Hillsborough County’s (Tampa) housing market continued to beat 2016 performance in February.
Median Sold Price* rose 13% compared to February of 2016, as 1,323 Homes Sold. That was 38 more than last February, a 3% gain. In contrast, the Number of Homes for Sale dropped 4% or 272 units from a year ago.
The Average Number of Days a home stayed on the market before selling also fell 14%, as homes sold in 55 days on average, compared to 64 days in February of 2016. Housing Inventory continued to dry up too, as Months of Supply hit 2.4 months versus 2.9 months in February of 2016. That represented a drop of 14%.
(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.)
This year is starting off stronger than 2017 and with a glowing jobs report it appears that the Fed will raise rates sooner rather than later. So now is the time to buy and sell your home. If the economy continues to perform well interest rates will only go higher, meaning your purchasing power will decrease (you’ll get less home for your money) and if you are selling it could become harder to sell your home as the year progresses.
(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 let’s look at some of the best blog posts, articles and infographics we’ve found this week. Enjoy!
Data company Niche released its 2017 rankings of the top private K-12 schools in the country.
Only one Tampa Bay private school made the national rankings. With and A+ overall ranking, Berkeley Preparatory School ranked No. 57 in the country and No. 2 in the state. This puts Berkeley Preparatory in the top 4 percent of private K-12 schools included in the ratings.
View the photo gallery to see the 24 highest-ranked private K-12 schools in the Tampa Bay area.
Niche assessed 1,594 private schools that offer grades kindergarten through 12th grade by looking at multiple metrics including test scores, percentage of seniors who go on to college, student-teacher ratio and feedback from parents and students.
From the Blog:
That headline might be a little aggressive. However, as the data on the 2017 housing market begins to roll in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME!
The February numbers are not in yet, but the January numbers were sensational. Lawrence Yun, Chief Economist for the National Association of Realtors, said:
“Much of the country saw robust sales activity last month as strong hiring and improved consumer confidence at the end of last year appear to have sparked considerable interest in buying a home. Market challenges remain, but the housing market is off to a prosperous start as homebuyers staved off inventory levels that are far from adequate…”
Just like our clocks this weekend in the majority of the country, the housing market will soon “spring forward!” Similar to tension in a spring, the lack of inventory available for sale in the market right now is what is holding back the market.
Many potential sellers believe that waiting until Spring is in their best interest, and traditionally they would have been right.
Buyer demand has seasonality to it, which usually falls off in the winter months, especially in areas of the country impacted by arctic temperatures and conditions.
Advice for Buyers:
What does self-made billionaire Warren Buffett say? His advice is to buy.
Real estate is a valuable asset “for a great many people,” particularly for families that plan on being in the same location for many years, he tells CNBC: “If you know you’re going to live in a given area, or think it’s very likely, for a considerable period of time and you’ve got a family, the home is terrific.”
Advice for Sellers
Thinking about buying or selling a home next year?
No matter what your real estate goals, it’s good to learn everything you can in order to make the best deal.
While predicting how the real estate market will behave is never an exact science, this year could be especially difficult to predict, the experts said.
“I think at this point it will be a very interesting year as we see what President Trump will put into place as far as housing policies,” Gudell said. He cited possible changes to affordable housing regulations, vouchers and how the Federal Housing Authority works during the Trump administration.
While some presidential policies are tough to foresee at this early stage, plenty of market trends for the new year are much clearer.
Click ahead for nine predictions about the real estate market in 2017.
The 10-year Treasury yield rose about 10 basis points this week. For the first time in weeks, the 30-year mortgage rate moved with treasury yields and jumped 11 basis points to 4.21 percent. The strength of Friday’s employment report and the outcome of next week’s FOMC meeting are likely to set the direction of next week’s survey rate.
- 30-year fixed-rate mortgage (FRM) averaged 4.21 percent with an average 0.5 point for the week ending March 9, 2017, up from last week when it averaged 4.10 percent. A year ago at this time, the 30-year FRM averaged 3.68 percent.
- 15-year FRM this week averaged 3.42 percent with an average 0.5 point, up from last week when it averaged 3.32 percent. A year ago at this time, the 15-year FRM averaged 2.96 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.23 percent this week with an average 0.4 point, up from last week when it averaged 3.14 percent. A year ago, the 5-year ARM averaged 2.92 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.
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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