Happy Monday, November 19, 2018
Hope all of you have a safe and happy Thanksgiving with family and friends.
Now let’s review Hillsborough County homes sales from October:
In October 2018, 18.6% more single-family homes were listed for sale in Hillsborough County than in October of 2017. Compared to September 2018, listings rose 3.5%. The number of homes that sold climbed 10.2% year over year and 8.3% month over month. The number of listings under contract also increased 9.8% compared to last October and 8.4% compared to last month. The Months of Inventory, which measures the available supply of homes for sale, rose to 2.7 months, up 3.9% from the previous October.
The Average Sold Price per Square Footage increased 1.4% compared to October 2017 and decreased 3.4% compared to last month. The Median Sold Price (the price above which half the homes sold for) was the same as last month, while the Average Sold Price fell 2.7% compared to September 2018. Based on the 6-month trend, the Average Sold Price and the Median Sold Price trend is “Depreciating.”
The Average Days on Market dropped 3.7% compared to October 2017. The ratio of Sold Price vs. Original List Price stayed at 95%, the same as last October.
Home Sales (Sold)
In October 2018, 1697 single-family homes sold, 10.2% more than the 1540 that sold in October of 2017 and 8.3% higher than the 1567 sales in September 2018.
Current Inventory of Homes (For Sale)
The total number of homes for sale rose by 733 units or 18.6% compared to a year ago at this time and 3.5% compared to a month ago.
Property Under Contract (Pended)
Homes under contract (pending) increased 9.8% compared to last year and 8.4% compared to last month.
The Average Sold Price per Square Footage indicates the direction of property values. In October 2018, the Average Sold Price per Square Footage was $14, down 3.4% from $146 in September 2018 and up 1.4% from October 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 October 2018 was 52 days, up 2% from 51 days last month and down 3.7% from 54 days in October 2017.
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 95% is the same as last month and the same as in October of last year.
The Sold/Original List Price Ratio is Falling
The Sold Price vs. Original List Price shows the average amount that sellers are decreasing 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 held steady at 95%, the same as last October and this September.
The Average For Sale Price is Depreciating*
The Average For Sale Price in October of $433,000 decreased 2% from $442,000 in October of 2017 and down 1.1% from $438,000 in September 2018.
The Average Sold Price is Depreciating*
The Average Sold Price in September of $286,000 rose 0.7% from $284,000 in October of 2017 and 2.7% from $294,000 last month.
The Median Sold Price is Depreciating*
The Median Sold Price in October was $244,000, up 7% from $228,000 in October of 2017 and the same as September 2017.
*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 October 2018 Months of Inventory of 2.7 months increased 3.9% compared to October 2017, but fell 7% compared to a month ago.
*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 2018 the Absorption Rate was 36.4. This was 7.1% lower than a year ago and 4.6% higher than a month ago. This indicates the market is in the seller’s favor.
Thanksgiving: 6 p.m.-1 a.m.
Black Friday: 6 a.m.-10 p.m.
TAMPA —Although WestShore Plaza has confirmed its holiday season hours, some individual retailers are still planning their holidays specials, and certain stores like Macy’s, Dick’s Sporting Goods and JCPenney’s have separate operating hours.
Macy’s will open from 5 p.m. to 2 a.m. on Thanksgiving, opening an hour sooner and staying open one hour later than the mall, and resumes with normal mall operating hours on Black Friday. Dick’s Sporting Goods operates from 6 p.m. to 2 a.m. on Thanksgiving and from 5 a.m. to 10 p.m. on Black Friday.
Patrons can shop all day and all night long at JCPenney’s which opens at 2 p.m. on Thanksgiving Day and does not close until 10 p.m. on Black Friday.
Holiday events include a Santa photo booth, Pet Pies with Santa and the 12 Days of KidX Event Series.
For more information visit westshoreplaza.com.
Closed on Thanksgiving
Black Friday: 8 a.m.-10p.m.
TAMPA — While several malls are open on Thanksgiving Day or have extended hours, larger retail stores like Nordstrom, Neiman Marcus, and Dillard’s align right with the mall’s Black Friday operating hours and won’t open on Thanksgiving Day.
However, patrons can enjoy some of the mall’s newest additions: Morphe offers affordable professional-grade makeup; See’s Candies features chocolate; Peloton offers fitness equipment.
IP hosts a number of holiday events this year including Santa’s Flight Academy, which includes a free Busch Gardens ticket with photo package A or B.
Other special holidays events: Santa Paws, which gives dog owners an opportunity to have holiday pictures taken with Santa through Dec. 16; Snow on Bay Street at 6 p.m. from Nov. 23 through Dec. 31, and Sensory Santa, a special event for families with special needs, from 9-10:30 a.m. on Dec. 2.
The Shops at Wiregrass
Black Friday: 7 a.m. to 10 p.m.
WESLEY CHAPEL —The mall is closed on Thanksgiving, but the following stores will be open: American Eagle; Bath&Body Works; Build-A-Bear; Charlotte Russe; Charming Charlie; Clean Juice; Francesca’s; Sunglass Hut; Tilly’s and Victoria’s Secret. Individual store times vary.
Macy’s is open 5 p.m. to 2 a.m. on Thanksgiving and 6 a.m. to 11 p.m. on Black Friday, JCPenney is open 2 p.m. on Thanksgiving through 10 p.m. on Black Friday, and Dillard’s is closed Thanksgiving, but is open 8 a.m. to 9 p.m. on Black Friday.
New stores include Lululemon, Lizard Thicket, Hickory Farms and Clean Juice.
Victoria’s Secret and Bath&Body Works recently underwent renovations.
Tampa Premium Outlets
Thanksgiving: 6-11:59 p.m.
Black Friday: 6 a.m.-10 p.m.
LUTZ — New stores at the bay area’s newest retail outlet include Salt Life, True Religion and U.S. Polo Assn.
A nostalgic tree lighting will be held 6-9 p.m. on Saturday, (Nov. 17). Santa and Mrs. Claus arrive by horse-drawn sleigh at 6 p.m. There will be complimentary sleigh rides for families and a free photo station with Santa.
There will be Black Friday Mystery Bags and free gift card giveaways. Shoppers who spend $200 at key retailers will get a $25 Simon gift card with validated same day receipts at Simon Guest Services.
Westfield Citrus Park
Thanksgiving: 6 p.m.-midnight
Black Friday: 8 a.m. to 9 p.m.
CITRUS PARK — Music World 28 recently opened, and seasonal stores include Hickory Farms, Polar X Ornaments, See’s Candy, Calendar Club, Games to Remember, Mimmic Jewelry and Big Sports Cart.
Local artist David Latham of Out of My Mind Designs will have a pop-up shop located at Center Court.
Thanksgiving: 6 p.m.-midnight
Black Friday: 7 a.m.-9 p.m.
BRANDON — Nearly a dozen new permanent retailers have moved into the mall and are open now – or will open soon. the most anticipated opening slated for November is the LEGO Store.
Other new shopping options include: Carters/OshKosh, Optical Outlet and Invite Health. Dining options that have opened include Mugs ‘N Jugs sports bar, Burgerim’s chef inspired burgers and Haagen Dazs.
Permanent retailers slated to open soon include Spectrum, Madame Coco (home furnishing), Jon Smith Subs and Science Smoothies.
Westfield Brandon continues its salute to veterans with special kids activities on Saturdays through Nov. 24.
Ellenton Premium Outlets
Thanksgiving: 6 p.m. – 2 a.m.
Black Friday: 6 a.m. – 10 p.m.
Weekend Extended Hours: Nov. 24: 8 a.m. – 10 p.m. and Sunday; Nov. 25: 9 a.m. – 8 p.m.
ELLENTON — Shoppers can beat the rush with various parking options. They can reserve parking ahead of time by downloading the MyPark app. Cost is $2 for the first 2 hours and $3 each additional hour. Valet parking will be available near Saks Fifth Avenue OFF 5TH and Michael Kors for $8.
Shoppers also can utilize a second entrance located toward the back of the center, off 29th Street East.
New stores include the Greg Norman Retail Outlet Store, the New Balance Factory Store and Francesca’s featuring fashion-forward women’s clothing, accessories, and gifts.
Under Armour is now located near the Food Court and boasts 10,000 square feet of space.
From the Blog:
Every year at this time there are many homeowners who decide to wait until after the holidays to list their homes for the first time, while others who already have their homes on the market decide to take them off until after the holidays.
Here are seven great reasons not to wait:
- Relocation buyers are out there. Many companies are still hiring throughout the holidays and need their new employees in their new positions as soon as possible.
- Purchasers who are looking for homes during the holidays are serious buyers and are ready to buy now.
- You can restrict the showings on your home to the times you want it shown. You will remain in control.
- Homes show better when decorated for the holidays.
- There is minimal competition for you as a seller right now. Inventory of homes for sale traditionally slows in the late fall, early winter. Let’s take a look at listing inventory as compared to the same time last year:
- The desire to own a home doesn’t stop when the holidays come. Buyers who were unable to find their dream homes during the busy spring and summer months are still searching!
- The supply of listings increases substantially after the holidays. Also, in many parts of the country, new construction will continue to surge and reach new heights which will lessen the demand for your house in 2019.
Waiting until after the holidays to sell your home probably doesn’t make sense.
“Wanting” to buy a home and “being ready” to buy a home are two completely different things.
A Bank of the West study found that 56 percent of Millennials believe owning a home is more important than paying off debt or retiring comfortably. They may want to buy a home but they might not be ready for it.
Even as many are still hoping to achieve their American dream of buying a home, that doesn’t mean everyone is financially prepared.
Here are seven things you need to do before you buy your home.
As we careen at warp speed toward Thanksgiving, Christmas, and all of the joyous (read: stressful) festivities in between, you might be tempted to take your home off the market—or hold off on listing it—until after the new year. After all, you’re swamped with cooking, shopping, and decorating, and the last thing you need is a bunch of potential buyers traipsing through your house, right?
Wrong, says Tg Glazer, branch vice president and managing broker of Coldwell Banker Residential Brokerage in Bernardsville, NJ.
“It’s a huge, huge mistake to either remove your home from the market during the holiday season, or to not put your home on the market if you’re getting ready to sell,” Glazer says.
November 15, 2018
Despite recent market volatility, mortgage rates remained steady this week. The stability in mortgage rates reflects the moderation in inflationary pressures in the economy due to lower oil prices and subdued wage growth. On the margin, lower energy costs are a positive for the home sales market, particularly for lower-middle income suburban buyers who spend proportionately more income on transportation costs.
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!