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.
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.
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
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.
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!
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.
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.”
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.”
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!
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!