Happy Monday, April 20, 2020
In March 2020, the Hillsborough County single-family housing market favored Sellers.
Single-Family Homes for Sale fell 20.7% from March 2019 but rose 4.1% from February 2020. Single-Family Homes Sold increased 3.5% year over year and 22.6% month over month. Single-Family Homes Under Contract dropped 2.8% compared to February 2020 and 10.8% compared to March 2019.
The Months of Inventory of 2 days declined 23.5% from the previous March.
The Average Sold Price per Square Footage stayed flat compared to February of this year but rose 6.2% compared to March of last year. The Median Sold Price increased 1.2% from February 2019. The Average Sold Price ticked up 0.3% during the same period.
The Average Days on Market fell 14.1% compared to March 2019. The ratio of Sold Price vs. Original List Price of 96% stayed the same as March of last year.
Home Sales (Sold)
In March 2020, single-family home sales climbed 3.5% to 1787 units compared to March 2019. That was 22.6% higher than the 1457 sales in February 2020.
Current Inventory of Homes (For Sale)
In March 2020, 912 fewer single-family homes were for sale than in March 2019. That’s a 20.7% decrease. March’s for sale listings climbed 4.1% compared to February 2020.
Homes Under Contract (Pending)
In March 2020, 1836 single-family homes were under contract compared to 1889 in February 2020. That’s a 2.8% decline. Homes under contract decreased 1o.8% from March of last year.
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 March 2020 Average Sold Price per Square Footage of $155 stayed flat compared to February 2020 and rose 6.2% from $146 in March 2019.
The Days The Average Days on Market Shows Upward 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 March 2020 of 55 days dropped 12.7% from 63 days in February of this year and 14.1% from 64 days in March of last year.
The Sold/Original List Price 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. The March 2020 Sold Price vs. Original List Price of 96% stayed the same as in March 2019 and February 2020.
The Average For Sale Price is Neutral
The Average For Sale Price in March was $484,000, up 3.9% from $466,000 March 2019 but down 2.6% from $497,000 in February 2020.
The Average Sold Price is Neutral
The Average Sold Price in March was $320,000, up 7.4% from $298,000 in March 2019 and 0.3% from $319,000 in February 2020.
The Median Sold Price is Neutral
The Median Sold Price in March was $262,000, up 6.9% from $245,000 in March 2019 and 1.2% from $259,000 in February 2020.
March 2020 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
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 March 2020 Absorption Rate based on Closed Sales of 51 jumped 30.4% compared to March 2019 and 17.8% compared to February 2020.
TAMPA — The Tampa Bay Times will be following the news in all our local districts, now tha Florida has closed schools for the rest of the academic year. A detailed letter went out Saturday to Hillsborough families.
Here’s where things stand in the area’s largest district:
- Home-based learning, known in the district as “eLearning,” will continue until May 29. Buildings are closed to the public until further notice. All extracurricular activities are canceled.
- Hotlines for mental health, eLearning and general questions will remain open through May 29. Hotline numbers are here.
- Food distribution will continue at 147 schools between 9 a.m. and 1 p.m. and on bus routes in high-needs communities. Locations are here. The food is for all children under 18, or 21 if they have special needs. Multi-day servings of bread, milk, lunchmeat and various snacks are given out every Wednesday. Light snacks are given out every Monday.
- Summer plans under consideration include credit recovery, extended school year for students with individualized education programs, academic enrichment camps, summer bridge for struggling students, and training for employees. Some of these programs will be virtual, others could be held inside the school buildings. The district is awaiting guidelines from the U.S. Centers for Disease Control and Prevention.
- The district is working on procedures for students to return borrowed mobile devices; and to retrieve their personal belongings. Those should be announced in a few weeks.
All May graduations are cancelled. The district has booked the Florida State Fairgrounds, tentatively, between July 13 and July 23. If, by that time, the CDC guidelines do not allow for such large gatherings, the district will consider virtual graduations as a last resort.
Click the graphic above to visit www.teambohannon.com
Every day that passes, people have a need to buy and sell homes. That doesn’t stop during the current pandemic. If you’ve had a major life change recently, whether with your job or your family situation, you may be in a position where you need to sell your home – and fast. While you probably feel like timing with the current pandemic isn’t on your side, making a move is still possible. Rest assured, with technology at your side and fewer sellers on the market in most areas, you can list your house and make it happen safely and effectively, especially when following the current COVID-19 guidelines set forth by the National Association of Realtors (NAR) and the Centers for Disease Control and Prevention (CDC).
You may have a new baby, a new employment situation, a parent who moved in with you, you just built a home that’s finally ready to move into, or some other major part of your life that has changed in recent weeks. Buyers have those needs too, so rest assured that someone is likely looking for a home just like yours.
According to the NAR Flash Survey: Economic Pulse taken April 5 – 6, real estate agents indicate, not surprisingly, that there’s a noticeable decline in current homebuyer interest. That said, 10% of agents said in the same survey that they saw no change or even an increase in buyer activity. So, while buyer interest is low compared to normal spring markets, there are still buyers in the market. Don’t forget, you only need one buyer – the right one for your home.
Here’s the other thing – people are spending a lot of time on the Internet right now, given the stay-at-home orders implemented across the country. Buyers are actively looking at homes for sale online. Some of them are reaching out to real estate professionals for virtual tours and getting ready to make offers too. Homes are being sold in many markets.
There Is Less Competition Right Now
The same survey indicates that 56% of NAR members said sellers are removing their homes from the market right now. This can definitely work in your favor. If other sellers are removing their listings, your home has a better chance of rising to the top of a buyer’s search list and being seen. Keep in mind, listings will pick up again soon, as 57% of the respondents note that sellers are only planning to delay the process by a couple of months. If you need to sell right now, don’t wait for the competition to get back into the market again.
This year, delayed listings from the typically busy spring season will push into the summer months, so more competition will be coming to the market as the pandemic passes. Getting ahead of that wave now might be your biggest opportunity.
Your Trusted Real Estate Advisor Can Help
Real estate agents are working hard every single day under untraditional circumstances, utilizing technology to help both buyers and sellers who need to continue with their plans. We’re using virtual tours to show homes currently on the market, staying connected with the buyers and sellers through video chats, and leveraging resources to complete transactions electronically. We’re making sure the families we support remain safe and can keep their real estate needs on track, especially as life is changing so rapidly.
Homes are still being bought and sold in the midst of this pandemic. If you need to sell your house and would like to know the current status in our local market, let’s work together to create a safe and effective plan that works for you and your family.
April 16, 2020
Mortgage rates continue to hover near all-time lows for the third straight week. As a result, refinance activity remains high, but home purchase demand is weak due to economic tightening. While new monthly economic data are driving markets lower this week, they are a lagging indicator and should be priced in already. Real time daily economic activity metrics suggest that the economy will likely not decline much further. Going forward, the key question is no longer the depth of the economic contraction, but the duration.
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!