Happy Monday, October 21, 2019
September 2019 favored Sellers!
Homes for Sale fell 6.6% from September 2018 but rose 2.8% from August 2019. Homes Sold climbed 6.8% year over year but declined 17.3% month over month. Homes Under Contract decreased 1.5% compared to August 2019 and increased 11.7% compared to September 2018.
The Months of Inventory based on Closed Sales came in at 2.5 months, down 13.9% from September a year ago. The Average Sold Price per Square Footage rose 0.7% compared to August 2019 and 3.4% compared to September 2018. The Median Sold Price fell 1.9% from August of this year. The Average Sold Price ticked down 1% from August 2019.
The Average Days on Market stayed flat compared to September 2018. The ratio of Sold Price vs. Original List Price increased 1.1% to 96%.
Current Inventory of Homes (For Sale)
In September 2019, for sale listings fell by 298 units or 6.6% compared to September of last year. Current for sale inventory increased 2.8% compared to August 2019.
Property Under Contract (Pending)
Homes Under Contract declined 1.5% from 1862 single-family homes in August 2019 to 1835 homes in September 2019. Homes Under Contract jumped 11.7% compared to September 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 September 2019 Average Sold Price per Square Footage of $151 ticked up 0.7% from $150 in August 2019. It climbed 3.4% from $146 in September 2018.
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 September 2019 of 51 days decreased 1.9% from 52 days in August of this year. It held steady compared to September of last year.
The Sold/Original List Price Is Rising
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. September 2019’s Sold Price vs. Original List Price of 96% stayed flat compared to August 2019. It rose 1.1% compared to September 2018.
The Average Sold Price is Neutral
The Average Sold Price in September of $312,000 increased 6.1% from $294,000 in September 2018. It dropped 1% from $315,000 in August 2019.
The Median Sold Price is Neutral
The Median Sold Price in September of $255,000 rose 4.5% from $244,000 in September 2018. It declined 1.9% from $260,000 in August of this year. September 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 September 2019 Months of Inventory based on Closed Sales of 2.5 months fell 13.9% compared to September 2018. It climbed 24.7% compared to August 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 September 2019 Absorption Rate based on Closed Sales of 39.8 increased 14.4% compared to last September. It decreased 19.4% compared to August of this year.
Halloween: Since the actual day for trick or treating falls on a Thursday next week, this weekend will have the biggest parties, including one hosted by Entourage star Jeremy Piven at the Godfrey Hotel featuring a $10,000 costume contest on Saturday. Also, Al Lang Stadium will be a “Stadium of Screams” with a scare zone on Friday and a more kid-friendly vibe on Sunday to benefit local charities ($8). stadiumofscreams.com
Shine Mural Festival: The annual festival that brings muralists to locations all over St. Petersburg is in full force this week and there’s a grand finale party on Saturday with an Indie Flea Market during the day and a reveal of a mural of some 200 portraits of community members. It runs 2 p.m. to sunset at 28th Street and Fairfield Avenue S in St. Petersburg. You can find a lineup of talks and parties surrounding the festival at shinemuralfest.com.
Music: Face-tatted Texas rapper Post Malone plays Amalie Arena on Thursday with Swae Lee and Tyla Yaweh in tow ($49.75 and up). Singer-songwriter Gretchen Peters performs in the Jaeb Theater at the Straz Center Monday ($30.50). Alt-rock titans Alter Bridge and Skillet on Tuesday join forces at Jannus Live ($38.50). Los Angeles alt-rock band Badflower plays the Orhpeum in Ybor on Tuesday alongside Weathers and Dead Poets Society ($18-$89). Florida-born ’90s country star Aaron Tippin plays the Straz Center’s Ferguson Hall on Tuesday ($25-$35). On Wednesday, British indie-pop singer Bishop Briggs plays Jannus Live ($27). The Kentucky hardcore punk band Knocked Loose performs alongside Rotting Out, Cand, and SeeYouSpaceCowboy on Thursday at the Orpheum ($23-$40). Wynonna & The Big Noise, the multi Grammy Award-winning country music star and her band, play the Bilheimer Capitol Theatre on Thursday ($29-$72). On Friday, Grammy-winning EDM artists The Chainsmokers play Amalie Arena ($25.75 and up). On Friday you can meet the creator of Tampa Bay Bustdown the 2019 summer anthem we deserve, when Yung Gravy plays Jannus Live ($24.50). Fans are encouraged to dress in mustard gold and bring a fake flower to contribute to the ambiance when pop-rock’s the Maine plays the Orheum on Friday ($25.50). Squirrel Nut Zippers swing through The Attic in Ybor on Friday ($35 and up). The Rumours of Fleetwood Mac tribute band is celebrating over 50 years of Mac tunes Friday at the Capitol ($39.50-$65.50). Former YES keyboardist Rick Wakeman visits as part of his “Grumpy Old Rock Star” tour on Saturday at the Capitol ($49 and up) . R&B singer Sabrina Claudio plays the Ritz Ybor on Sunday ($27.50).
The Florida Orchestra: The orchestra brings a program of Latin Pops with popular Latin beats from the past 75 years, from bossa nova to mambo to Santana and Gloria Estefan. Matt Catingub conducts, with vocalist and actor Christina Souza on Friday at the Straz Center, and two shows Saturday at the Mahaffey ($18-$48). Then at 2 p.m. Sunday, the orchestra will return to the Straz Center with One Giant Leap!, a family-friendly and affordable celebration of the 50th anniversary of the moon landing, featuring music from Holst’s The Planets and John Williams’ E.T. score as space footage scrolls across the stage. $8-$10, ages 3 and under free.
Comedy: Moms can get some recognizable laughs from Cat and Nat on Tuesday when they bring their podcast #Momtruths Live to the Bilheimer Capitol Theatre ($28-$53). The blue collar comic and sitcom star Bill Engvall makes his 10th appearance at Ruth Eckerd Hall on Friday ($50.50 and up) and Funny Women of a Certain Age featuring Carole Montgomery, Kerri Louise and Leighann Lord, coming off the success of their 2019 Showtime special, will be at the Palladium in St. Petersburg on Friday ($35). The mind of Carlos Mencia will be at Side Splitters in Tampa Thursday through Saturday ($25).
A Thanksgiving Play: The new Jobsite Theater production is a satire about a group of “woke” teachers who attempt to throw a pageant that honors the holiday and Native American Heritage month. It opens Wednesday through Nov. 17 in the Shimberg Playhouse at the Straz Center in Tampa. $18-$29.50. 8 p.m. jobsitetheater.org
If I Cry: The Tampa City Ballet will present a production inspired by Frida Kahlo’s diaries on Friday and Saturday at the theater at the HCC Ybor City campus ($30). 7 p.m. Hillsborough Community College Ybor City Campus Mainstage Theatre, 1411 E 11th Ave., Tampa. (813) 558-0800. tampacityballet.org
Stone Crab: The season has begun and two of the biggest stone crab festivals will be on Clearwater Beach this weekend. The 26th annual Cooters Crab Fest will be a huge four-day party starting Thursday. And it is the 35th year for Frenchy’s Stone Crab Weekend, one of the biggest block parties on Clearwater Beach, with a live music lineup Saturday and Sunday starting at noon.
Progressive Tampa Boat Show: Check out nearly 500 boats set up Friday through Sunday at the Tampa Convention Center. You’ll also find a fishing simulator, yacht club lounge and there is a lineup of fishing and on-water sailing classes. $12, free for kids 12 and younger. Sunday’s family day is $20 for two adults and two kids.
KIDS AND FAMILY
Hillsborough County Fair: The second week of the fair brings more of the midway and rides, and Sunday at 3 p.m. is the popular demolition derby. $7, $5 students, $4 seniors, 5 and younger free. Thursday-Sunday at the fairgrounds, 215 Sydney Washer Road, Dover. hillsboroughcountyfair.com.
Oktoberfest: The second week of the Oktoberfest under a big top at Tampa Bay Downs brings an adorable contest of corgi racing to the racetrack on Saturday. The festival also features a carnival, arts and crafts, German food, drinks, music, dancing and contests for log sawing, stein holding and keg hurling.$5, 12 and younger/military free on Friday 5-11 p.m, Saturday 11 a.m.-11 p.m.
SPIFFS International Folk Festival: Ever since 1975, the annual festival has been showcasing food and culture from around the world. Get your passport stamped Friday through Sunday in Vinoy Park in St. Petersburg. $10, $6 students.
MORE TO EXPLORE
Find loads of Halloween parties and pumpkin patches at tampabay.com/things-to-do.
Infographic of the Week
In today’s 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. Here are five tips from realtor.com’s article, “How to Find Your Dream Home—Without Losing Your Mind.”
1. Get Pre-Approved for a Mortgage Before You Start Your Search
One way to show you’re serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage. Even if you’re 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 will help you avoid the disappointment of falling in love with a home well outside your price range.
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? Before you start your search, list all the features of a home you would like. Qualify them as ‘must-haves’, ‘should-haves’, or ‘absolute-wish list’ items. This will help you stay focused on what’s most important.
3. Research and Choose a Neighborhood Where You Want to Live
Every neighborhood has unique charm. Before you commit to a home based solely on the house itself, take a test-drive of the area. Make sure it 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 will best serve those needs. Just because you’ve narrowed your search to a zip code doesn’t mean you need to tour every listing in that vicinity. 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 and making notes on the listing sheet to document what you love and don’t love about each property you visit.
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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If you’re searching for a home online, you’re not alone; lots of people are doing it. The question is, are you using all of your available resources, and are you using them wisely? Here’s why the Internet is a great place to start the home-buying process, and the truth on why it should never be your only go-to resource when it comes to making such an important decision.
According to the National Association of Realtors (NAR), the three most popular information sources home buyers use in the home search are:
- Online website (93%)
- Real estate agent (86%)
- Mobile/tablet website or app (73%)
Clearly, you’re not alone if you’re starting your search online; 93% of home buyers are right there with you. The even better news: 86% of buyers are also getting their information from a real estate agent at the same time.
Here are 3 top reasons why using a real estate professional in addition to a digital search is key:
1. There’s More to Real Estate Than Finding a Home Online. It’s a lonely and complicated trek around the web if you don’t have a real estate professional to also help you through the 230 possible steps you’ll face as you navigate through a real estate transaction. That’s a pretty staggering number! Determining your price, submitting an offer, and successful negotiation are just a few of these key steps in the sequence. You’ll definitely want someone who has been there before to help you through it.
2. You Need a Skilled Negotiator. In today’s market, hiring a talented negotiator could save you thousands, maybe even tens of thousands of dollars. From the original offer to the appraisal and the inspection, many of the intricate steps can get complicated and confusing. You need someone who can keep the deal together until it closes.
3. It Is Crucial to Make a Competitive and Compelling Offer. There is so much information out there in the news and on the Internet about home sales, prices, and mortgage rates. How do you know what’s specifically going on in your area? How do you know what to offer on your dream home without paying too much or offending the seller with a lowball offer?
Dave Ramsey, the financial guru, advises:
“When getting help with money, whether it’s insurance, real estate or investments, you should always look for someone with the heart of a teacher, not the heart of a salesman.”
Hiring a real estate professional who has his or her finger on the pulse of the market will make your buying experience an informed and educated one. You need someone who is going to tell you the truth, not just what they think you want to hear.
If you’re ready to start your search online, let’s get together. You’ll want someone who is educated and informed at your side who can answer your questions and guide you through a process that can be complex and confusing if you go at it with the Internet alone.
October 17, 2019
Despite this week’s uptick in mortgage rates, the housing market remains on the upswing with improvement in construction and home sales. While there has been a material weakness in manufacturing and consistent trade uncertainty, other economic trends like employment and homebuilder sentiment are encouraging.
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!