Happy Monday, May 7, 2018
For the first Market Monday in May, let’s take a big-picture look at the Tampa housing market by reviewing home sales in Hillsborough County from April 2018.
Hillsborough County
In April of 2018, 40 fewer single-family homes sold compared to April 2017. In 2018, 1,615 homes changed hands compared to 1,655 April 2017. So sales declined 4% from a year ago but rose 2% from March 2018 when 1,581 homes sold. The number of homes for sale plunged 21% from 8,572 in April of 2017 to 6,805 this April. That’s 1,762 fewer homes on the market than April a year and 138 more than in March 2018. Also, 2,456 new properties came onto the market in April of this year, 197 more than April 2017 when 2,259 new properties were listed for sale.
Housing Inventory, measured by Months Supply of Inventory, fell a whopping 40% compared to April 2017. Last April, the Hillsborough market had 3.3 months of supply, but this March the inventory had decreased to 2.0 months. But this was still up from March of 2018 when there were only 1.7 Months of Supply. The Average Days a Home Stayed on the Market stood where it was a year ago at 45 days.
Median Sold Price, which is the price half the homes sold for, rose 9% or $21,500 from $227,500 in April 2017 to $249,00 from April a year ago. The Median For Sale Price of homes jumped 10% or $26,000 from $262,900 to$288,900.
Bottom Line:
Homes continue to sell at a pace close to a year ago even though the number of homes for sale is down significantly. But sellers did list more homes for sale in April 2018 compared to April 2017. So hopefully this will help ease the lack of inventory. Buyers remain motivated despite a smaller selection of homes to choose from. This is good news for you if you want to sell your home in the next few months. The limited supply and high demand should keep prices at top dollar.
Now let’s look at some of the most helpful and interesting blog posts, articles, and infographics we’ve run across this week. Enjoy!
Hillsborough County:
Tampa’s version of Central Park gets its finishing touches before Friday’s debut
Huge piles of mulch remain to be spread. The bocce ball court isn’t ready yet. And dozens of other little details remain for construction workers to complete in the final days before Julian B. Lane Riverfront Park opens to the public.
On Monday, Mayor Bob Buckhorn said the signature public works project of his two-term administration was 99 percent ready to go for its Mother’s Day weekend debut, when concerts are scheduled by the Florida Orchestra, the U.S. Navy Band and pop act Third Eye Blind, which the mayor referred to initially as “Third Blind Eye.”
Spokeswoman Ashley Bauman corrected him, and Buckhorn said that’s why he has “hipsters” working for him.
“I wanted the Commodores,” Buckhorn quipped, referring the funk-soul Motown act.
From the Blog:
What If I Wait Until Next Year to Buy a Home?
We recently shared that national home prices have increased by 6.7% year-over-year. Over that same time period, interest rates have remained historically low which has allowed many buyers to enter the market.
As a seller, you will likely be most concerned about ‘short-term price’ – where home values are headed over the next six months. As a buyer, however, you must not be concerned about price, but instead about the ‘long-term cost’ of the home.
The Mortgage Bankers Association (MBA), Freddie Mac, and Fannie Mae all project that mortgage interest rates will increase by this time next year. According to CoreLogic’s most recent Home Price Index Report, home prices will appreciate by 5.2% over the next 12 months.
What Does This Mean as a Buyer?
If home prices appreciate by 5.2% over the next twelve months as predicted by CoreLogic, here is a simple demonstration of the impact that an increase in interest rate would have on the mortgage payment of a home selling for approximately $250,000 today:
Bottom Line
If buying a home is in your plan for this year, doing it sooner rather than later could save you thousands of dollars over the terms of your loan.
Home values have risen dramatically over the last twelve months. In CoreLogic’s most recent Home Price Index Report, they revealed that national home prices have increased by 6.7% year-over-year.
CoreLogic broke down appreciation even further into four price ranges, giving us a more detailed view than if we had simply looked at the year-over-year increases in national median home price.
The chart below shows the four price ranges from the report, as well as each one’s year-over-year growth from February 2017 to February 2018 (the latest data available).
It is important to pay attention to how prices are changing in your local market. The location of your home is not the only factor that determines how much your home has appreciated over the course of the last year.
Lower-priced homes have appreciated at greater rates than homes at the upper ends of the spectrum due to demand from first-time home buyers and baby boomers looking to downsize.
Bottom Line
If you are planning to list your home for sale in today’s market, let’s get together to go over exactly what’s going on in your area and your price range.
Buy:
Single woman homebuyers at all-time high
The share of homebuyers in the U.S. who are single women has been steadily increasing over the last several decades and is now at an all-time high.
“In the early 1980s, it was about 9 percent,” said Ralph McLaughlin, chief economist at Veritas Urbis Economics. “It’s about 19 percent now, so almost one-fifth of all homebuyers in the U.S. are single women, and that’s a significant jump.”
There are obvious factors contributing to the increase in single-women homeowners, including an increase women in the full-time workforce and incomes but women are also just staying single longer.
“Men and women, especially those that are under 35, are waiting longer to do adultlike things such as getting married and having children, but that hasn’t stopped them from buying homes,” McLaughlin said.
Despite that, the share of homebuyers in general who are less than 35-years-old is at an all-time low, falling from 52 percent in 1981 to 33.7 percent in 2017.
But the share of homebuyers made up of single-person households, men and women, has increased from 15.3 percent in 1981 to 21.2 percent in 2017.
The aging of America has also skewed homeownership demographics.
The share of U.S. homebuyers comprised of households more than 55-years-old has increased from 16.1 percent in 1981 to 27.8 percent today.
Sell:
The Best Month And Day To Sell A Home
April showers bring May flowers, and May flowers bring…. home sales? According to a new ATTOM Data Solutions analysis of 14.7 million home sales from 2011 to 2017, the best month to sell a home is May. This month reaps the biggest premiums above estimated market value, at 5.9% on average, compared to any other month.
The single best day of the year to sell a home, according to the analysis, is June 28, which sees an average seller premium of 9.1%. The other top days to sell a home are February 15, May 31, May 29 and June 21, with premiums ranging from 9% to 8.1%.
Below, a breakdown of the best months to sell a home, according to ATTOM Data Solutions:
| 2011 to 2017 Sales of Single Family Homes and Condos | ||||
| Month | Number of Sales | Median Sales Price | Median AVM | Seller Premium |
| May | 1,369,131 | $194,900 | $184,070 | 5.9% |
| June | 1,489,911 | $202,000 | $191,000 | 5.8% |
| August | 1,435,907 | $200,000 | $191,956 | 4.2% |
| July | 1,420,780 | $200,000 | $192,717 | 3.8% |
| February | 894,060 | $172,500 | $166,843 | 3.4% |
| April | 1,242,434 | $186,000 | $179,910 | 3.4% |
| September | 1,263,439 | $195,000 | $189,000 | 3.2% |
| March | 1,186,024 | $180,000 | $174,630 | 3.1% |
| November | 1,079,935 | $191,900 | $187,000 | 2.6% |
| January | 916,374 | $172,269 | $168,375 | 2.3% |
| October | 1,257,043 | $192,000 | $189,000 | 1.6% |
| December | 1,174,540 | $193,000 | $190,000 | 1.6% |
| All Months | 14,729,578 | $190,000 | $184,610 | 2.9% |
Home Loans
Mortgage Rates See Modest Decline
May 3, 2018
After steadily rising in most of April, average mortgage rates dipped slightly over the past week.
The 30-year fixed mortgage rate declined three basis points to 4.55 percent in this week’s survey. While mortgage rates have increased by one-half of a percentage point so far this year, it has not impacted home purchase demand, which continues to grow this spring. The observed buyer resiliency in the face of higher rates reflects the healthy economy and strong consumer confidence, which are important drivers of home sales activity.
It’s also good news that first-time buyers appear to be having more success so far this year – despite higher borrowing costs and home prices. Our data through April show that first-timers represent 46 percent of purchase loans, up from 43 percent over the same period a year ago.
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!
–Annette Bohannon,
Team Bohannon, Keller Williams, 813-431-2840
www.teambohannon.com
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 makeup 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!
–Annette Bohannon,
Team Bohannon, Keller Williams, 813-431-2840
www.teambohannon.com
![Mortgage Rates & Payments by Decade [INFOGRAPHIC]](https://bt-wpstatic.freetls.fastly.net/wp-content/themes/wp-base-theme/assets/media/build/default-thumb.jpg)
