Hillsborough County’s (Tampa) housing market continues to outperform 2016. Prices are rising, while the number of homes for sale is declining.
Median Sold Price* hit $239,000 in May — up 6% (or $14,500) compared to May of 2016. The number of Homes Sold jumped by 10% — from 1,816 in May of 2016 to 2,022 this May. That means 206 more homes sold. There were 157 fewer Homes for Sale, a 2% decrease from a year ago. The number of New Properties also climbed 9% from May 2017.
The Average Number of Days a home stayed on the market before selling also plunged 21%, as homes sold in an average of 44 days compared to 56 in May a year ago. Housing Inventory plummeted 36% — from 1.9 (May 2016) to 1.1 (May of 2017).
See a detailed view of the trends in the charts below.
(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.)
Now that housing inventory has dropped to 1.1 months, it is a full-blown seller’s market. This means prices are likely to go up as buyers compete for a dwindling supply of homes. (Five months and under is considered a seller’s market, five to six is a balanced market, and over six is a buyer’s market.) But buyers have one big thing in their favor — low-interest rates. This will enable them to get more house for their dollars.
Sellers who plan to sell over the next few years would be wise to take advantage of this favorable environment because it won’t last forever.
(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!
Tampa International Airport saw its passenger traffic in April soar to nearly 1.8 million travelers.The airport served 1,799,519 in April, up 5.6 percent for the same month one year ago.
April 2017 also boasted the highest total number of international passengers coming through TIA in the airport’s history. TIA served 98,844 international travelers that month, up 16.8 percent from the same period in 2016. Leading the way was Air Canada, which was up 23.4 percent due to larger planes.
From the Blog:
If you are debating listing your house for sale this year, here is the #1 reason not to wait!
Buyer Demand Continues to Outpace the Supply of Homes for Sale
The National Association of REALTORS’ (NAR)Chief Economist Lawrence Yun recently commented on the inventory:
“Last month’s dip in closings was somewhat expected given that there was such a strong sales increase in March at 4.2 percent, and new and existing inventory is not keeping up with the fast pace homes are coming off the market.
Demand is easily outstripping supply in most of the country and it’s stymieing many prospective buyers from finding a home to purchase”.
The latest Existing Home Sales Report shows that there is currently a 4.2-month supply of homes for sale. This remains lower than the 6-month supply necessary for a normal market, and 4.6% lower than a year ago.
If you’ve entered the real estate market, as a buyer or a seller, you’ve inevitably heard the real estate mantra, “location, location, location” in reference to how identical homes can increase or decrease in value due to where they’re located. Well, a new survey shows that when it comes to choosing a real estate agent, the millennial generation’s mantra is, “local, local, local.”
CentSai, a financial wellness online community, recently surveyed over 2,000 millennials (ages 18-34) and found that 75% of respondents would use a local real estate agent over an online agent, and 71% would choose a local lender.
Survey respondents cited many reasons for their choice to go local, “including personal touch & handholding, longstanding relationships, local knowledge, and amount of hassle.”
If you ever attempt to read a real estate contract, you will quickly find that this paperwork is packed with a slew of terms you might not be familiar with—which is hardly ideal, given you’re poised to sign this legally binding document. So if the words in front of you look like ancient Greek, it might be time to step back and study up on some of the most common terms you’ll encounter in a real estate contract. Consider this your cheat sheet: Take five minutes to peruse this list of 10 essential terms—and come to the signing table prepared and confident.
The process of showing and selling your home can go much more smoothly if you get everything ready. Find out how to get your home ready to impress buyers for the best offers and the top price for your home.
Preparing your home for sale is a bit like designing a stage for a play. Everything is in just the right place, perfectly arranged, and comfortably set.
There are television shows like Designed to Sell focused exclusively on, not decorating a home, but getting an otherwise drab, cluttered, boring house ready for a quick and profitable sale.
Homes that are properly prepared sell faster and at a higher price than similar, unprepared homes.
30-Year Fixed Mortgage Rate Moves Lower
June 1, 2017
In a short week following Memorial Day, the 10-year Treasury yield fell 4 basis points. The 30-year mortgage rate remained relatively flat, falling 1 basis point to 3.94 percent and once again hitting a new 2017 low.
- 30-year fixed-rate mortgage (FRM) averaged 3.94 percent with an average 0.5 point for the week ending June 1, 2017, down from last week when it averaged 3.95 percent. A year ago at this time, the 30-year FRM averaged 3.66 percent.
- 15-year FRM this week averaged 3.19 percent with an average 0.5 point, the same as last week. A year ago at this time, the 15-year FRM averaged 2.92 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.11 percent this week with an average 0.5 point, up from last week when it averaged 3.07 percent. A year ago at this time, the 5-year ARM averaged 2.88 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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