Hillsborough County Home Sales as of September 16, 2019 – Tampa Market Monday

    Happy Monday, September 16, 2019

    In August 2019, the Hillsborough County housing market favored Sellers!

    Homes for Sale fell 4.2% from August 2018 and 1.9% from July 2019. Homes Sold rose 0.8% year over year but declined 0.5% month over month. Homes Under Contract climbed 4% compared to the July 2019 and 14.4% compared to August 2018.

    The Months of Inventory based on Closed Sales was 2 months, a 4.7% drop from August a year ago.

    The Average Sold Price per Square Footage ticked down 0.7% compared to July of this year but jumped 5.6% compared to August of last year. The Median Sold Price held steady compared to July 2019. The Average Sold Price fell 1.6% from July 2019.

    The Average Days on Market increased 8.3% compared to August 2018. The ratio of Sold Price vs. Original List Price was 96%, the same as August of last year.

     

    Home Sales (Sold)
    In August 2019, 2015 single-family homes sold in Hillsborough County, an increase of 0.8% from the 1999 sold in August of 2018. It was 0.5% fewer than the 2025 sales in July 2019.

    Current Inventory of Homes (For Sale)
    In August 2019, there were 179 fewer single-family homes for sale in Hillsborough County than in August 2018. last year, the total number of properties available this month is lower by 4.2% or 179 units. For sale listings dropped 1.9% compared to July 2019.

    Property Under Contract (Pending)
    In August 2019, homes under contract jumped 4% as 2076 homes were pending compared to 1996 in July of this year. Homes under contract climbed 4.4% compared to August of last year.

    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 August 2019 Average Sold Price per Square Footage of $150 decreased 0.7% from $151 in July 2019. It rose 5.6% from $142 in August of last year.

     

    The Days on Market Shows Downward 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 August 2019 was 52 days, the same as July of this year and up 8.3% from 48 days in August 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. This month Sold Price vs. Original List Price of 96% matched July 2019 and August 2018.

    The Average For Sale Price is Neutral
    The Average For Sale Price in August was $475,000, up 7% from $444,000 in August of 2018 and down 1.2% from $481,000 July 2019.

    The Average Sold Price is Appreciating
    The Average Sold Price in August was $316,000, up 7.8% from $293,000 in August of 2018 and down 1.6% from $321,000 July 2019.

    The Median Sold Price is Appreciating
    The Median Sold Price in August was $260,000, up 6.1% from $245,000 in August of 2018 and the same as July 2019.

    August 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 August 2019 Months of Inventory based on Closed Sales of 2 months decreased by 4.7% compared to last August and 4.8% compared to July 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 August 2019 Absorption Rate based on Closed Sales of 49.2 increased by 5.3% compared to August 2018 1.4% compared to July 2019.

    Hillsborough County:

    2020 – 2021 Student Calendar Hillsborough Schools

    Infographic of the Week

    Buy:

    Things to Avoid After Applying for a Mortgage

    Congratulations! You’ve found a home to buy and have applied for a mortgage! You’re undoubtedly excited about the opportunity to decorate your new home, but before you make any large purchases, move your money around, or make any big-time life changes, consult your loan officer – someone who will be able to tell you how your decisions will impact your home loan.

    Below is a list of Things You Shouldn’t Do After Applying for a Mortgage. Some may seem obvious, but some may not.

    1. Don’t Change Jobs or the Way You Are Paid at Your Job. Your loan officer must be able to track the source and amount of your annual income. If possible, you’ll want to avoid changing from salary to commission or becoming self-employed during this time as well.

    2. Don’t Deposit Cash into Your Bank Accounts. Lenders need to source your money, and cash is not really traceable. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer.

    3. Don’t Make Any Large Purchases Like a New Car or Furniture for Your New Home. New debt comes with it, including new monthly obligations. New obligations create new qualifications. People with new debt have higher debt to income ratios…higher ratios make for riskier loans…and sometimes qualified borrowers no longer qualify.

    4. Don’t Co-Sign Other Loans for Anyone. When you co-sign, you are obligated. As we mentioned, with that obligation comes higher ratios as well. Even if you swear you will not be the one making the payments, your lender will have to count the payments against you.

    5. Don’t Change Bank Accounts. Remember, lenders need to source and track assets. That task is significantly easier when there is consistency among your accounts. Before you even transfer any money, talk to your loan officer.

    6. Don’t Apply for New Credit. It doesn’t matter whether it’s a new credit card or a new car. When you have your credit report run by organizations in multiple financial channels (mortgage, credit card, auto, etc.), your FICO® score will be affected. Lower credit scores can determine your interest rate and maybe even your eligibility for approval.

    7. Don’t Close Any Credit Accounts. Many clients erroneously believe that having less available credit makes them less risky and more likely to be approved. Wrong. A major component of your score is your length and depth of credit history (as opposed to just your payment history) and your total usage of credit as a percentage of available credit. Closing accounts has a negative impact on both of those determinants in your score.

    Bottom Line

    Any blip in income, assets, or credit should be reviewed and executed in a way that ensures your home loan can still be approved. The best advice is to fully disclose and discuss your plans with your loan officer before you do anything financial in nature. They are there to guide you through the process.

    Click the graphic above to visit www.teambohannon.com

    Home Values:

    What Is the Probability That Home Values Sink?

    With the current uncertainty about the economy triggered by a potential trade war, some people are waiting to purchase their first home or move-up to their dream house because they think or hope home prices will drop over the next few years. However, the experts disagree with this perspective.

    Here is a table showing the predicted levels of appreciation from six major housing sources:What Is the Probability That Home Values Sink? | Simplifying The MarketAs we can see, every source believes home prices will continue to appreciate (albeit at lower levels than we have seen over the last several years). But, not one source is calling for residential real estate values to depreciate.

    Additionally, ARCH Mortgage Insurance Company in their current Housing and Mortgage Market Review revealed their latest ARCH Risk Index, which estimates the probability of home prices being lower in two years. There was not one state that even had a moderate probability of home prices lowering. In fact, 34 of the 50 states had a minimal probability.What Is the Probability That Home Values Sink? | Simplifying The Market

    Bottom Line

    Those waiting for prices to fall before purchasing a home should realize that the probability of that happening anytime soon is very low. With mortgage rates already at near historic lows, now may be the time to act.

    Home Loans

    Mortgage Rates Increase

    September 12, 2019

    Pipeline purchase demand continues to improve heading into the late fall with purchase mortgage applications up nine percent from a year ago. The improved demand reflects the still healthy underlying consumer economic fundamentals such as a low unemployment rate, solid wage growth and low mortgage rates. While there has been a material weakness in manufacturing and consistent trade uncertainty, so far, the American consumer has proved to be resilient with solid home purchase demand.

    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!

    Annette Bohannon,
    Team Bohannon, Keller Williams, 813-431-2840
    www.teambohannon.com

    Search for Tampa Homes By Neighborhood

    Tampa

    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 make up Tampa Bay. It offers…
    View 3546 homes

    Apollo Beach

    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

    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

    Lithia/Fishhawk

    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

    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

    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

    Carrollwood Area

    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

    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

    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

    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

    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

    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

    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

    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

    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

    Luxury 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

    Golf Course Communities

    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

    Waterfront Properties

    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!

    Annette Bohannon,
    Team Bohannon, Keller Williams, 813-431-2840
    www.teambohannon.com

    Trackback from your site.

    Leave a Reply

    About our blog

    Ranked #1 Realtor in Tampa by U.S. News and World Report.

    Doug, Annette & Dale Bohannon

    Team Bohannon Real Estate Experts

    Keller Williams Tampa Properties
    Tampa, Florida

    (813) 979-4963

    If you're looking for a trusted partner who exceeds expectations, reduces stress, fulfills promises, and is on top of all the details, consider Tampa's Top Real Estate Team: Doug, Annette and Dale Bohannon when buying or selling your home, call us today at 813-979-4963

    Contact Us Now

    Any questions, comments, or feedback