Happy New Year!
The start of the New Year is a great time to look back on the previous year to get perspective for making better decisions this year. So today, I want to review Q4 and Year-to-Date home sales for 2017 compared to 2016. This will help give you an idea of how the Tampa real estate market will play out in 2018.
In Q4 of 2017, 450 more homes sold compared to the fourth quarter of 2016. In 2016, 4,165 homes sold compared to 4,615 in 2017. That represented a rise of 11%. For the whole of 2017, 19,951 homes sold, while in the entirety of 2016, 19,238 homes sold. This means total single-family home sales rose 3.7% year over year.
Housing Inventory, measured by Months Supply of Inventory, plunged 39% — from 4.2 months (December 2016) to 2.6 months (December 2017). The Average Days a Home Stayed on the Market also dropped. In Q4 of 2016, it took 73 days on average to sell a home, but in the fourth quarter of 2017, homes sold 29% faster (52 days) . Based on fourth quarter sales from 2016 (11,006 homes) and 2017 (9,656 homes), the number of homes for sale had dipped 12%, as 1,350 fewer homes were listed for sale.
The Bottom Line
The Hillsborough County real estate market outpaced the 2016 housing, as prices and the number of homes sold rose on both a yearly and quarterly basis. This strong showing bodes well for 2018. I expect home sales to keep growing as homebuyers start shopping more urgently after the holiday season. As I’ve said before, the only real speed bump is the lack of inventory. But as the new year begins, more sellers are likely to list. So if you want to get ahead of the competition, act sooner rather than later.
(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.)
Now let’s look at some of the most helpful and interesting blog posts, articles, and infographics we’ve run across this week. Enjoy!
The Tampa Bay Business Journal‘s editorial team gathered some of the people, companies, transactions and other news that impacted the business community this year.
From the Blog:
Reasons to Resolve to Use a Real Estate Agent in 2018
We often talk about the financial reasons why buying a home makes sense. But, more often than not, the emotional reasons are the more powerful or compelling reasons.
No matter what shape or size your living space is, the concept and feeling of home can mean different things to different people. Whether it’s a certain scent or a favorite chair, the emotional reasons why we choose to buy our own homes are typically more important to us than the financial ones.
1. Owning your home offers stability to start and raise a family
From the best neighborhoods to the best school districts, even those without children at the time of purchase may have this in the back of their minds as a major reason for choosing the location of the home that they purchase.
2. There’s no place like home
Owning your own home offers you not only safety and security, but also a comfortable place that allows you to relax after a long day!
3. You have more space for you and your family
Whether your family is expanding, an older family member is moving in, or you need to have a large backyard for your pets, you can take this all into consideration when buying your dream home!
4. You have control over renovations, updates, and style
Looking to actually try one of those complicated wall treatments that you saw on Pinterest? Tired of paying an additional pet deposit for your apartment building? Or maybe you want to finally adopt that puppy or kitten you’ve seen online 100 times? Who’s to say that you can’t in your own home?
Whether you are a first-time homebuyer or a move-up buyer who wants to start a new chapter in your life, now is a great time to reflect on the intangible factors that make a house a home.
If you’re aiming to purchase a home in 2018, it’s time to start saving. And then to save some more.
Between putting money down, keeping up with mortgage payments and repairs and maintaining your emergency fund, you can never have too much stashed away.
But how much do you need, really, before you’re ready to make a purchase?
When it comes to home design and decor, we’ll be the first to tell you to stick with what you love, no matter what the pros say. But if you can’t escape that sinking feeling each time you walk through your front door that your decor is looking a little tired, well, don’t despair. We’ve got you covered! We’ve already talked about the design trends you should ditch in the coming year. Now let’s take a look at some of the hot new designs you might want to use for 2018 to give your home a fresh lease on life.
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 New Year!
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 makeup 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!