Happy Monday, April 15, 2019
In March 2019, the Hillsborough County Housing Market favored Sellers.
The number of single-family homes for sale climbed 12.1% compared to March 2018 but fell 1.9% from February 2019. Homes Sold rose 2.3% year over year and 21.4% month over month. The number of under contract listings jumped 29.4% compared to February and 13.3% compared to the previous March. Months of Inventory came in at 2.6 months, up 12.8% from last March.
The Average Sold Price per Square Footage increased 3.5% compared to February but decreased 2% compared to March 2018. The Median Sold Price ticked up 1.7% from last month, while the Average Sold Price rose 3.1% from February. The Average Days on Market climbed 3.2% compared to the previous March. The ratio of Sold Price vs. Original List Price held steady from March a year ago at 95%.
Home Sales (Sold)
In March 2019, 1717 single-family homes sold in Hillsborough County. That was 2.3% more than the 1679 sold in March of 2018 and 21.4% more than the 1414 sales in February 2019.
Current Inventory of Homes (For Sale)
In March 2019, 477 or 12.1% more single-family homes were for sale compared to last March. The inventory of single-family homes fell 1.9% compared to February.
The Average Sold Price per Square Foot shows the direction of home prices. Median Sold Price and Average Sold Price can sometimes be skewed by outliers that sell for a really high or low price. So the Average Sold Price per Square Footage is a more normalized indicator of home values. The March 2019 Average Sold Price per Square Footage of $146 rose 3.5% from $141 last month but dropped 2% from $149 in March of last year.
The Days on Market Shows Neutral Trend
The average Days on Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM trends to indicate a move towards more of a Buyer’s market, a downward trend indicates a move towards more of a Seller’s market. The DOM for March 2019 came in at 64 days, down 3% from 66 days in February but up 3.2% from 62 days in March 2018.
The Sold/Original List Price Ratio Remains Steady
The Sold Price vs. Original List Price reveals the average amount that sellers are agreeing to decrease their original list price. The lower the ratio is below 100%, the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. This month Sold Price vs. Original List Price held steady at 95% compared to March 2018.
The Average For Sale Price is Appreciating
The Average For Sale Price in March was $466,000, up 0.9% from $462,000 in March of 2018 3.6% from $450,000 last month.
The Average Sold Price is Neutral
The Average Sold Price in March was $298,000, down 2.9% from $307,000 in March of 2018 and up 3.1% from $289,000 last month.
The Median Sold Price is Neutral
The Median Sold Price in March was $245,000, up 0.8% from $243,000 in March of 2018 and 1.7% from $241,000 last month.
March was a Seller’s Market*
A comparatively lower Months of Inventory benefits sellers while a higher Months of Inventory favors buyers.
*Buyer’s market: more than 6 months of inventory
Seller’s market: less than 3 months of inventory
Neutral market: 3 – 6 months of inventory
Months of Inventory based on Closed Sales
The March 2019 Months of Inventory of 2.6 months increased 12.8% compared to last March but decreased 18.8% compared to February. Absorption Rate measures what percentage of the current active listings are being absorbed each month.
*Buyer’s market: 16.67% and below
Seller’s market: 33.33% and above
Neutral market: 16.67% – 33.33%
Absorption Rate based on Closed Sales
The March 2019 Absorption Rate of 38.9 declined by 8.7% compared to March 2018 but jumped 23.9% compared to February 2019. This indicates a seller’s market.
TAMPA BAY, FL – It’s time for the perennial pursuit elusive Easter egg. Organizations throughout Tampa Bay are hosting their annual Easter egg hunts.
Here is a list of some of the hunts planned this month:
* The city of Plant City will host its 31st free Easter egg hunt on Saturday, April 20 at 10 a.m. at Otis M. Andrews Sports Complex, 2402 E Cherry St., Plant City. It is open to kids age 3 to 11 with kids separated by age groups.
Two special “Golden Eggs” will be hidden in each egg nest. Finders turn them in for a large Easter basket after the hunt.
Children should bring their own baskets. Staff and youth volunteers will be on hand to make sure that all of the children receive eggs.
There will be pre-hunt entertainment starting at 10 a.m. and children’s activities after the hunt at 12:30 p.m., including inflatables, air brushing, a trackless train ride, digital photos with the Easter bunny and balloon art available for “bunny bucks” for $1 each.
The Plant City Optimist Club will provide a hot dog and drink to all kids up to age 12.
* The Pediatric Center at Brandon Regional Hospital is hosting its fourth annual Easter egg hunt on Saturday, April 20 from 10 a.m. to noon outside the Pediatric ER. This free, family event will feature music, food, inflatables, face painting, photos with the Easter Bunny and the Easter egg hunt at 11:00 AM.
Parking will be available in the Tower A parking garage, as well as across the street in the Oakfield Medical Plaza. For more information, click here.
* Temple Terrace Presbyterian Church, 420 Bullard Parkway, Temple Terrace, will host an Easter egg hunt following the 10 a.m. worship service on Easter Sunday, April 21. The Easter egg hunt is free and open to all children.
* Focus Life Church will host Easter in the Park on April 20 from 10 a.m. to noon at Picnic Island Park.
* Winners’ Worship Center will host an Easter egg hunt on Sunday, April 21 from 10 a.m. to 1 p.m. at Fowler Field on the University of South Florida campus, 4202 E. Fowler Ave.
Check-in for the event begins at 9 a.m. There will be more than 20,000 Easter eggs filled with candy. Registration will be available on site for children ages 4 to 12 years old.
Click here for information.
* IKEA Tampa will host a free Easter egg scavenger hunt on Sunday, April 21 from 11 am. to 2 p.m. inside the kids’ department at the store at 1103 N. 22nd St., Tampa. The Easter Bunny will be on hand as well.
* Horizon Church will host a free Easter egg hunt on Saturday, April 20 from 9:30 to 11:30 a.m. at Marcelino Chelo Huerta Jr Friendship Park, 4124 W. Bay to Bay Blvd., Tampa. There will also be games, activities and snacks.
Check back as we continue to update this list.
As more and more baby boomers enter retirement age, the question of whether they should sell their homes and move has become a hot topic. In today’s housing market climate, with low available inventory in the starter and trade-up home categories, it makes sense to evaluate your home’s ability to adapt to your needs in retirement.
According to the National Association of Exclusive Buyers Agents (NAEBA), there are 7 factors that you should consider when choosing your retirement home.
“It may be easy enough to purchase your home today but think long-term about your monthly costs. Account for property taxes, insurance, HOA fees, utilities – all the things that will be due whether or not you have a mortgage on the property.”
Would moving to a complex with homeowner association fees actually be cheaper than having to hire all the contractors you would need to maintain your home, lawn, etc.? Would your taxes go down significantly if you relocated? What is your monthly income going to be like in retirement?
“If you have equity in your current home, you may be able to apply it to the purchase of your next home. Maintaining a healthy amount of home equity gives you a source of emergency funds to tap, via a home equity loan or reverse mortgage.”
The equity you have in your current home may be enough to purchase your retirement home with little to no mortgage. Homeowners in the US gained an average of over $9,700 in equity last year.
“As we age, our tolerance for cleaning gutters, raking leaves and shoveling snow can go right out the window. A condominium with low-maintenance needs can be a literal lifesaver, if your health or physical abilities decline.”
As we mentioned earlier, would a condo with an HOA fee be worth the added peace of mind of not having to do the maintenance work yourself?
“Elderly homeowners can be targets for scams or break-ins. Living in a home with security features, such as a manned gate house, resident-only access and a security system can bring peace of mind.”
As scary as that thought may be, any additional security is helpful. An extra set of eyes looking out for you always adds to peace of mind.
“Renting won’t do if the dog can’t come too! The companionship of pets can provide emotional and physical benefits.”
Consider all of your options when it comes to bringing your ‘furever’ friend with you to a new home. Will there be necessary additional deposits if you are renting or in a condo? Is the backyard fenced in? How far are you from your favorite veterinarian?
“No one wants to picture themselves in a wheelchair or a walker, but the home layout must be able to accommodate limited mobility.”
Sixty is the new 40, right? People are living longer and are more active in retirement, but that doesn’t mean that down the road you won’t need your home to be more accessible. Installing handrails and making sure your hallways and doorways are wide enough may be a good reason to look for a home that was built to accommodate these needs.
“Is the new home close to the golf course, or to shopping and dining? Do you have amenities within easy walking distance? This can add to home value!”
How close are you to your children and grandchildren? Would relocating to a new area make visits with family easier or more frequent? Beyond being close to your favorite stores and restaurants, there are a lot of factors to consider.
When it comes to your forever home, evaluating your current house for its ability to adapt with you as you age can be the first step to guaranteeing your comfort in retirement. If after considering all these factors you find yourself curious about your options, let’s get together to evaluate your ability to sell your house in today’s market and get you into your dream retirement home!
Click the graphic above to visit www.teambohannon.com
There has been a lot written about millennials and their preference to live in city centers above their favorite pizza place. Some have even gone so far as to say that millennials are a “Renter-Generation”.
And while this might be true for some millennials, more and more research has surfaced that shows for the vast majority, owning a home is a major part of their American Dream!
New research shows that 66% of millennials who currently rent are determined to buy a home! Seventy-three percent of those surveyed by Pulsenomics plan to buy a home in the next five years, with 40% planning to do so within the next two years!
“Millennials want to own a home as much as prior generations,” Ali Wolf, Director of Economic Research at Meyers Research says. “We saw millennial shoppers scooping up homes in 2018—and 2019 will be no different.”
Are you one of the millions of renters who are ready and willing to buy a home? Let’s get together to determine your ability to buy now!
April 11, 2019
Rates moved up slightly this week while mortgage applications decreased following last week’s jump in rates – indicating borrower sensitivity to changing mortgage rates. Despite the recent rise, we expect mortgage rates to remain low, in line with the low 10-year treasury yields, boosting homebuyer demand in the next few months.
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 Day!
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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!