Happy Monday, March 16, 2020
In February 2020, the Hillsborough County single-family housing market favored Sellers.
For Sale listings fell 25.2% from February 2019 and 6.6% from January 2020. Homes Sold increased 2.3% year over year and 19% month over month. Homes Under Contract rose 20.5% compared to January of this year and 21.8% compared to the previous February.
The Months of Inventory based on Closed Sales of 2.3 months declined 28.3% from February a year ago.
The Average Sold Price per Square Footage held steady compared to this January and increased 9.2% compared to last February. The Median Sold Price stayed flat compared to January 2020. The Average Sold Price decreased 0.9% during the same period.
Home Sales (Sold)
In February 2020, 1446 single-family homes sold in Hillsborough County. That was 2.3% more than the 1414 sold in February 2019 and 19% more than the 1215 sales in January 2020.
Current Inventory of Homes (For Sale)
In February 2020, 1135 fewer single-family homes were listed for sale than in February of last year. That’s a drop of 25.2%. February homes for sale declined 6.6% from January 2020.
Homes Under Contract (Pending)
In February 2020, single-family homes under contract jumped 20.5% compared to January 2020. Pending homes for sale climbed 21.8% from February of last year.
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 February 2020 Average Sold Price per Square Footage of $154 stayed the same as January of this year. It increased 9.2% from $141 in February 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 February 2020 of 63 days held steady compared to January 2020. It fell 4.5% from 66 days in February of last year.
The Sold/Original List Price Remains Steady
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. February’s Sold Price vs. Original List Price of 96% rose 2.1% from January 2020 and 1.1% from February 2019.
The Average For Sale Price is Neutral
The Average For Sale Price in February was $497,000, up 10.4% from $450,000 in February 2019 and 4% from $478,000 in January 2020.
The Average Sold Price is Neutral
The Average Sold Price in February was $319,000, up 10.4% from $289,000 in February 2019 but down 0.9% from $322,000 in January 2020.
The Median Sold Price is Neutral
The Median Sold Price in February was $258,000, up 7.1% from $241,000 in February 2019 and the same as last January 2020.
February 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
The February 2020 Months of Inventory based on Closed Sales of 2.3 months fell 28.3% compared to last February and 23.6% compared to this January.
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 February 2020 Absorption Rate based on Closed Sales of 43 climbed 36.9% compared to February 2019 and 27.6% compared to January 2020.
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Rising home prices have been in the news a lot lately, and much of the focus is on whether they’re accelerating too quickly and how sustainable the growth in prices really is. One of the often-overlooked benefits of rising prices, however, is the impact they have on a homeowner’s equity position.
Home equity is defined as the difference between a home’s fair market value and the outstanding balance of all liens on the property. While homeowners pay down their mortgages, the amount of equity they have in their homes climbs each time the value increases.
Today, the number of homeowners that currently have significant equity in their homes is growing. According to the Census Bureau, 38% of all homes in the country are mortgage-free. In a home equity study, ATTOM Data Solutions revealed that of the 54.5 million homes with a mortgage, 26.7% of them have at least 50% equity. That number has been increasing over the last eight years.
CoreLogic also notes:
“…the average homeowner gained approximately $5,300 in equity during the past year.”
This may be the year to take advantage of your home equity by applying it forward, either as you downsize or as you move up to a new home.
March 12, 2020
As refinance applications continue to surge and lenders work to manage capacity, the 30-year fixed-rate mortgage ticked up from last week’s all-time low. Mortgage rates remain at extraordinary levels and many homeowners are smartly weighing their options to refinance, potentially saving themselves money.
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!