Happy Monday, August 12, 2019
In July 2019, the single-family housing market in New Tampa (33647) favored Sellers.
For Sale listings dropped 7.1% from July 2018 but rose 2.9% from June 2019. Homes Sold fell 8.1% year over year and 12.1% compared to this June. Homes Under Contract climbed 22.2% compared to June 2019 and 14.6% compared to July 2018.
The Months of Inventory held steady at 2.4 months compared to July of last year.
The Average Sold Price per Square Footage declined 0.8% compared to June of this year and increased 0.8% from July 2018. The Median Sold Price increased 6.8% from June, while the Average Sold Price rose 1.4% during the same period.
The Average Days on Market rose 4% compared to July 2018. The ratio of Sold Price vs. Original List Price stayed flat year over year at 97%.
Home Sales (Sold)
In July 2019, 102 single-family homes sold in New Tampa. That was 8.1% fewer than the 111 sold in July 2018 and 12.1% fewer than the 116 sales in July .
Current Inventory of Homes (For Sale)
In July 2019, 19 fewer homes were listed for sale than in July of last year. That was a 7.1% drop. The July inventory of homes increased 2.9% compared to June 2019.
Homes Under Contract (Pending)
Homes under contract jumped 22.2% in July 2019 compared to the previous month, as 110 homes versus 90 were pending. That was 14.6% more than in July 2018.
The Average Sold Price per Square Footage indicates which direction home prices are headed. 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 July 2019 Average Sold Price per Square Footage declined 0.8% to $132 from $133 in June 2018. It rose 0.8% from $131 in July of last year.
The Days on Market Shows Downward Trend
The Average Days on Market (DOM) shows how many days the average home is on the market before it sells. An upward trend in DOM indicates 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 July 2019 fell to 52 days, down 11.9% from 59 days in June of this year and up 4% from 50 days in July of last year.
The Sold/Original List Price Ratio Remains Steady
The Sold Price vs. Original List Price reveals the average amount that sellers are agreeing to decrease 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. This month Sold Price vs. Original List Price of 97% climbed 2.1% from June 2019. It stayed flat compared to July 2018.
The Average For Sale Price is Depreciating
The Average For Sale Price in July was $449,000, up 0.7% from $446,000 in July of 2018 and 1.1% from $444,000 in June.
The Average Sold Price is Appreciating
The Average Sold Price in July was $375,000, up 5% from $357,000 in July of 2018 and 1.4% from $370,000 in June of this year.
The Median Sold Price is Appreciating
The Median Sold Price in July was $360,000, up 8.8% from $331,000 in July of 2018 and 6.8% from $337,000 in June 2019.
July 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
In July 2019, Months of Inventory came in at 2.4 months, the same as July 2018 but 14.5% higher than June 2019.
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 July 2019 Absorption Rate was 41.3, a 1% decrease from July 2019 and a 14.5% drop from this June.
Queen + Adam Lambert: The legendary rock band has a new lead singer in Adam Lambert to belt out hits such as Bohemian Rhapsody and We Will Rock You at Tampa’s Amalie Arena. ($45.75 and up).
Bier Fest: Busch Gardens brings back its brew celebration for a second year, opening Saturday and running through Sept. 8 with dozens of breweries and new pub-inspired food fare set up in “culinary cabins” around the theme park.
Music: The reunited Wilson sisters of Heart headlines a femme-fronted rock show with fellow legends Joan Jett and the Blackhearts and pop outlaw Elle King Saturday at the MidFlorida Amphitheatre ($22.50 and up). Clearwater’s Tilian Pearson, who has fronted Dance Gavin Dance and his own solo career, returns home for a show Wednesday at the Orpheum ($17). The fifth Vibes of the Bay independent music festival returns to the Crowbar Saturday with Slum Village, King Complex, Mike Mass and more (free with RSVP or $10 at the door). The Indiana-basedUmphrey’s McGee brings its summer tour to t. Jannus Live on Thursday ($30). Jazz vocalist Ona Kirei performs her arrangements from the Iberian Peninsula and her original compositions Thursday at the Palladium in St. Petersburg ( $12-$15; $24 reserved). The ‘90s alt-rock titans Bush and Live bring their 25th anniversary tour to the MidFlorida Credit Union Amphitheatre on Friday ($25 and up). Hippiefest at the Bilheimer Capitol Theatre in Clearwater celebrates the 50th anniversary of Woodstock on Friday with ‘60s icons like Ten Years After, Big Brother and The Holding Company, Vanilla Fudge and Henry Gross ($45-$79). Tongue will meet cheek on Friday as Okilly Dokilly, the Ned Flanders-themed metal band, teams up with Mac Sabbath, the McDonald’s-themed Black Sabbath parody band at Ybor’s Crowbar ($17). Country’s Josh Ward performs at the Dallas Bull on Friday ($10 and up). Soul singer and keyboard player Latimore returns home Saturday at the Palladium in St. Petersburg ($18-$35). Get your reggae fill on Sunday when Rebelution performs with Protoje and Collie Buddz in Vinoy Park ($35 and up).
Comedy: Veteran comedian Alonzo Bodden (Last Comic Standing, NPR’s Wait Wait, Don’t Tell Me) will be at Side Splitters Comedy Club in Tampa Thursday through Sunday ($16-$18) and improv comedy podcast The 85 South Show will rant and roast one another at the Straz Center for the Performing Arts on Saturday ($40 and up).
Cagestock: A three-day celebration of “peace, beer and music” will have a lineup of 20 local bands on two stages at Cage Brewing in St. Petersburg Friday through Sunday. Free.
Beer Olympics: The Rotary Club in Dunedin tests your skills in beer pong, cornhole and other bar games Saturday at this popular fundraiser. Teams win prizes and the best costumes also get a surprise. $25-$30 day dunedinwaterside.com/beer-olympics.
Cult Classics: The Dali Museum ends its summer series with Mean Girls Bring a chair for the free screening Thursday at 7 p.m. Food trucks on site.
KIDS AND FAMILY
Tator Tot Throwdown: Friday’s food truck rally in St. Petersburg’s Albert Whitted Park will have nearly two dozen food trucks lined up at the waterfront park and all will have at least one tator tot dish, as well as their regular cuisine. 6-11 p.m. Friday. 107 Eighth Ave. SE, St. Petersburg.
Dog Swim Day: Dogs can dive in and splash in St Petersburg’s Fossil Park Pool on Saturday. Proof of vaccination required. $5.
MORE TO EXPLORE
Find date night ideas and things to do with kids. tampabay.com/thingstodo.
Fannie Mae just released the July edition of their Home Purchase Sentiment Index (HPSI). The HPSI takes information regarding consumers’ confidence in the real estate market from Fannie Mae’s National Housing Survey and condenses it into a single number. Therefore, the HPSI reflects consumers’ current views and forward-looking expectations of housing market conditions.
Great News! The index reached its highest level since Fannie Mae began their survey. Breaking it down, the report revealed:
- The share of Americans who say it is a good time to buy a home increased from the same time last year.
- The share of those who say it is a good time to sell a home increased from the same time last year.
- The share of Americans who say they are not concerned about losing their job over the next 12 months increased dramatically (16 percentage points) from the same time last year.
- The share of Americans who say mortgage rates will go down over the next 12 months increased dramatically (24 percentage points) from the same time last year.
The day after the index was released, Freddie Mac also announced the 30-year fixed-rate mortgage rate fell to its lowest level in three years.
Doug Duncan, Senior Vice President and Chief Economist at Fannie Mae explained the uptick in the index:
“Consumer job confidence and favorable mortgage rate expectations lifted the HPSI to a new survey high in July, despite ongoing housing supply and affordability challenges. Consumers appear to have shaken off a winter slump in sentiment amid strong income gains. Therefore, sentiment is positioned to take advantage of any supply that comes to market, particularly in the affordable category.”
Consumers are feeling good about the real estate market. Since Americans are not worried about their jobs, see mortgage rates near an all-time low, and believe it is a good time to buy, the housing market will remain strong for the rest of the year.
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There’s no doubt that today’s housing market is changing, and everything we see right now indicates it is time to sell. Here’s a look at why selling now is likely to drive the greatest return on your largest investment.
Home values have been appreciating for several years now, growing at a strong, steady, and impressive pace. In fact, the average annual appreciation rate since 2012 has nearly doubled the average rate from the more normal market of the 1990s (think: pre-bubble).Appreciation, however, is projected to shift back toward normal, meaning home prices will likely keep climbing over the next few years, but they are not projected to continue to increase at such a high rate.
Here’s What That Means for Homeowners:
As noted in the latest Home Price Expectation Survey (HPES) powered by Pulsenomics, experts forecast an average annual appreciation rate closer to 3.2% over the next five years, which is more in line with a historically normal market (3.6%). The good news is, there’s still time to take advantage of the current strength of home prices by selling your house now.Looking at the projections as they stand today, 2019 is slated to drive the strongest appreciation as compared to the upcoming few years. With average home prices still on the rise, the pace at which they are predicted to continue increasing will likely soften by 2020.
If you’re thinking about selling your house, now is a great time to make your move. Don’t get stuck waiting until projected home price appreciation rates potentially re-accelerate again in 2023. You’ll likely earn the greatest return on your investment by selling now before the prices start to normalize next year.
August 8, 2019
There is a tug of war in the financial markets between weaker business sentiment and consumer sentiment. Business sentiment is declining on negative trade and manufacturing headlines, but consumer sentiment remains buoyed by a strong labor market and low rates that will continue to drive home sales into the fall.
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!