Happy Monday, April 2, 2018
Spring is here and it is time to get serious about buying or selling that house. Odds are this will be your best opportunity to do so this year. So let’s start the month with a review of Hillsborough County and how the housing market performed in March 2018.
In March of 2018, 249 fewer single-family homes sold compared to March 2017. In 2018, 1,581 homes changed hands compared to 1,830 in 2017. That means sales dropped 14%. The number of homes for sale also fell from 7,807 in March of 2017 to 6,667 in this March. That’s 1,140 or 15% fewer homes on the market than March of last year. Also, 2,437 new properties came onto the market in March 2018, 64 fewer than March 2017 when 2,501 new properties were listed for sale.
Housing Inventory, measured by Months Supply of Inventory, fell 35% compared to March 2017. Last March, the Hillsborough market had 2.76 months of supply, but this March the inventory had dropped to 1.7 months. The Average Days a Home Stayed on the Market stayed at 47 days, 4 days less or 8% lower than last March.
Median Sold Price, which is the price half the homes sold for, climbed $242,500 from $229.900 from March a year ago. This $12,600 price increase was 5% higher than last March. The Median For Sale Price of homes also rose 6% from $$266,815 to$281,900, a jump of$15,085.
Seller demand remains strong in Hillsborough County and Tampa, but a low inventory of homes for sales continues to hold sales down. As we approach the optimum time for buying or selling a home, it is vital that you act now if you want to make the most of this opportunity. So please reach out to our Buyers and Sellers agents so you can get positioned to sell your home at top dollar or find the home of your dreams.
Now let’s look at some of the most helpful and interesting blog posts, articles, and infographics we’ve run across this week. Enjoy!
The Bromley Companies, a New York City-based real estate firm, announced an office-heavy, mixed-use development that would rank among the largest real estate projects in the Tampa area.
Bromley released a rendering of Midtown Tampa, a 1.8 million-square-foot development designed as a multi-purpose link between downtown Tampa and the Westshore area of the city.
Bromley’s rendering depicted mid-rise buildings around a plaza with a fountain and pond. Midtown Tampa’s components would include 400 residences and a hotel with 225 rooms, plus 240,000 square feet of retail and entertainment space and 750,000 square feet of offices.
From the Blog:
The price of any item is determined by the supply of that item, as well as market demand. The National Association of REALTORS (NAR) surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions” for their monthly REALTORS Confidence Index.
Their latest edition sheds some light on the relationship between Seller Traffic (supply) and Buyer Traffic (demand).
The map below was created after asking the question: “How would you rate buyer traffic in your area?”
The darker the blue, the stronger the demand for homes in that area. Only four states had a ‘stable’ demand level.
The index also asked: “How would you rate seller traffic in your area?”
As you can see from the map below, 25 states reported ‘weak’ seller traffic, 21 states reported ‘stable’ seller traffic, 3 states and Washington D.C. reported ‘strong’ seller traffic, and only 1 state reported ‘very strong’ seller traffic. This means there are far fewer homes on the market than what is needed to satisfy the buyers who are out looking for their dream homes.
Looking at the maps above, it is not hard to see why prices are appreciating in many areas of the country. Until the supply of homes for sale starts to meet buyer demand, prices will continue to increase. If you are debating listing your home for sale, let’s get together to help you capitalize on the demand in the market now!
Ask any first-time home buyer about his or her home search, and you’ll probably hear that the quest isn’t easy. It’s tough saving up for a home. Landing a mortgage at the desired rate can be tricky. And beating out contenders to the right home requires good timing.
But fresh numbers show that first-timers aren’t giving up. In fact, they’re buying more homes than they have in 12 years. That’s a good sign for the market. And it may encourage others to pursue their dreams of owning.
If you’re eager to buy your first home, the good and bad news is that you’re not alone. But with careful planning and the right approach, you’ll stand a better chance of buying your first home sooner.
April’s showers will bring May flowers — and the best time to list a home.
The best two-week period to put a home on the market is May 1 through May 15, according to a new study by real-estate website Zillow ZG, -1.61% Based on an analysis of 24 of the nation’s largest markets, homes listed during that time period sell on average two weeks faster and for $2,400 more.
Generally speaking, late spring will be the best time to sell this year because of the prevailing market trends, Zillow argued. This spring is shaping up to be the most competitive spring home buying season since the Great Recession — consequently, by late spring buyers may be more eager to get into a home if they’ve already suffered through multiple failed bids.
“As they linger later into the season, these buyers may end up spending more than they intended as they get wrapped up in competition and/or rush to conclude a deal before the summer months,” Zillow’s report stated. “This means late-spring listers can capture these perhaps frustrated buyers more quickly, and earn an additional premium.”
Treasury yields fell from a week ago helping to drive mortgage rates modestly lower. The yield on the 10-year Treasury dipped below 2.8 percent for the first time since early February of this year. The decline in Treasury yields comes as investors move into safer assets amid increased trade tensions. Following Treasurys, mortgage rates fell slightly. The U.S. weekly average 30-year fixed mortgage rate fell 1 basis point to 4.44 percent in this week’s survey.
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 New Year!
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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!