Happy Monday, February 17, 2020
The single-family housing market in Hillsborough County favored sellers in January 2020.
Home for Sale fell 21.2% from January 2019 but rose 1.1% from December 2019. Homes Sold jumped 11.4% year over year but declined 29.7% month over month. Homes Under Contract climbed 47.8% compared to December 2019 and 20.2% compared to January 2019. The Months of Inventory based on Closed Sales of 3 months decreased 28.3% from January a year ago.
The Average Sold Price per Square Footage dropped 1.9% compared to December 2019 but rose 6.9% compared to January 2019. The Median Sold Price decreased 0.8% from December 2019. The Average Sold Price ticked down 0.6% during the same time period.
The Average Days on Market increased 5.1% compared to January of last year. The ratio of Sold Price vs. Original List Price of 94% held steady compared to January 2019.
Home Sales (Sold)
In January 2020, 1203 homes sold in Hillsborough County, a 11.4% rise from the 1080 sold in January of 2019. This was 29.7% fewer than the 1712 sales in December 2019.
Current Inventory of Homes (For Sale)
In January 2020, 970 fewer homes were for sale than in January of last year. That showed a 21.2% drop. Current single-family housing inventory ticked up 1.1% compared to December 2019.
Homes Under Contract (Pending)
In January 2020, 1924 homes were pending, an increase of 47.8% compared to December 2019. January 2020’s pending single-family home sales were 20.2% higher than in January 2019.
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 January 2020 Average Sold Price per Square Footage of $154 fell 1.9% from $157 in December 2019. It jumped 6.9% from $144 in January of last year.
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 January 2020 of 62 days climbed 3.3% from 60 days in December 2019 and 5.1% from 59 days in January a year ago.
The Sold/Original List Price is Falling
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. January’s Sold Price vs. Original List Price of 94% declined 1.1% from December 2019. It stayed the same as January 2019.
The Average For Sale Price is Neutral
The Average For Sale Price in January of $478,000 rose 11.9% from $427,000 in January 2019 and 0.6% from $475,000 in December 2019.
The Average Sold Price is Neutral
The Average Sold Price in January of $322,000 climbed 10.7% from $291,000 in January 2019 but fell 0.6% from $324,000 in December 2019.
The Median Sold Price is Neutral
The Median Sold Price in January of $258,000 increased 8.4% from $238,000 in January 2019 but decreased 0.8% from $260,000 in December 2019.
January 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 January 2020 Absorption Rate based on Closed Sales of 33.4 rose 41.5% compared to January of last year. It declined 30.4% compared to December 2019
Nothing beats bonfires, ocean sunsets, and turning off your phone. Camping out in Tampa Bay is arguably one of the best things to do this time of year, and the region offers a variety of options from “glamping” to rural swamps with no cell phone signal. Here are a few choice spots to pitch a tent or park an RV in the Tampa Bay area.
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The success of the U.S. residential real estate market, like any other market, is determined by supply and demand. This means we need to look at how many potential purchasers are in the market versus the number of houses that are available to buy.
With early 2020 housing data now rolling in, it’s quite evident there are two big stories impacting this year’s residential real estate market:
1. Buyer demand is already extremely strong
2. Housing supply is at a historically low level
ShowingTime is a firm that compiles data from property showings scheduled across the country. The latest ShowingTime Showing Index reveals how showings have increased in each of the country’s four regions for five months in a row.
Move.com also just released information indicating that the number of homes currently for sale has declined rapidly and now sits at the lowest level in almost a decade. They explained,
“National housing inventory declined 13.6 percent in January, the steepest year-over-year decrease in more than 4 years, pushing the supply of for sale homes in the U.S. to its lowest level since realtor.com began tracking the data in 2012.”
In response to these numbers, Danielle Hale, Chief Economist at realtor.com, said,
“Homebuyers took advantage of low mortgage rates and stable listing prices to drive sales higher at the end of 2019, further depleting the already limited inventory of homes for sale. With fewer homes coming up for sale, we’ve hit another new low of for sale-listings in January.”
Since there’s a historic shortage of homes for sale, putting your home on the market today could drive an excellent price and give you additional negotiating leverage when selling your house. Let’s get together to determine if listing your house now is your best move.
February 13, 2020
With mortgage rates hovering near a five-decade low, refinance application activity is once again surging, rising to the highest level in seven years. This surge coupled with strong purchase activity means that total mortgage demand remains robust, reflective of a solid economic backdrop and a very low mortgage rate environment.
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!