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New Tampa Home Sales as of February 10, 2020 – Tampa Market Monday

Happy Monday, February 10, 2020

In January 2020, the New Tampa (33647) single-family housing market didn’t favor buyers or sellers. It was neutral.

Homes for Sale fell 18.6% from January 2019 and 1.6% from December 2019. Homes Sold rose 2.2% year over year and dropped 44% month over month. Homes Under Contract jumped 34.4% compared to December 2019 and 41.4% compared to January of last year. The Months of Inventory based on Closed Sales was 3.8, down 20.8% from the previous January.

The Average Sold Price per Square Footage declined 0.7% compared to December 2019 but increased 2.3% compared to January 2019. The Median Sold Price decreased 6.6% from December 2019. The Average Sold Price climbed 9.4% during the same time period.

The Average Days on Market fell 2.6% compared to January of 2019. The ratio of Sold Price vs. Original List Price of 85% dropped 8.6% compared to January of the previous year.

 

Home Sales (Sold)

In January 2020, 47 homes sold, 2.2% more than the 46 sold in January 2019.  That was 44% lower than the 84 sold in December 2019.

Current Inventory of Homes (For Sale)

In January 2020, 41 fewer homes were for sale than in January 2019, an 18.6% decline. January 2020 housing inventory decreased 1.6% compared to December 2019.

Homes Under Contract (Pending)

In January 2020, homes under contract climbed 34.4%, as 82 homes were pending versus 61 in December 2019. That was 41.4% more than in January 2019.

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 January 2020 Average Sold Price per Square Footage of $135 fell 0.7% from $136 in December 2019. It increased 2.3% from $132 in January of last year.

The Days on Market Showed Neutral 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 January 2020 of 75 days decreased 3.8% from 78 days in December 2019. DOM dropped 2.6% from 77 days in January 2019.

The Sold/Original List Price Ratio Falling

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 85% fell 9.6% from December 2019 and 8.6% in January 2019.

The Average For Sale Price is Neutral

The Average For Sale Price in January was $434,000, down 3.1% from $448,000 in January of 2019 and up 5.3% from $412,000 December 2019.

The Average Sold Price is Appreciating 

The Average Sold Price in January was $385,000, up 6.1% from $363,000 in January of 2019 and up 9.4% from $352,000 December 2019.

The Median Sold Price is Depreciating

The Median Sold Price in January was $326,000, down 3.3% from $337,000 in January of 2019 and down 6.6% from $349,000 December 2019.

 

January was a Neutral 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 January 2020 Months of Inventory based on Closed Sales of 3.8 months dropped 20.8% from December 2019. It rose 73.4% compared to December 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 January 2020 Absorption Rate based on Closed Sales of 26.1 increased 25.5% compared to January 2019 but fell 43.1% compared to December 2019.

New Tampa:

Top things to do in Tampa Bay: Feb. 10-16

 

From the Blog:

Buy

Does “Aging in Place” Make the Most Sense?

A desire among many seniors is to “age in place.”

According to the Senior Resource Guide, the term means,

“…that you will be remaining in your own home for the later years of your life; not moving into a smaller home, assisted living, or a retirement community etcetera.”

There is no doubt about it – there’s a comfort in staying in a home you’ve lived in for many years instead of moving to a totally new or unfamiliar environment. There is, however, new information that suggests this might not be the best option for everyone. The familiarity of your current home is the pro of aging in place, but the potential financial drawbacks to remodeling or renovating might actually be more costly than the long-term benefits.

A recent report from the Joint Center for Housing Studies of Harvard University (JCHS) titled Housing America’s Older Adults explained,

“Given their high homeownership rates, most older adults live in single-family homes. Of the 24 million homeowners age 65 and over, fully 80 percent lived in detached single-family units…The majority of these homes are now at least 40 years old and therefore may present maintenance challenges for their owners.”

If you’re in this spot, 40 years ago you may have had a growing family. For that reason, you probably purchased a 4-bedroom Colonial on a large piece of property in a child-friendly neighborhood. It was a great choice for your family, and you still love that home.

Today, your kids are likely grown and moved out, so you don’t need all of those bedrooms. Yard upkeep is probably very time consuming, too. You might be thinking about taking some equity out of your house and converting one of your bedrooms into a massive master bathroom, and maybe another room into an open-space reading nook. You might also be thinking about cutting back on lawn maintenance by installing a pool surrounded by beautiful paving stones.

It all sounds wonderful, doesn’t it? For the short term, you may really enjoy the new upgrades, but you’ll still have to climb those stairs, pay to heat and cool a home that’s larger than what you need, and continue fixing all the things that start to go wrong with a 40-year-old home.

Last month, in their Retirement ReportKiplinger addressed the point,

“Renovations are just a part of what you need to make aging in place work for you. While it’s typically less expensive to remain in your home than to pay for assisted living, that doesn’t mean it’s a slam dunk to stay put. You’ll still have a long to-do list. Just one example: You need to plan ahead for how you will manage maintenance and care—for your home, and for yourself.”

So, at some point, the time may come when you decide to sell this house anyway. That can pose a big challenge if you’ve already taken cash value out of your home and used it to do the type of remodeling we mentioned above. Realistically, you may have inadvertently lowered the value of your home by doing things like reducing the number of bedrooms. The family moving into your neighborhood is probably similar to what your family was 40 years ago. They probably have young children, need the extra bedrooms, and may be nervous about the pool.

Bottom Line

Before you spend the money to remodel or renovate your current house so you can age in place, let’s get together to determine if it is truly your best option. Making a move to a smaller home in the neighborhood might make the most sense.

Click the graphic above to visit www.teambohannon.com

Sell

How Pricing Your Home Right Makes a Big Difference

Even though there’s a big buyer demand for homes in today’s low inventory market, it doesn’t mean you should price your home as high as the sky when you’re ready to sell. Here’s why making sure you price it right is key to driving the best price for the sale.

If you’ve ever watched the show “The Price Is Right,” you know the only way to win the game is to be the one to correctly guess the price of the item up for bid without going over. That means your guess must be just slightly under the retail price.

When it comes to pricing your home, setting it at or slightly below market value will increase the visibility of your listing and drive more buyers your way. This strategy actually increases the number of buyers who will see your home in their search process. Why? When potential buyers look at your listing and see a great price for a fantastic home, they’re probably going to want to take a closer look. This means more buyers are going to be excited about your house and more apt to make an offer.

When this happens, you’re more likely to set up a scenario with multiple offers, potential bidding wars, and the ability to drive a higher final sale price. At the end of the day, even when inventory is tight, pricing it right – or pricing it to sell immediately – makes a big difference.

Here’s the other thing: homeowners who make the mistake of overpricing their homes will eventually have to lower the prices anyway after they sit on the market for an extended period of time. This leaves buyers wondering if the price drops were caused by something wrong with these homes when in reality, nothing was wrong, the initial prices were just too high.

Bottom Line

If you’re thinking about selling your home this year, let’s get together so you have a professional on your side to help you properly price your home and maximize demand from the start.

Home Loans

Mortgage Rates Fall for the Third Consecutive Week

February 6, 2020

As rates fell for the third consecutive week, markets staged a rebound with increases in manufacturing and service sector activity. The combination of very low mortgage rates, a strong economy and more positive financial market sentiment all point to home purchase demand continuing to rise over the next few months.

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!

Annette Bohannon,
Team Bohannon, Keller Williams, 813-431-2840
www.teambohannon.com

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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!

Annette Bohannon,
Team Bohannon, Keller Williams, 813-431-2840
www.teambohannon.com

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Ranked #1 Realtor in Tampa by U.S. News and World Report.

Doug, Annette & Dale Bohannon

Team Bohannon Real Estate Experts

Keller Williams Tampa Properties
Tampa, Florida

(813) 979-4963

If you're looking for a trusted partner who exceeds expectations, reduces stress, fulfills promises, and is on top of all the details, consider Tampa's Top Real Estate Team: Doug, Annette and Dale Bohannon when buying or selling your home, call us today at 813-979-4963

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