Happy Monday, July 22, 2019
In June 2019, the Hillsborough County housing market favored Sellers!
In June 2019, for sale listings dropped 2.6% from June 2018 and 0.2% from May 2019. Homes sold climbed 5% from June a year ago but stayed the same as May of this year. Homes under contract rose 4.1% compared to May 2018 and 15% compared to the previous June.
The Months of Inventory came in at 2 months, a decline of 9.3% from June 2018.
The Average Sold Price per Square Footage increased 6.1% compared to May 2019 and 2% compared to last June. The Median Sold Price rose 1.5% from May of 2019. The Average Sold Price jumped 6.7% from May of this year.
Home Sales (Sold)
In June 2019, 2107 homes sold in Hillsborough County, a 5% rise from the 2007 sold in June 2018. June sales matched the number of homes sold in May 2019.
Current Inventory of Homes (For Sale)
In June 2019, 112 or 2.6% fewer homes sold than in June 2018. The number of listings fell 0.2% compared to May of this year.
Property Under Contract (Pending)
In June 2019, homes under contract rose 4.1% as 2215 properties were under contract compared to 2127 in May 2019. Homes under contract jumped 15% compared to June of 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 June 2019 Average Sold Price per Square Footage of $156 increased 6.1% from $147 in May 2019 and 2% from $153 in June 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 June 2019 fell 10.3% to 52 days when it stood at 58 days in May 2018. It climbed 8.3% from 48 days in June 2018.
The Sold/Original List Price Ratio Remains Steady
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’s Sold Price vs. Original List Price of 96% ticked up 1.1% from May 2019 and held steady compared to June 2018.
The Average For Sale Price is Neutral
The Average For Sale Price of $480,000 in June climbed 7.6% compared to June 2018 but dropped 0.4% compared to May 2019. It stood at $446,000 in June of 2018 and $482,000 in May.
The Average Sold Price is Appreciating
The Average Sold Price in June of $333,000 rose 1.2% from $329,000 in June of 2018. The price increased 6.7% from $312,000 in May 2019.
The Median Sold Price is Appreciating
The Median Sold Price in June of $264,000 rose 1.1% from $261,000 in June of 2018. It also jumped 1.5% from $260,000 in May of this year.
June 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 June 2019 Months of Inventory decreased 9.3% to 2 months from June 2018. It remained the same as May 2019.
*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 June 2019 Absorption Rate leaped 7.8% to 50 compared to June of last year and 0.2% compared to May of this year.
$10 Tuesday: Watch 1954’s Broken Lance, the Western with Shakespearean undertones starring Spencer Tracy and Robert Wagner. Seating is limited. Included with admission. $10 after 5 p.m. 6 p.m. The James Museum, 150 Central Ave., St. Petersburg. (727) 892-4200. thejamesmuseum.org.
Together Pangea and Tijuana Panthers: The Los Angeles-based garage punk outfits perform alongside Ultra Q, formerly known as Mt. Eddy. $15 in advance, $18 at doors. 7 p.m. Crowbar, 1812 N 17th St., Tampa. (813) 241-8600. crowbarybor.com.
Beach Drive Dine and Wine Tour: Let your taste buds guide you on this culinary exploration where craft cocktails and wine meet food. The Birchwood, Locale Market, FarmTable Cucina, Flute and Dram and Cassis are the participating stops. $75. 5:30 p.m. The Vinoy Renaissance St. Petersburg Resort and Golf Club, 501 Fifth Ave. NE. (813) 310-4401. tampabayfoodtours.com.
Gulfport Fresh Market: A year-round community market that spotlights local vendors with items like fresh produce, cheese, flowers, garden goods and artwork. Hosted every Tuesday. 9 a.m. 3101 Beach Blvd., Gulfport. gulfporttuesdayfreshmarket.com.
Cobb Summer Movie Series: Cobb Theatres screen more than 10 films during this seasonal cinematic celebration. Up next are The Lego Movie 2: The Second Part and Minions. Runs Tuesdays, Wednesdays and Thursdays through Aug. 1. Free. 10 a.m. Westfield Countryside Mall, 27001 U.S. 19 N, Clearwater. (727) 796-1070.
Regal Summer Movie Express: Kids can escape the heat and watch older flicks for cheap at Regal Cinemas. This week, The Lego Movie and Captain Underpants are featured. Tampa’s Citrus Park 20 also participates. Runs Tuesdays and Wednesdays through Sept. 4. $1. 10 a.m. Park Place Stadium 16, 7200 U.S. 19 N, Pinellas Park. (727) 525-7777.
Cash Pad, 10 p.m., CNBC: Is this prime time’s one-millionth home-makeover series? It only feels that way. In this new show, house flippers (and former “Bachelorette” stars) JoJo Fletcher and Jordan Rodgers partner with homeowners hoping to turn their properties into ideal short-term rentals.
More to Explore
Find date night ideas and things to do with kids attampabay.com/thingstodo.
Infographic of the Week
Questions continue to come up about where home prices will head throughout the rest of this year, as well as where they may be going over the few years beyond. We’ve gathered current data from the industry’s most reliable sources to help answer these questions:
The Home Price Expectation Survey – A survey of over 100 market analysts, real estate experts, and economists conducted by Pulsenomics each quarter.
Mortgage Bankers Association (MBA) – As the leading advocate for the real estate finance industry, the MBA enables members to successfully deliver fair, sustainable, and responsible real estate financing within ever-changing business environments.
Zelman & Associates – The firm leverages unparalleled housing market expertise, extensive surveys of industry executives, and rigorous financial analysis to deliver proprietary research and advice to leading global institutional investors and senior-level company executives.
Freddie Mac – An organization whose mission is to provide liquidity, stability, and affordability to the U.S. housing market in all economic conditions extending to all communities from coast to coast.
The National Association of Realtors (NAR) – The largest association of real estate professionals in the world.
Fannie Mae – A leading source of financing for mortgage lenders, providing access to affordable mortgage financing in all markets.
Here’s the home price appreciation these experts are projecting over the next few years:
Every source sees home prices continuing to appreciate, which is great news for the strength of the market. The increase is steepest throughout the rest of 2019, and prices should continue to rise as we move through 2020 and beyond.
Click the graphic above to visit www.teambohannon.com
Over the last few years, many sellers have been hesitant to put their houses on the market because they feared not being able to find another home to buy.
We’ve reported on inventory shortages in the past, and it’s been a constant concern for potential buyers throughout recent years. New research shows the inventory concern is starting to decrease among potential buyers.
According to First American, the two leading obstacles to homeownership that buyers feel today are Affordability and Limited Inventory. This means the feeling that homes are less affordable has risen, while the fear of limited inventory has decreased, delivering a wealth of good news for sellers.At the same time, over the past 12 months, we’ve seen a steady month-over-month increase in the number of homes coming to market for purchase. In the past, the lack of listings and available inventory slowed down the real estate market. This recent increase in current inventory has many buyers and sellers now thinking it is time to make their move – and rightfully so! For the last two months, we’ve seen over 4 months of inventory become available for sale, a promising number that’s been slowly increasing this year and creating more buying opportunities.To further support the idea of an improving real estate market, Sam Khater, the Chief Economist at Freddie Macsays,
“…In the near-term, we expect the housing market to continue to improve from both a sales and price perspective.”
Many experts, like Sam, believe the second half of 2019 will drive a stronger market than we saw at the beginning of the year. This is great news for homeowners who have put off getting their houses on the market and are now ready to make a move.
What a difference we’ve seen over the course of this year! If you’re thinking of selling, now is the time as inventory is on the rise.
July 18, 2019
Mortgage rates moved higher after remaining at around the same level for about three weeks. The rise in rates was driven by continued improvement in consumer spending and partly due to optimism around a forthcoming cut in short term interest rates, which should provide support for business and investor sentiment. Despite this slight increase in rates, homebuyers are taking advantage of the multi-year low rates in droves, which is evident in the consistently higher refinance and purchase application volumes. The improvement in housing demand should provide sufficient momentum for the housing market and economy during the rest of the year.
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!
Search for Tampa Homes By Neighborhood
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 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, 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
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, 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, 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
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, 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 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, 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, 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, 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, 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, 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, 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
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
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
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!