Today let’s review New Tampa home sales in August. The number of Homes Sold (135) increased 5.5% compared to August a year ago and 7.1% compared to July 2016. Total Sold Dollar Volume was 6.9% more than August 2015 and 9% higher than July 2016. The Median Sold Price stood at $250,000 — a 4.4% decline compared to August 2015 and a 4.2% rise from July 2016.
The Average Number of Days a Home Stayed on the Market (60 days) decreased 14.3% compared to August a year ago and 3.2% compared to July of this year. Months of Supply which measures how many months of housing inventory remain based on current sales trends came in at 2.94 months, up 1% from August 2015. Active Listings dropped 1.9% compared to last August and stood at 326 for the month. So the market remains strong for sellers and highly competitive for buyers.
Here’s a detailed look at the stats:
What It Means
New Tampa homes are selling faster than a year ago, but at a slightly lower median price. The Fed did not hike rates at their most recent meeting, but they may as the year wears on. Look for the seller’s market to remain solid into the fall, as demand is still outpacing supply — and buyers seek to take advantage of low mortgage rates.
If you’re ready to sell, contact us and let us focus our expertise, experience and award-winning client services on helping you sell your home quickly and for top dollar. If you’re a buyer, please call us. Our skilled and experienced BUYER’S agents will position you to move fast and negotiate smartly in a very competitive SELLER’S market.
(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 here’s a quick overview of some of the best and most informative blog posts, articles and infographics we’ve run across this week. Enjoy!
To help Americans find the cities with the greatest number and variety of fun yet cost-effective options, WalletHub’s number crunchers compared the 150 largest U.S. cities based on 51 key metrics. They range from “number of fitness centers per capita” to “movie costs” to “average open hours of breweries.”
Commuters and day-trippers will cruise between the downtowns of St. Petersburg and Tampa this fall at 33 mph on a 98-foot, 149-passenger catamaran, under plans unveiled Wednesday for what has been formally dubbed “the Cross-Bay Ferry.”
From the Blog:
For the past three years, 92% of all buyers have used the internet in their home search according to the National Association of Realtors’ most recent Profile of Home Buyers & Sellers.
However, the report also revealed that 95% percent of buyers that used the internet when searching for a home purchased their home through either a real estate agent/broker or from a builder or builder’s agent. Only 2% purchased their home directly from a seller whom the buyer didn’t know.
Buyers search for a home online, but then depend on an agent to find the actual home they will buy (53%), to negotiate the terms of the sale & price (48%), or to help understand the process (60%).
Whenever there is talk about an improving housing market, some begin to show concern that we may be headed toward another housing bubble that will be followed by a crash similar to the one we saw last decade.
Here are five data points that show the housing market will continue to recover, and that a new housing crisis is not about to take shape.
Advice for Buyers:
The summer has been a hot one for real estate, and the trend toward a strong seller’s market was underscored Thursday as the National Association of Realtors released its latest existing-home sales figures. Sales were down 0.9% in August, but not for lack of buyer enthusiasm. Instead, it’s because inventory is drastically low. With fewer sellers out there, price pressure is on the rise. The median sales price was up 5.1% from last year.
(Note: Originally this system was to start in June of 2016, but was delayed until September 24)
What is trended credit data?
Fannie Mae made a big announcement last week regarding their desktop underwriting system. In 2016 they are going to start using trended credit data. You may not have heard this term before but trended credit data is really looking at your utilization ratio and they’re looking further back in credit history than they have in the past. This is primarily because Fannie believes trended credit data is a better predictor of someone’s ability to repay a debt.
Advice for Sellers
According to the National Association of Realtors, first-time home buyers represented 53 percent of people who purchased homes last year, despite a common misperception of millennials as lifelong renters. In Washington, it is still a sellers’ market.
Still, home sellers may need to think about how they can motivate wary house-hunting renters into committed buyers. Here are five ways sellers can make the idea of buying more attractive to renters:
The 10-year Treasury yield declined after last week’s post-Brexit high in anticipation of the Fed’s September policy meeting. The 30-year fixed-rate mortgage followed Treasury yields, falling 2 basis points and settling at 3.48 percent. Despite the decrease in rates, the Refinance Index plunged 8 percent to its lowest level since June.
- 30-year fixed-rate mortgage (FRM) averaged 3.48 percent with an average 0.6 point for the week ending September 22, 2016, down from last week when it averaged 3.50 percent. A year ago at this time, the 30-year FRM averaged 3.86 percent.
- 15-year FRM this week averaged 2.76 percent with an average 0.5 point, down from last week when it averaged 2.77 percent. A year ago at this time, the 15-year FRM averaged 3.08 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.80 percent this week with an average 0.5 point, down from last week when it averaged 2.82 percent. A year ago, the 5-year ARM averaged 2.91 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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