Happy Monday, November 18, 2019
In October 2019, the Hillsborough County single family housing market favored sellers.
Homes for Sale fell 8.9% from October 2018, but rose 0.9% from September 2019. Homes Sold increased 0.1% year over year and 1.2% month over month. Homes Under Contract jumped 18.3% compared to September 2019 and 19% compared to October of last year.
The Months of Inventory based on Closed Sales came in at 2.5 months, a 7.3% decline from October 2018.
The Average Sold Price per Square Footage dropped 0.7% compared to September of this year but climbed 6.4% compared to October 2018. The Median Sold Price decreased 2% from September 2019. The Average Sold Price also fell 1.3% from September of this year.
The Average Days on Market stayed flat compared to October a year ago. The ratio of Sold Price vs. Original List Price is 95% also stayed the same as October 2018.
Home Sales (Sold)
In October 2019, single-family home sales ticked up 0.1% to 1702, one more home than sold in October of 2018. That was 1.2% higher than the 1681 sales in September 2019.
Current Inventory of Homes (For Sale)
In October 2019, 417 or 8.9% fewer homes were for sale than in October 2018. Current Inventory fell 0.9% compared to September 2019.
Homes Under Contract (Pending)
In October 2019, Homes Under Contract jumped 18.3% compared to September 2019, as 1967 single-family homes were pending versus 1663. October’s pending SFH sales climbed 19% compared to October 2018.
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 October 2019 Average Sold Price per Square Footage of $150 decreased 0.7% from $151 in September of this year but increased 6.4% from $141 in October of last year.
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 October 2019 of 52 days rose 2% from 51 days in September 2019. It stayed flat compared to October 2018.
The Sold/Original List Price Remains Steady
The Sold Price vs. Original List Price reveals the average amount that sellers are agreeing to come down from 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. October’s Sold Price vs. Original List Price of 95% dropped 1% from September 2019 and held steady compared to October 2018.
The Average Sold Price is Depreciating
The Average Sold Price in October was $308,000, up 7.7% from $286,000 in October 2018 but down 1.3% from $312,000 in September 2019.
October 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 October 2019 Months of Inventory based on Closed Sales of 2.5 months fell 7.3% compared to October 2018. It stayed the same as September 2019. 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 October 2019 Absorption Rate based on Closed Sales of 40.1 climbed 9.9% compared to October a year ago and 0.5% compared to September of this year.
Enchant Christmas: Billed as the world’s largest Christmas maze, this spectacle opens at Tropicana Field on Friday and continues through Dec. 29. It will feature a giant Christmas light maze, ice skating trail and live entertainment. $14.99-$32.99, 3 and younger free. 1 Tropicana Drive, St. Petersburg. enchantchristmas.com.
The Florida Orchestra: Take a deep dive into pop culture this week when the orchestra welcomes conductor Brent Havens to celebrate the 50th anniversary of the Rolling Stones. Hear an orchestral spin on songs like Sympathy for the Devil and You Can’t Always Get What You Want. $35-$50. 8 p.m. Friday. Then it’s Ghostbusters in Concert when the orchestra performs the iconic score live while Ivan Reitman’s 1984 comedic masterpiece plays on the big screen. $18-$58. 7:30 p.m. Saturday. Mahaffey Theater, 400 First St. S, St. Petersburg. (727) 892-3337. floridaorchestra.org.
Winter Village Ice Skating: The outdoor skating rink returns to balmy downtown Tampa in Curtis Hixon Park starting Friday through Jan 5. $15 includes 90-minutes of skating. 600 N Ashley Drive, Tampa. wintervillagetampa.com.
CraftArt Festival: Now in its 22nd year, this huge two-day festival shuts down a few blocks of Central Avenue with more than 100 fine craft artists displaying their wares to kick off the holiday shopping season. There will also be artist demonstrations, food trucks, craft beer and a children’s art activity tent. Free. 10 a.m. to 5 p.m. Saturday and 10 a.m. to 4 p.m. Sunday. 501 Central Ave., St. Petersburg. floridacraftart.org.
Ariana Grande: The pop princess has a sold-out show at Tampa’s Amalie Arena. You might recall that back in May, she postponed her Tampa concert hours before the show due to an allergic reaction she blamed on tomatoes. $31.20 and up. 7 p.m. Sunday. 401 Channelside Drive, Tampa. (813) 301-6500. amaliearena.com.
97X Next Big Thing: This year’s showcase has a big lineup with the Killers headlining Friday, joined by Switchfoot, PVRIS and I Don’t Know How But They Found Me. Sunday’s lineup brings alt-pop phenomenons the 1975 as well as AJR, Judah and the Lion and more. $35 and up per day, $50 and up for both days. 5 p.m. Friday, 10 a.m. Sunday. MidFlorida Credit Union Amphitheatre, 4801 U.S. 301 N, Tampa. livenation.com.
Fantasia: One of the most talented American Idol singers of all is bringing Robin Thicke, Tank and the Bonfyre. $54.75-$95.75. 8 p.m. Saturday. Yuengling Center, 4202 E Fowler Ave., Tampa. yuenglingcenter.com.
St. Pete Beach BikeFest: The wheel deal on the beach returns this weekend to the TradeWinds Island Resort, with free concerts by Soul Asylum and Fuel on Thursday, the Charlie Daniels Band alongside Saliva and Tantric on Friday and Poison frontman Bret Michaels on Saturday. There will also be fireworks, motorcycle shows, auctions, celebrity appearances and more. Free, parking is $10. Headliners go on at 6:30 p.m. Thursday and 8 p.m. Friday and Saturday. 5600 Gulf Blvd., St Pete Beach. stpetebeachbikefest.com.
Marshall Gilkes: The Tampa Jazz Club brings the jazz trombonist and composer for its Monday Night Jazz Series at the University of South Florida Concert Hall. $20, $10 students. 7:30 p.m. Monday. 3755 W Holly Drive, Tampa. tampajazzclub.com.
Ryanhood: The multi-instrumentalist duo of Ryan Green and Cameron Hood bring tight harmonies and showmanship. $30.50. 7:30 p.m. Monday. David A. Straz Jr. Center for the Performing Arts, 1010 N MacInnes Place, Tampa. (813) 229-7827. strazcenter.org.
Dizzy Wright and Rittz: The co-headliners are poised to deliver their signature powerful performances with special guests Ekoh and Whitney Peyton. $20. 6:30 p.m. Tuesday. Crowbar, 1812 N 17th St., Tampa.
The Fab Four Beatles Tribute: Known for note-for-note live renditions of Beatles’ classics, the show includes three costume changes representing every era of the Beatles’ ever-changing career. $36.50-$65.50. 8 p.m. Thursday. Nancy and David Bilheimer Capitol Theatre, 405 Cleveland St., Clearwater. (727) 791-7400. atthecap.com.
Chingy: The mid-2000s rap star known for his hit single Right Thurr is the last of the Ritz Ybor’s Throwback Thursday concerts. $10. 10 p.m. Thursday. 1503 E Seventh Ave., Tampa. (813) 248-4050. theritzybor.com.
Suncoast Jazz Festival: Marking its 29th anniversary this year on Clearwater Beach, the festival spans five simultaneous indoor venues and ballrooms between the Sheraton Sand Key and Marriott Sand Key. $50-$375. Friday through Sunday. 1160 Gulf Blvd., Clearwater. For a schedule, visit suncoastjazzfestival.com.
Conan Gray: The popular YouTuber brings his airy lovesick ballads to Friday’s show at the Ritz Ybor. $24.50-$34.50.
Neil Sedaka: Known for songs like Breaking Up Is Hard to Do, he is still touring after over 60 years. $60-$145. 8 p.m. Friday. Seminole Hard Rock Hotel and Casino, 5223 Orient Road, Tampa. Toll-free 1-866-388-4263. seminolehardrocktampa.com.
John Oates: Half of the best-selling duo of all time, Hall & Oates, as well as a member of the Rock and Roll Hall of Fame, he will perform with the Good Road Band. $36-$59. 8 p.m. Friday. Capitol Theatre.
Once on This Island: The winner of the 2018 Tony Award for Best Revival of a Musical opens at the Straz Center on Tuesday and runs through Sunday. $41 and up. For showtimes, visit strazcenter.org.
Chris D’Elia: The comedian, podcaster and star of NBC’s Undateable brings his typical energetic flair along with a host of new material to three shows. $50 and up. 8 p.m. Wednesday and 7 and 9:30 p.m. Thursday. Tampa Theatre, 711 N Franklin St. (813) 274-8286. tampatheatre.org.
Crime Junkie Podcast Live: Ashley and Brit of Crime Junkie bring you a never-before-told case. Analyze the facts and evidence with Ashley and yell, “Wait, what?!” with Brit. $35. 7:30 p.m. Friday. Straz Center.
Silent Sky: American Stage looks at the life and career of Henrietta Leavitt, part of a group of unsung women known as “computers” who worked at the Harvard Observatory in 1900. $44-$54. Opens Friday and runs through Dec. 22. 163 Third St. N., St. Petersburg. (727) 823-1600. americanstage.org.
The Lion in Winter: King Henry II of France decides to let his wife Eleanor of Aquitaine out of prison to spend Christmas with the family. They disagree about which of their sons should inherit the crown. Opens Saturday and runs through Dec. 22. $25-$50. Freefall Theatre, 6099 Central Ave., St. Petersburg. (727) 498-5205. freefalltheatre.com.
Lionel Richie at Glastonbury: The filmed version of the iconic performance that the legendary singer and songwriter gave during the 2015 Glastonbury Festival in England is coming to movie theaters Tuesday. Prices and times vary. Regency 20 (Brandon), Riverview 14 (Gibsonton), Citrus Park 20 (Tampa), Park Place 16 (Pinellas Park) and Woodlands Square 20 (Oldsmar). fathomevents.com.
KIDS AND FAMILY
Pinocchio: John Davies’ adaptation of the classic tale of a wooden puppet and his journey to become a real boy. The St. Petersburg Opera production includes music by Mozart, Offenbach, Verdi and Donizetti, with easily-understood lyrics in English. The show is aimed at children. $10, $5 for 18 and younger. 7 p.m. Friday and 2 p.m. Saturday. 2145 First Ave. S, St. Petersburg. (727) 823-2040. stpeteopera.org.
Sanding Ovations: The annual sand-sculpting festival on Treasure Island starts Wednesday with a “pound up.” That’s when tons of sand combined with water is molded into forms. Starting Thursday, the sculpting will be well underway and vendors will be set up along the Treasure Island Beach Trail Park. Friday brings free concerts by Randall Bramblett Band and Drivin N Cryin. And Saturday has an awards ceremony at 7 p.m. and fireworks at 10. Free. 10400 Gulf Blvd., Treasure Island. sandingovationsmasterscup.com
Cirque Dreams Holidaze: This Broadway-style musical and family holiday spectacular has more than 300 imaginative costumes and 20 acts of acrobatics and theatrical production numbers. $38-$68. 7:30 p.m. Thursday. Mahaffey Theater.
Disney Junior Holiday Party: Disney characters visit from the popular cable channel, including Mickey and Minnie Mouse, Vampirina and Bingo and Rolly from Puppy Dog Pals. They will be singing holiday classics such as Jingle Bells and Deck the Halls. $43.25-$73.25. 6 p.m. Thursday. 1111 N McMullen-Booth Road, Clearwater. (727) 791-7400. rutheckerdhall.com.
Infographic of the Week
In a recent article, First American shared how millennials are not really any different from previous generations when it comes to the goal of homeownership; it is still a huge part of their American Dream. The piece, however, also reveals,
“Saving for a down payment is one of the biggest obstacles faced by first-time home buyers. Dispelling the 20 percent down payment myth could open the path to homeownership for many more.”
Myth #1: “I Need a 20% Down Payment”
Buyers often overestimate how much they need to qualify for a home loan. According to the same article:
“Americans still overestimate the qualifications needed to get a mortgage, resulting in qualified potential buyers not even considering homeownership. Indeed, the Urban Institute report revealed that 16 percent of consumers believed that the minimum down payment required by lenders is 20 percent or more, and another 40 percent didn’t know at all.”
While many potential buyers still think they need to put at least 20% down for the home of their dreams, they often don’t realize how many assistance programs are available with as little as 3% down. With a little research, many renters may actually be able to enter the housing market sooner than they ever imagined.
Myth #2: “I Need a 780 FICO® Score or Higher”
In addition to down payments, buyers are also often confused about the FICO® score it takes to qualify for a mortgage, believing a ‘good’ credit score is 780 or higher.
To debunk this myth, let’s take a look at Ellie Mae’s latest Origination Insight Report, which focuses on recently closed (approved) loans.As indicated in the chart above, 50.23% of approved mortgages had a credit score of 500-749.
Whether buying your first home or moving up to your dream home, knowing your options will make the mortgage process easier. Believe it or not – your dream home may already be within your reach.
Click the graphic above to visit www.teambohannon.com
Buyers are out in full force this fall, increasing the demand for homebuying in all four regions of the country.
According to the latest ShowingTime Showing Index,
“Home showing activity was up again nationwide with a 4.6 percent rise in traffic, as the traditionally slow fall season began with a marked boost in buyer interest.”
Buyers clearly have the right idea, as mortgage rates have dropped over a full percentage point since the fall of 2018. They’ve hovered in a historically low range since this summer, making the overall cost of homeownership significantly more attractive and affordable.
Here’s the breakdown of how ShowingTime reports current buyer traffic patterns across the country:
“The West Region, which until August had experienced 18 consecutive months of flagging home buyer traffic, lead the four regions in year-over-year improvement with an 8.9 percent increase in buyer activity.
The South followed with a 6.4 percent increase, the largest such improvement in the region since April 2018, with the Northeast Region’s 5.6 percent increase the next largest among the four regions.
The Midwest’s more modest 0.8 percent year-over-year growth rounded out the nation’s promising month.”
With ShowingTime reporting “nationwide growth for the second consecutive month, a first since December 2017 – January 2018”, it’s one more reason why selling your house this winter is the way to go. List while buyers are on the market, before competition with other sellers pops up in your neighborhood.
If you’re thinking of waiting until spring to sell, think again! Let’s get together to discuss listing your house now while buyer traffic is actively surging throughout the country.
November 14, 2019
The modest uptick in mortgage rates over the last two months reflects declining recession fears and a more sanguine outlook for the global economy. Due to the improved economic outlook, purchase mortgage applications rose fifteen percent over the same week a year ago, the second highest weekly increase in the last two years. Given the important role residential real estate plays in the economy, the steady improvement of the housing market is a reassuring sign that the economy is on solid ground heading into next year.
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!