Hillsborough County Home Sales November 2018 – Tampa Market Monday

    Happy Monday, December 24, 2018

    Merry Christmas. We wish you all a safe and happy Holiday season with your family and friends.

    Today let’s review Hillsborough County homes sales for November:

    In November 2018, the number of for sale listings jumped 18.4% from November 2017 and fell 2.6% from October 2018. The number of sold listings rose 9% year over year but dropped 2% month over month. The number of listings under contract declined 3.3% compared to October 2018 and climbed 15.3% compared to November 2017.

    The Months of Inventory came in at 2.7 months, 8% higher than the previous November. The Average Sold Price per Square Footage increased 2.8% compared to October 2o18 and 4.3% compared to last November. The Median Sold Price rose by 1.6% from last month. The Average Sold Price increased by 5.9% from last month.

    Based on the 6 month trend, both the Average Sold Price  trend and the Median Sold Price trend are “Neutral”. The Average Days on Market showed a 6-month upward trend, but decreased 11.3% compared to November a year ago. The ratio of Sold Price vs. Original List Price fell 1% to 95% compared to November 2017. 

    Hillsborough County

    Home Sales (Sold)
    November home sales climbed 9% as 1667 homes sold compared to 1530 in November 2017. The 1667 homes sold was 2% lower than the 1701 sales last month.

    Current Inventory of Homes (For Sale)
    The total number of homes for sale jumped 18.4% or 707 units compared to November 2017, but dropped 2.6% compared to October 2018.

    Property Under Contract (Pended)
    Homes under contract (pending) decreased 3.3% compared to last month but rose 15.3% compared to last November.

    The Average Sold Price per Square Footage indicates the direction of property values. In November 2018, the Average Sold Price per Square Footage was $145, up 2.8% from $141 in October 2018 and 4.3% from $139 in November 2017.

    The Days on Market Shows Upward Trend

    The average Days on Market (DOM) shows how many days, on average, homes stay on the market before they sell. If this measure trends upward it indicates a move towards more of a Buyer’s market, but if it trends downward it indicates a move towards more of a Seller’s market. The DOM for November 2018 was 55 days, up 5.8% from 52 days last month and down 11.3% from 62 days in November 2017.

    The Sold/Original List Price Ratio is Falling

    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. In November, the Sold Price vs. Original List Price of 95% was the same as last month and down 1% from November of last year.

    The Average For Sale Price is Depreciating*

    The Average For Sale Price in November was $427,000, down 3.8% from $444,000 in November of 2017 and up 1.4% from $433,000 last month.

    The Average Sold Price is Neutral*

    The Average Sold Price in November was $303,000, up 4.1% from $291,000 in November of 2017 and up 5.9% from $286,000 last month.

    The Median Sold Price is Neutral*

    The Median Sold Price in November was $248,000, up 3.8% from $239,000 in November of 2017 and up 1.6% from $244,000 last month.

    *Based on 6-month trend

    It’s a Seller’s Market*

    A comparatively lower Months of Inventory benefits sellers and 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 November 2018 Months of Inventory increased 8% to 2.7 months compared to last November. This was the same as last month.

    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 November 2018 Absorption Rate was 36.7, a decrease of 8% compared to last November and an increase of 0.5% compared to last month.

    Hillsborough County:

    Hillsborough County Government Offices To Close For Holidays

    HILLSBOROUGH COUNTY, FL — Most Hillsborough County offices and many public facilities will be closed certain work days or have adjusted schedules during the Christmas and New Year’s Day holidays.

    Also, schedules for libraries in the Hillsborough County Public Library Cooperative include early closings during the holidays. For information about specific locations, call (813) 273-3652 or click here.

    Sunday, Dec. 23

    • The Pet Resource Center will be open until 5 p.m.
    • All libraries in the Hillsborough County Public Library Cooperative will be closed.

    Christmas Eve, Monday, Dec. 24

    • Garbage, recycling, and yard waste collections will follow a normal schedule. Disposal sites (community collection centers, yard and wood waste processing facilities, transfer stations, the Resource Recovery Facility and Southeast County Landfill) will be open.
    • Except for Veterans Memorial Park and the Dead River section of Wilderness Park, all conservation parks will be open from 7 a.m. to 2 p.m. Veterans Memorial Park and Dead River will be closed for the day.
    • Emergency calls regarding county water and wastewater service may be directed to (813) 744-5600.
    • A limited number of Animal Safety and Enforcement officers will be on call for emergencies only.

    Christmas Day, Tuesday, Dec. 25

    • There will be no collection of garbage, recycling or yard waste.
    • Emergency calls regarding county water and wastewater service may be directed to (813) 744-5600.
    • A limited number of Animal Safety and Enforcement officers will be on call for emergencies only.

    New Year’s Eve, Monday, Dec. 31

    • Hillsborough County offices and facilities will be open, with the exception of the Pet Resource Center (always closed on Mondays).
    • Garbage, recycling and yard waste collections will follow a normal schedule. Disposal sites (community collection centers, yard and wood waste processing facilities, transfer stations, the Resource Recovery Facility, and Southeast County Landfill) will be open.
    • All libraries in the Hillsborough County Public Library Cooperative will close at 6 p.m.

    New Year’s Day, Tuesday, Jan. 1

    • Recycling collection will follow a normal schedule. However, there will be no collection of garbage or yard waste.
    • All other Hillsborough County offices and facilities will be closed.
    • Emergency calls regarding county water and wastewater service may be directed to
    • (813) 744-5600.
    • A limited number of Animal Safety and Enforcement officers will be on call for emergencies only.

    All Hillsborough County public schools and district offices will be closed beginning Monday, Dec. 24, through Friday, Jan. 4 for winter break. All district offices will reopen on Monday, Jan. 7. Students return on Tuesday, Jan. 8.

    From the Blog:

    Homeownership Remains a Huge Part of the American Dream

    As we head into 2019, many news outlets and housing experts warn that the housing market may slow down. Over the last six years, the inventory of homes for sale has been near historic lows, which has been the force behind increasing home prices.

    This has been great news for sellers as many of them have been able to capitalize on the demand in the market and sell their homes quickly and at a great profit.

    One of the big reasons why inventory has remained so low for so long is that an entire generation of home buyers is finally buying! The millennial generation (ages 19-35) has been the driving force behind bidding wars in many areas of the country as they ditch their renter lifestyles and put down roots in new communities.

    First American recently released a study entitled “How ‘Renter’ Millennials Will Transform the Housing Market.”In their study, they explained that:

    “…As more millennials age into their early-to-mid thirties, and begin to get married, have children and form households, they will continue to be the primary drivers of homeownership demand.”

    Because of this, it is safe to say that one aspect of 2019’s housing market that WILL NOT slow down is the demand for housing from young renters who are no longer satisfied living in someone else’s homes.

    According to the latest Housing Vacancies and Homeownership Report from the Census Bureau, home buyers under 35 are already out-buying older Americans. The chart below shows the year-over-year change in homeownership rate by those under and over the age of 35.

    Homeownership Remains a Huge Part of the American Dream | Simplifying The Market

    The national homeownership rate spiked to its highest level in 2004 and then steadily declined until the second quarter of 2016 when it reversed course. Homebuyers under the age of 35 are the reason for that shift.

    More than half of the purchase mortgages originated by Fannie Mae and Freddie Mac in 2018 were to first-time homebuyers. In fact,

    “according to Census Bureau and First American calculations, over the next 10 years, aging millennials are expected to purchase at least 10 million new homes. By 2060, it is estimated millennials will have produced more than 20 million first-time home buyers.”

    Bottom Line

    If you are a homeowner who is nervous that the demand for your home will slow, don’t worry! If your home is priced competitively, there will be demand for years to come as this generation of renters is finally able to buy!

    Click the graphic above to visit www.teambohannon.com

    Real Estate:

    5 housing takeways: What should you expect from home sales in 2019?

    Forget fevered bidding wars and snap home-buying decisions. Slower and steadier will characterize next year’s housing market.

    That follows a 2018 that started off hot but softened into the fall as buyers – put off by high prices and few choices – sat out rather than paid up.

    Affordability issues will remain a top concern going into 2019, exacerbated by rising mortgage rates. But some of 2018’s more intractable issues will begin to loosen up. The volume of for-sale homes is expected to rise and diversify, while the number of buyers is forecast to shrink.

    “For home sellers, they need to recognize those days of frenzied market are over. They must price competitively to sell their home,” said Lawrence Yun, the chief economist at the National Association of Realtors. “For buyers, there will be challenges when it comes to rising interest rates, but they don’t have to make hurried decisions anymore.”

    Still, some cash-strapped first-time buyers will simply be priced out, while a cohort of potential move-up buyers will decide to stay in their existing home, make renovations and enjoy their current low, low mortgage rate. Price increases will moderate and everyone in the market will need to adjust.

    Read More

    Home Loans

    Mortgage Rates Move Slightly

    December 20, 2018

    The response to the recent decline in mortgage rates is already being felt in the housing market. After declining for six consecutive months, existing home sales finally rose in October and November and are essentially at the same level as during the summer months. This modest rebound in sales indicates that homebuyers are very sensitive to mortgage rate changes – and given the further drop in rates we’ve seen this month, we expect to see a modest rebound in home sales as well.

    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

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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!

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

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    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

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