap beats at the Ritz Ybor ($35). On Wednesday, the classical crossover trio Simply Three perform at the Straz Center ($30). Country’s Big and Rich perform in the Seminole Hard Rock Casino’s north parking lot ($55). Rosanne Cash’s new album She Remembers Everything brings power to Clearwater’s Capitol Theatre on Friday ($36-$76). Dream Theater plays the Mahaffey Theater on Friday ($39-$69). Blues man Selwyn Birchwood plays St. Pete’s Palladium Theater on Saturday ($20-$40). The Psychedelic Furs bring ‘80s punk to Capitol Theatre on Saturday ($35)

    Margaret Cho: The ground-breaking comic returns to the Improv in Tampa on Friday and Saturday ($25).

    Florida Orchestra Pops: Daniel Black conducts one mega-hit after another on The Music of John Williams in two shows Saturday at St. Petersburg’s Mahaffey Theater. ($18-$48). floridaorchestra.org.

    Oz-Inspired Art Walk: Dress up, check out the art, including a ride, and you’ll find vendors, music and a screening of Oz the Great and Powerful at 7:30 p.m. in nearby at McDevit Park. It runs 4-8 p.m. Saturday on 5600 block of Park Boulevard in Pinellas Park. Free.

    Skating rink: A skating rink pop-up comes to Tampa’s Armature Works for the first time with live music, arcade games, a bar, popcorn and concessions. Noon to 9 p.m. Saturday. 1910 N Ola Ave., Tampa. $10-$15 includes skate rental. eventbrite.com.

    Taste of Science: The science community aims to make the rest of us more literate by holding talks in pubs and coffee shops today through Sunday. $5 at tasteofscience.org/stpete or tasteofscience.org/tampa.

    Frozen Sing-Along: Belt out those songs at Tampa Theatre’s popular sing-along screenings at 3 p.m. Saturday and Sunday. $13; $11 kids. 711 N Franklin St.

    Painting in the Park: The north lawn of the Museum of Fine Arts St. Petersburg will be filled with kid-friendly art activities from noon to 4 p.m. Sunday. Free.

    Spring Fest Garden Art and Faerie Festival: A flurry of pixies alight at Gulfport’s Clymer Park for this celebration of spring 10 a.m.-5 p.m. Saturday-Sunday.

    From the Blog

    Click this image top search for Tampa area homes for sale

    Buyers:

    Are Low Interest Rates Here to Stay?

    Interest rates for a 30-year fixed rate mortgage have been on the decline since November, now reaching lows last seen in January 2018. According to Freddie Mac’s latest Primary Mortgage Market Survey, rates came in at 4.12% last week!

    This is great news for anyone who is planning on buying a home this spring! Freddie Mac had this to say,

    “Mortgage interest rates have been steadily declining since the start of 2019. These lower mortgage interest rates combined with a strong labor market should attract prospective homebuyers this spring and could help the housing sector regain its momentum later in the year.”

    To put the low rates in perspective, the average for 2018 was 4.6%! The chart below shows the recent drop, and also shows where the experts at Freddie Mac believe rates will be by the end of 2019.

    Are Low Interest Rates Here to Stay? | Simplifying The Market

    Bottom Line

    If you plan on buying a home this year, let’s get together to start your home search to ensure you can lock in these historically low rates today!

    Sellers:

    Buyer Demand Surging as Spring Market Begins

    Last fall, some predicted that the 2019 residential real estate market would be a disaster. There was even belief we might experience a housing crash like the one that occurred during the last decade.

    However, according to two separate reports*, buyer demand dramatically increased over the last three months, leading into this spring buyers’ market (the March data is not yet available).

    Both the ShowingTime Showing Index and the National Association of REALTORS Buyer Traffic Index show that buyer demand has increased in each of the last three months.

    Buyer Demand Surging as Spring Market Begins | Simplifying The Market

    Why the increase in demand? Increased buying power.

    According to the National Association of Realtors’ Economists’ Outlook Blog, purchasing a home has become more affordable, which has led to increased demand.

    “Due to the combination of falling home prices and mortgage rates, the income needed to make an affordable mortgage payment (mortgage no more than 25% of income) on a median-priced home with 10% down payment and 30-year fixed rate mortgage decreased from $60,425 in June 2018 to $53,783 as of February 2019, and the difference of $6,642 represents a gain in buying power because one can afford a home purchase at a lower level of income.”

    Bottom Line

    It appears the spring buyers’ market is going to be much stronger than many had projected. Whether you are selling or buying, this is important news.

    *The methodology behind the indices:

    The ShowingTime Showing Index

    “The ShowingTime Showing Index® tracks the average number of buyer showings on active residential properties on a monthly basis, a highly reliable leading indicator of current and future demand trends.”

    The National Association of REALTORS® Buyer Traffic Index

    “In a monthly survey of REALTORS®, NAR asks respondents ‘Compared to the same month last year, how would you rate the past month’s traffic in neighborhood(s) or area(s) where you make most of your sales?’ NAR compiles the responses into an index, where an index above 50 indicates that more respondents reported “stronger” traffic than “weaker” traffic.”

    Home Loans

    Mortgage Rates Continue to Rise

    April 18, 2019

    After dropping dramatically in late March, mortgage rates have modestly increased since then. While this week marks the third consecutive week of rises, purchase activity reached a nine-year high – indicative of a strong spring homebuying season.

     

    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!

    You can reach me, Doug Bohannon or Dale Bohannon at 813-979-4963 or by completing this contact form.

    Have a Fantastic day!

    Annette Bohannon,
    Team Bohannon, Keller Williams, 813-431-2840
    www.teambohannon.com

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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!

    Annette Bohannon,
    Team Bohannon, Keller Williams, 813-431-2840
    www.teambohannon.com

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    Ranked #1 Realtor in Tampa by U.S. News and World Report.

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    Keller Williams Tampa Properties
    Tampa, Florida

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