Hillsborough County (Tampa) December 2016 Home Sales – Tampa Market Monday

    Happy Monday!

    Today we will look at how the Tampa (Hillsborough County), Florida housing market performed in December of 2016.

    Median Sold Price* jumped 10% compared to December of 2015, as 1,580 Homes Sold. That was 52 more than last December, a 3% gain. In contrast, the Number of Homes for Sale dropped 4% or 235 units from a year ago.

    The Average Number of Days a home stayed on the market before selling also declined a whooping 26%, as homes sold in 51 days, compared to 69 days in December of 2015. Housing Inventory continued to dry up too, as Months of Supply hit 2.9 months versus 4.0 months in December of 2015. That represented a plunge of 28%.

    (MEDIAN SOLD PRICE – Median means “in the middle,” meaning that half of the homes sold above the Median Sold Price and half sold below it. For example, if 5 homes sold in a zip code for $200,000, $250,000, $300,000, $400,000 and $800,000, the Median Price would be the one in the middle. In this case, that would be the $300,000 home.In contrast, average selling price would just be the sum of the selling prices of the 5 homes divided by 5, or $330,000. Many real estate statisticians prefer median price as a better indicator of the “typical” price within an area or zip code. Why? It is not affected by “outliers” or homes sold at an extremely high or low price, like the $800,000 home in our example.)

    cmm_report_mediansoldprice_chart

    cmm_report_unitssold_chart

    cmm_report_unitsforsale_chart

    cmm_report_supplyanddemand_chartcmm_report_msi_chart

    cmm_report_averagedom_chart

    Bottom Line

    With prices and sales up, and housing inventory down, look for more sellers to jump into the market. We have already had a unusually busy month in January, which appears to indicate that sellers have a sense of urgency about listing their homes while housing inventory is down and before interest rates go any higher.

    (Want a customized evaluation of your home and neighborhood, based on comparable homes that have sold recently? Call Annette Bohannon at 813-431-2840 and get a FREE detailed, market evaluation of your home or you can get a Free Market Report by following this link.)

    Now here’s a quick overview of some of the best and most informative blog posts, articles and infographics we’ve run across this week. Enjoy!

    Tampa:

    10 trends that will drive Tampa Bay business in 2017

    After reviewing many forecasts and predictions of business trends likely to arrive or accelerate in 2017, let’s boil them down to ten that are most likely to influence the Tampa Bay business scene in the new year.

    These trends are culled from input from consulting firms like Forrester Research, publications like Fortune, Forbes, The Economist and the Harvard Business Review, and are sprinkled with examples of local companies and organizations trying to adjust and keep up in such disruptive times.

    Here are the top ten:

    Read More

     

    From the Blog:

    Millionaire to Millennials: Buy a Home!!

    Last week, CNBC ran an article quoting self-made millionaire David Bach explaining that not purchasing a home is “the single biggest mistake millennials are making” because buying real estate is “an escalator to wealth.”

    Bach went on to explain:

    “If millennials don’t buy a home, their chances of actually having any wealth in this country are little to none. The average homeowner to this day is 38 times wealthier than a renter.”

    In his bestselling book, “The Automatic Millionaire,” Bach does the math:

    “As a renter, you can easily spend half a million dollars or more on rent over the years ($1,500 a month for 30 years comes to $540,000), and in the end wind up just where you started — owning nothing. Or you can buy a house and spend the same amount paying down a mortgage, and in the end wind up owning your own home free and clear!”

    Read More

    3 Tips for Making Your Dream of Buying a Home Come True [INFOGRAPHIC]

    screen-shot-2017-01-09-at-12-27-50-pm

    Read More 

     

    Advice for Buyers:

    Credit Score Tips for First-Time Homebuyers

    If your News Year’s Resolution is to buy your first home, before you start looking at houses you’ll need to get your finances in order. To know the state of your finances, you’ll first need to review your credit reports and obtain your FICO® credit score to better understand your creditworthiness.

    Knowing how the data influences your FICO® credit score will enable you to monitor your score which will affect the type of home loan and interest rate you qualify for.

    Read More

    Search Tampa Homes for Sale

    Advice for Sellers

    4 Telltale Signs It’s Time to Sell Your Home

    screen-shot-2017-01-09-at-12-32-52-pm

     

    6 Vices to Avoid If You Hope to Sell Your Home in 2017

    Everyone has a few flaws. But if you plan to sell your home in 2017, these foibles can literally cost you—we’re talking tens of thousands of dollars. What’s more, many homeowners may not even be aware that certain actions can hurt their odds of selling their home (that is, until it sits on the market with no takers).

    To help clue you in, here’s a list of regrettable blunders to kick to the curb starting now, even if you plan to put your home on the market later this year.

    Find Out the 6 Vices

     

    Screen Shot 2016-03-07 at 10.03.47 AM

    1. Screen Shot 2016-03-07 at 10.04.00 AM

    Home Loans

    Mortgage Rates Start the Year Lower

    The 30-year mortgage rate fell this week for the first time since the presidential election, dropping 12 basis points to 4.20 percent. This marks the first time since 2014 that mortgage rates opened the year above 4 percent. Despite this week’s breather, the 66-basis point increase in the mortgage rate since November 3, is taking its toll–the MBA’s refinance index plunged 22 percent this week.

    • 30-year fixed-rate mortgage (FRM) averaged 4.20 percent with an average 0.5 point for the week ending January 5, 2017, down from last week when it averaged 4.32 percent. A year ago at this time, the 30-year FRM averaged 3.97 percent.
    • 15-year FRM this week averaged 3.44 percent with an average 0.5 point, down from last week when it averaged 3.55 percent. A year ago at this time, the 15-year FRM averaged 3.26 percent.
    • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.33 percent this week with an average 0.4 point, up from last week when it averaged 3.30 percent. A year ago, the 5-year ARM averaged 3.09 percent.

    Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

    PMMS Graph
    Click to enlarge

     

    Read More

     

    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 week!

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

     

    Search for Tampa Homes By Neighborhood

    Tampa

    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

    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

    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

    Lithia/Fishhawk

    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

    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

    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

    Carrollwood Area

    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

    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

    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

    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

    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

    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

    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

    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

    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

    Luxury 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

    Golf Course Communities

    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

    Waterfront Properties

    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

    Trackback from your site.

    About our blog

    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

    Contact Us Now

    Any questions, comments, or feedback