Happy Monday, September 9, 2019
In August 2019, the New Tampa (33647) housing market favored sellers.
Homes for Sale rose 0.4% from August 2018 but fell 3.2% from July 2019. Homes Sold dropped 2% from August a year ago, as well as July of this year. Homes Under Contract declined 15.8% compared to July 2019 and 13.3% compared to August 2018.
The Months of Inventory came in at 2.4 months, up 4.3% from the previous August.
The Average Sold Price per Square Footage climbed 2.3% compared to July of this year and 8% compared to August of last year. The Median Sold Price decreased 1.1% from July. The Average Sold Price fell 1.6% from the same time period.
In August 2019, the Average Days on Market dropped 11.7% compared to August 2018 . The ratio of Sold Price vs. Original List Price was 96%, an 1.1% increase from August of last year.
Home Sales (Sold)
In August 2019, 100 single-family homes sold in New Tampa, a decline of 2% from August 2018 and July 2019.
Current Inventory of Homes (For Sale)
In August 2019, one more home was for sale compared to August 2018, a 0.4% rise. Current inventory fell 3.2% compared to July 2019.
Homes Under Contract (Pending)
Homes under contract decreased 15.8% in August 2019, as 85 homes were pending versus 101 in July of this year. This was 13.3% lower than August a year ago.
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 August 2019 Average Sold Price per Square Footage of$135 climbed 2.3% from $132 in July 2019 and 8% from $125 in August 2018.
The Days on Market Shows 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 August 2019 of 53 days showed a 1.9% increase from 52 days in July. It dropped 11.7% from 60 days in August 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. August 2019’s Sold Price vs. Original List Price of 96% fell 1% from July 2019. It ticked up 1.1% from August 2018.
The Average Sold Price is Neutral
The Average Sold Price in August was $369,000, up 7.9% from $342,000 in August of 2018 and down 1.6% from $375,000 in July 2019.
The Median Sold Price is Neutral
The Median Sold Price in August was $356,000, up 7.2% from $332,000 in August of 2018 and down 1.1% from $360,000 in July 2011.
August 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
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 August 2019 Absorption Rate of 41.8 declined 2.6% compared to August 2018. It rose 1.2% compared to July.
Lizzo: The red-hot rapper performs at Tampa’s Yuengling Center on Tuesday. She is touring, following the success of her song Juice and album Cuz I Love You, with singer-songwriter Ari Lennox opening. $41.25-$50.75.
Tampa Bay Lightning Fan Fest: Friday through Sunday is dubbed Lightning Launch Weekend with a series of events, including Family Fun Night at Sparkman Wharf on Friday (6-10 p.m.) and a free public skate at Amalie Arena on Saturday 1-6 p.m. (reserve a slot at TampaBayLightning.com/LightningLaunchWeekend). Sunday at 11 a.m. brings the Lightning Fan Fest at Amalie Arena to get player photos and autographs, buy used game equipment and play in the kids zone. Tickets are free but also have to be claimed on the Launch Weekend website.
Music: Country star Chris Young brings along Chris Janson and duo Locash to Tampa’s MidFlorida Amphitheatre on Friday ($30-$79.75). The 18-member Helios Jazz Orchestra backs 40-year veteran vocalist Scotty Wright on Tuesday at St. Petersburg’s Palladium ($25-$35). On Wednesday hip-hop duo The Midnight Hour perform at Palladium ($21-$46; $12 for students). Hardcore act Madtown hosts a release party on Thursday at Ybor City’s Crowbar for the release of their new album True Colors ($10-$12). On Friday, Atlanta-based singer-songwriter Cat Power plays the Ritz Ybor ($31). Singer-songwriter Parker Millsap performs Friday at the Attic in Ybor and Saturday at the Safety Harbor Art and Music Center ($25 and up). Christian crossover pop star Amy Grant plays Clearwater’s Bilheimer Capitol Theatre on Friday ($50-$100). Legendary fiddle player Doug Kershaw plays Skipper’s Smokehouse on Friday alongside Grammy-winning accordionist Jo-El Sonnier and local act the Cadillac Cowboys ($25-$30). Electronic DJ and LGBT activist Nick Monaco performs Friday at the Attic in Ybor ($20). The biggest names in freestyle dance music perform Saturday at USF’s Yuengling Center, including Stevie B, Lisa Lisa, the Original Cover Girls, Expose, Shannon, the Jets, Johnny O, Cynthia and Linear featuring Joey Restivo and Connie ($35.50). On Sunday, rock Hall of Famers the BoDeans (Closer to Free) perform at Largo’s Central Park Performing Arts Center ($25 and up).
Scream-A-Geddon: The monster midway and zombie paintball assault opens Friday for Halloween season in the backroads of Pasco County with multiple scare zones ($21.95-$35.95). 27839 Saint Joe Road, Dade City. screamageddon.com.
Comedy: Aussie comic and Comedy Central host Jim Jefferies performs Friday at Tampa Theatre ($53-$182.50). Veteran comic Robert Kelly appears at Side Splitters Comedy Club in Tampa Friday-Saturday ($20-$22).
DJ Pauly D: The former Jersey Shore star performs a set, followed by a meet and greet and photo session Saturday at the Ritz Ybor ($20, $80 meet and greet).
Meteor Shower: The play written by comedian Steve Martin bends time and reality when two couples meet to watch a meteor shower. Runs through Sept. 29 in the Shimberg Playhouse at the Straz Center. $34.50.
Country Music: The preview screening of the Ken Burns documentary that traces the history of American country music will be shown at Tampa Theatre at 7:30 p.m. Thursday. Come early for live tunes by the Easy Posse Band (5-7 p.m.). Free.
KIDS AND FAMILY
Children’s Board Free Tuesday: Postponed last week by the hurricane, the hands-on museum and the Children’s Board of Hillsborough County offer free admission from noon to 6 p.m. Tuesday at the Glazer Children’s Museum, 110 W Gasparilla Plaza, Tampa.
MORE TO EXPLORE
Find date night ideas and things to do with kids at tampabay.com/things-to-do.
Freddie Mac, Fannie Mae, and the Mortgage Bankers Association are all projecting home sales will increase nicely in 2020.
Below is a chart depicting the projections of each entity for 2019, as well as for 2020.As we can see, Freddie Mac, Fannie Mae, and the Mortgage Bankers Association all believe homes sales will increase steadily over the next year. If you’re a homeowner who has considered selling your house recently, now may be the best time to put it on the market.
Click the graphic above to visit www.teambohannon.com
September 5, 2019
Mortgage rates continued the summer swoon due to weaker economic data. While economic growth is clearly slowing due to rising manufacturing and trade headwinds, economic fundamentals are still solid for U.S. consumers. The unemployment rate is low, housing affordability is improving, homebuyer demand is rising, and home price growth is stable.
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!
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 make up 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!