I hope everyone enjoyed the Labor Day weekend with family and friends. I know I did. Also, I’ve included a link to the Tampa Hurricane Guide, just in case Irma heads our way. Hopefully we’ll avoid the storm, but if not please stay safe.
Now let’s take a quick look at how the Hillsborough County (Tampa) real estate market fared in August of 2017.
Homes Sold and Prices
Once again, 2017 monthly numbers beat performance for the same time period in 2016. In August 2017, Median Sold Price* increased to $237,982 — up 8% (or $12,972) compared to August of 2016. For the month, 1,911 Homes Sold, 134 more than in August of 2016.
(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.)
The number of Homes for Sale dropped 14% from a year ago, as only 6,879 were for sale compared to 8,002 in August of 2016. But, the number of New Properties rose 2% (or 49 units) — from 2,116 (August 2016) to 2,165 (July 2017). Overall, Housing Inventory continued it’s year-over-year plunge, as months of supply hit 2.1 months in August 2017, a 41% drop from last August when it stood at 3.5 months. The Average Number of Days a home stayed on the market before selling also declined 10% year over year. Homes sold 6 days faster in August of 2017 (49) compared to August of 2016 (55).
It’s been a good year for the Tampa housing market in 2017. With inventory depleted, there’s still plenty of time to list and sell your home before the year ends. If trends continue, home sales should see solid gains through September and beyond.
Now let’s look at some of the best blog posts, articles and infographics we’ve found this week. Enjoy!
The Tampa Hillsborough Expressway Authority is moving forward with plans to improve a greenway under the Lee Roy Selmon Expressway through downtown. The 1.7-mile stretch is undergoing a $2.5 million facelift aimed at increasing safety and adding “pocket parks” including outdoor art and shade structures.
From the Blog:
Your children have finally moved out and you and your spouse now live alone in a four-bedroom colonial (or a similar type of house). You have two choices to make:
- Remodel your house to fit your current lifestyle and needs
- Sell your house and purchase the perfect home
Based on the record of dollars spent on remodeling and renovations, it appears that many homeowners are deciding on number one. But, is that the best long-term solution?
According to Black Knight Financial Service’s Mortgage Monitor Report, 1.5 million Americans have purchased a home with down payments under than 10% over the last 12 months. This is great news for buyers as this marks a 7-year high.
Many mortgage programs offered by agencies like Freddie Mac and Fannie Mae allow buyers to put down as low as 3% to purchase their dream homes. The strength of the housing market has aided buyers who used low-down-payment programs to buy. As a recent CNBCarticle points out,
“Defaults on recent low down payment loans, so far, are slow, but that is as much a factor of the good credit quality as it is the strength of the housing market. Home prices are rising incredibly fast, meaning those borrowers are gaining equity in their homes quickly.”
Home improvement ideas abound during summer, but now that our warmest season is soon coming to a close, you might be thinking, “OMG, have I done anything around the house at all?”
We get it—and the good news is, it’s not too late. Summer doesn’t officially end until Sept. 22, and the weather is still decent, which means there’s still time to squeeze in a few more weekend projects. To help narrow down your options, here’s a list of prime home improvements to try before summer’s end. In fact, this is the perfect time for many of these projects, since you can score deals on materials as home improvement stores try to clear out their summer inventory. In other words, slacking off was the smart thing to do. Backslap!
For most of the country, September signals the end of summer’s dog days and a return to fuzzy sweaters, chilly evenings, and, of course, pumpkin spice everything (this is America, after all).
But before those first autumn leaves begin to fall, it’s crucial to take a few steps to stave off any cold weather home breakdowns. Luckily, we’re here to make it as easy as possible for you with our handy checklist of home maintenance chores to tackle this month. These quick, relatively painless tasks can potentially save you major repair costs down the road.
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.
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!
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