Happy Monday, May 20, 2019
In April 2019, the Hillsborough County Housing Market favored Sellers.
For Sale listings rose 3.3% from April 2018, but fell 7.7% from March 2019. Homes Sold climbed 14.1% year over year and 9.6% month over month. Homes Under Contract ticked up 0.7% compared to March and 3.2% compared to April 2019.
The Months of Inventory based on Closed Sales came in at 2.1 months, down 8.7% from the previous April.
The Average Sold Price per Square Footage increased 1.7% compared to March 2019 and 5.2% compared to April 2018. The Median Sold Price decreased 7.1% from March. The Average Sold Price also dropped 3.3% from March 2019.
The Average Days on Market rose 10.9% compared to the previous April. The ratio of Sold Price vs. Original List Price was 95%, a decrease of 1% compared to April 2018.
In April 2019, 1338 single-family homes sold in Hillsborough County. That was 14.1% more than the 1173 sold in April 2018. It was 9.6% higher than the 1221 sales in March 2019.
Current Inventory of Homes (For Sale)
In April 2019, For Sale listings jumped by 89 homes or 3.3%. Homes For Sale declined 7.7% compared to March 2019.
Property Under Contract (Pended)
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 April 2019 Average Sold Price per Square Footage of $121 was 1.7% higher than the March 2019 price of $119. It climbed 5.2% from $115 in April 2018.
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 April 2019 was 61, down 4.7% from 64 days last month but up 10.9% from 55 days in April of last year.
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. April 2019’s Sold Price vs. Original List Price of 95% held steady from March 2019 but declined 1% compared to April of last year.
The Average For Sale Price is Appreciating
The Average For Sale Price in April was $283,000, up 4.4% from $271,000 in April of 2018 and up 2.9% from $275,000 March 2019.
The Average Sold Price is Neutral
The Average Sold Price in April was $207,000, up 0.5% from $206,000 in April of 2018 and down 3.3% from $214,000 March 2019.
The Median Sold Price is Depreciating
The Median Sold Price in April was $184,000, down 0.5% from $185,000 in April of 2018 and down 7.1% from $198,000 March 2019.
April 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 April 2019 Months of Inventory of 2.1 months fell 8.7% compared to last April and 16.2% compared to this March.
*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 April 2019 Absorption Rate of 48.2 jumped 10.5% compared to April 2018 and 18.7% compared to March 2019.
The Tampa-Hillsborough Public Library was just named Library of the Year by the Florida Library Association.
“We’ve made a concerted effort to be the most accessible library in the state of Florida,” said Andrew Breidenbaugh, Tampa-Hillsborough County Library Director. “We have no overdue library fines. Every child in Hillsborough county has a library card free of charge,” he continued.
The Tampa-Hillsborough Public Library offers much more than books. With a library card, people can use an audio recording booth, sewing machines, 3-D printers, mobile wifi hot spots, among many others.
“We lend digital tablets that have pre-loaded educational software for kids. And we have, without a doubt, the most extensive digital collection of materials,” said Breidenbaugh.
The programs extend well beyond the page too with many STEM opportunities for children and adults.
“Libraries do learn from each other. We absolutely look around the country, around the state and find out what’s exciting, and then we talk to our community members and find out what part of that would be exciting for them,” said Breidenbaugh.
Breidenbaugh also awarded WTTA with The Outstanding Business/Media Partner for helping showcase all the library has to offer.
In today’s real estate market, low inventory dominates the conversation in many areas of the country. It can often be frustrating to be a first-time homebuyer if you aren’t prepared.
In a realtor.com article entitled, “How to Find Your Dream Home—Without Losing Your Mind,” the author highlights some steps that first-time homebuyers can take to help carry their excitement of buying a home throughout the whole process.
1. Get Pre-Approved for a Mortgage Before You Start Your Search
One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search. Even if you are in a market that is not as competitive, understanding your budget will give you the confidence of knowing whether or not your dream home is within your reach.
This step will also help you narrow your search based on your budget and won’t leave you disappointed if the home you tour, and love, ends up being outside your budget!
2. Know the Difference Between Your ‘Must-Haves’ and ‘Would-Like-To-Haves’
Do you really need that farmhouse sink in the kitchen to be happy with your home choice? Would a two-car garage be a convenience or a necessity? Could the ‘man cave’ of your dreams be a future renovation project instead of a make-or-break right now?
Before you start your search, list all the features of a home you would like and then qualify them as ‘must-haves’, ‘should-haves’, or ‘absolute-wish list’ items. This will help keep you focused on what’s most important.
3. Research and Choose a Neighborhood You Want to Live In
Every neighborhood has its own charm. Before you commit to a home based solely on the house itself, the article suggests test-driving the area. Make sure that the area meets your needs for “amenities, commute, school district, etc. and then spend a weekend exploring before you commit.”
4. Pick a House Style You Love and Stick to It
Evaluate your family’s needs and settle on a style of home that would best serve those needs. Just because you’ve narrowed your search to a zip code, doesn’t mean that you need to tour every listing in that zip code.
An example from the article says, “if you have several younger kids and don’t want your bedroom on a different level, steer clear of Cape Cod–style homes, which typically feature two or more bedrooms on the upper level and the master on the main.”
5. Document Your Home Visits
Once you start touring homes, the features of each individual home will start to blur together. The article suggests keeping your camera handy to document what you love and don’t love about each property you visit.
Making notes on the listing sheet as you tour the property will also help you remember what the photos mean, or what you were feeling while touring the home.
In a high-paced, competitive environment, any advantage you can give yourself will help you on your path to buying your dream home.
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Home values have softened over the last twelve months. We are no longer seeing 6-7% annual appreciation levels for the national housing market. The current numbers are closer to 4%. Some have suggested that year-over-year appreciation levels could fall to 3% or less this year.
However, a stronger-than-expected economy and a good spring housing market have changed some opinions. Some analysts are now predicting that home value appreciation may begin to increase as we move forward.
Here are three examples:
“Data on the movement of unadjusted house prices during the early spring home-buying season won’t be available for a few more months, but it’s quite likely that price appreciation will accelerate again.”
“Home prices nationwide, including distressed sales, increased year over year by 3.7% in March 2019 compared with March 2018…The CoreLogic HPI Forecast indicates that home prices will increase by 4.8% on a year-over-year basis from March 2019 to March 2020.”
- The 2018 4th Quarter survey called for 3.8% appreciation for 2019.
- The 2019 1st Quarter survey raised the appreciation projection for this year to 4.3%.
Price appreciation has slowed over the past year. However, a strong economy and a good housing market have many experts thinking that home values might re-accelerate moderately throughout the rest of this year.
May 16, 2019
Modestly weaker consumer spending and manufacturing data, along with continued jitters around trade policy, caused interest rates to decline throughout the yield curve. While signals from the financial markets are flashing caution signs, the real economy remains on solid ground with steady job growth and five-decade low unemployment rates, which will drive up home sales this summer.
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.
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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!