It’s that time of year when the leisurely pace of summer is about to give way to the busyness of a new school year for some. But the pace of the home buying season has stayed strong this summer as evidenced by July home sales numbers. Today, we’ll see how the Hillsborough County’s (Tampa) real estate market performed in July of 2017.
Homes Sold and Prices
The number of homes sold and prices continued to outpace those from 2016. In July 2017, Median Sold Price* rose to $238,000 — up 6% (or $14,005) compared to July of 2016. During the month, 1,905 Homes Sold, 133 more than in July 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 11% from a year ago, as only 6,397 were for sale compared to 7,805 in July of 2016. The number of New Properties ticked down 1% — from 2,184 (July 2016) to 2,155 (July 2017). Overall, Housing Inventory plummeted 37% — from 3.5 months of supply (July 2016) to 2.2 months (July of 2017). The Average Number of Days a home remained on the market before being sold fell 20% year over year. Homes sold 11 days faster in July of 2017 (44) compared to July of 2016 (55).
It’s still a seller’s market as housing inventory sits at just over two months of supply and prices remain above last year’s. You still have time to make the most of this selling opportunity before the market hits the seasonal slowdown that typically occurs later in the year.
(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!
Which ZIP codes in the Tampa Bay area have been the hottest for home sales recently?
American City Business Journals, Tampa Bay Business Journal’s parent company, collected home sales data, starting at $250,000, from April 1 to June 30.
From the Blog:
Are you an empty-nester? Do you want to retire where you are, or does a vacation destination sound more your style? Are you close to retirement and not ready to move yet, but living in a home that is too big in size and maintenance needs?
How can you line up your current needs with your goals and dreams for the future? The answer for many might be the equity you have in your house.
According to the latest Equity Report from CoreLogic, the average homeowner in the United States gained $14,000 in equity over the course of the last year. On the West Coast, homeowners gained twice that amount, with homeowners in Washington gaining an average of $38,000!
Do you know how much your home has appreciated over the last year?
Millennials, as it turns out, do want a home of their own—if only so their dogs are more comfortable.
In spite of reports that Generation Y is avoiding purchasing homes (and even an accusation that they spend too much money on avocado toast to afford one), a report by CNN Money showed millennials were the largest group of homebuyers in 2016.
But don’t expect them to be walking down the aisle any faster. A recent survey conducted by Harris Poll found that 33 percent of millennials say having better space or a yard for their dog motivated the purchase of their first home. Marriage was the driving force behind 25 percent of homebuyers that age, and having a child was named by only 19 percent.
When Scott and Amy Wickberg got engaged in 2015, they knew they wanted a memorable wedding—but they also knew that they wanted to buy a house. Faced with the high prices of homes and wedding venues in Denver, where they lived, the couple decided to get creative and kill two birds with one stone. How? By buying a home where they’d also host their own wedding.
“At some point Scott or I said that we should just buy a house with a big backyard and get married there,” says Amy. “The more we thought about it, the more it made sense.”
The slump in the swankiest sector of the housing market appears to be over, and, ironically, it may be due to a dose of reality among sellers.
Sale prices of luxury homes in the second quarter of this year were up 7.5 percent from a year ago, the first time luxury gains have outpaced the rest of the market since 2014, according to Redfin, a real estate brokerage which defines luxury as the top 5 percent of the most expensive homes sold in each city in each quarter.
Homeowners may qualify to exclude from their income all or part of any gain from the sale of their main home.Below are tips to keep in mind when selling a home:
The 10-year Treasury yield was relatively flat this week, as was the 30-year mortgage rate which rose 1 basis point to 3.93 percent. Despite a strong advance estimate for second quarter GDP, markets are erring on the side of caution.
- 30-year fixed-rate mortgage (FRM) averaged 3.93 percent with an average 0.5 point for the week ending August 3, 2017, up from last week when it averaged 3.92 percent. A year ago at this time, the 30-year FRM averaged 3.43 percent.
- 15-year FRM this week averaged 3.18 percent with an average 0.5 point, down from last week when it averaged 3.20 percent. A year ago at this time, the 15-year FRM averaged 2.74 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.15 percent this week with an average 0.5 point, down from last week when it averaged 3.18 percent. A year ago at this time, the 5-year ARM averaged 2.73 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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