Happy Monday, January 14, 2019
Hope your New Year is getting off to a GREAT start!
Today, let’s look at how New Tampa’s (33647) real estate market performed in December 2018.
In December 2018, For Sale listings rose 6.5% from December 2017, but fell 4.9% from November 2018. Sold Listings dropped 29.9% year over year and 16% month over month. Pending Listings declined 33.8% compared to November 2018 and 32.9% compared to December 2017.
The Months of Inventory came in at 3.1 months, up 48.3% from the previous year. The Average Sold Price per Square Footage decreased 5.2% compared to November 2018 and 2.3% compared to December 2017. The Median Sold Price fell 1.8% from last month. The Average Sold Price dropped 2% from last month.
The Average Days on Market increased 31.3% compared to December 2017. The Ratio of Sold Price vs. Original List Price of 95% was the same as December a year ago.
Current Inventory (For Sale)
There were 13 more homes for sale in December 2018 than in December 2017. That’s an increase of 6.5%. But current inventory was down 4.9% compared to November 2018.
Homes Under Contract (Pending)
The number of homes under contract rose 33.8% compared to November 2018, as 49 homes were pending versus 74 last month. Homes under contract fell 32.9% from December 2017.
In December 2018 Average Sold Price per Square Footage was $128. This was down 5.2% from $135 last month and down 2.3% from $131 in December of 2018.
*Based on 6 month trend – Appreciating/Depreciating/Neutral
The Average Days on Market (DOM) shows how many days the average property 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 December 2018 was 63, up 14.5% from 55 days last month and up 31.3% from 48 days in December of last year.
* Based on 6 month trend – Upward/Downward/Neutral
The Sold/Original List Price Ratio Remains Steady
The Sold Price vs. Original List Price reveals the average amount that sellers agree to decrease their original list price. The lower the ratio falls below 100% the more of a Buyer’s market exists, while a ratio at or above 100% indicates more of a Seller’s market. In December 2018, Sold Price vs. Original List Price came in at 95%. This was down 2.1% from November 2018 and the same as in December 2017.
The Average For Sale Price in December was $463,000, down 6.3% from $494,000 in December of 2017 and up 3.1% from $449,000 last month.
The Average Sold Price is Depreciating*
The Average Sold Price in December was $342,000, up 1.5% from $337,000 in December of 2017 and down 2% from $349,000 last month.
The Median Sold Price is Neutral*
The Median Sold Price in December was $329,000, up 2.8% from $320,000 in December of 2017 and down 1.8% from $335,000 last month.
*Based on 6-month trend
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 December 2018 Months of Inventory was 3.1 months, an increase of 48.3% compared to last year and 10.8% compared to last 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 December 2018 Absorption Rate was 31.8, a decrease of 34.2% compared to December 2017 and 11.7% compared to November 2018.
From the Blog:
You may have heard that the housing market is softening. There is no doubt that buyer traffic has decreased. There are fewer purchasers in the market than there were last month and at this time last year. What you may not have heard, however, is that there is still a severe shortage of listing inventory in many regions of the country.
In a recent interview discussing the housing market, First American’s Chief Economist Mark Fleming put it simply:
“The biggest challenge is really the availability of supply.”
When we look at available inventory numbers released by the National Association of Realtors (NAR), we see that the actual number of homes for sale has decreased in each of the last five months.
What does this mean to you as a seller?
The best time to sell is when there is less competition. That guarantees you a better price and fewer hassles in the transaction.
If you are thinking of selling your house this year, the best time to put it on the market might be right now. Let’s get together to evaluate the demand for your house in our market!
Among the many indicators of a housing market shifting to favor buyers is when the final sales price is below the home sellers’ original list price. In a sellers’ market, buyers typically pay full price and sometimes more than the list price if they must participate in a bidding war.
The first National Knock Deals Forecast from Knock, a home trade-in company that assists repeat home buyers by purchasing their new home and then selling their current home, found 62 percent of homes in the top 45 largest metro areas sold for an amount below their original list prices this year. More than half of those homes sold for an amount that was 2 percent or more below the initial list price.
The five markets where buyers found the most discounts were Miami, New Orleans, Chicago, Houston and Tampa. While the average discount from list price to sales price was 1.4 percent nationally, in Miami the discount was 4.4 percent.
The Washington region was ranked 38 out of 45, with only 51 percent of homes selling below the original list price. The average discount on homes in the area was 0.75 percent.
According to Knock’s analysis, Washington is likely to rank 40 out of 45 metro areas in 2019. Among the top markets where Knock anticipates buyers will find sellers dropping their prices are Miami, Houston, Chicago, Jacksonville and New Orleans.
What’s the secret of selling your home fast, and for top dollar? Keeping your house looking fantastic, of course! To achieve that, most successful home sellers have certain key habits in common, whether it’s clearing out their mail pile every day or doing a monthly deep clean.
So if you’ve resolved to sell your home this year, listen up: Here are the best habits you can adopt to proactively maintain your home all the way to a successful sale.
Daily: Tidy up
When your home is on the market, it’s best to always have it “show-ready,” which means in tiptop shape, since buyers love an impeccably clean house.
“I recommend my clients create a daily checklist of what to quickly tidy up before they leave for the day, so they can be prepared for last-minute showings,” says Jessica Creel, a real estate professional in Phoenix. The checklist will help you get into the habit of making sure beds are made, clutter is put away, countertops are wiped down, blinds are left open, and fliers are left on the table.
Daily: Respond to offers
Successful sellers are in the habit of responding to offers quickly. “It’s very important to strike when the iron is hot,” says Bruce Ailion, a real estate professional at Atlanta’s Re/Max Town and Country. “Buyers get antsy when their offer isn’t responded to and begin to doubt it, because so much of real estate is emotional.”
Prepare yourself by figuring out in advance what you will and won’t accept. This includes the lowest offer you will take and what contingencies you’ll allow.
Weekly: Build buzz
Make it your mission to broadcast to friends far and wide that your home is for sale. This means promoting your listing on social media—not just once, but every week—and through good, old-fashioned gabbing. After all, you never know which friend of a friend is looking for a new home.
Weekly: Do a deep clean inside and out
Pick a day each week to do a deep clean of your home, to keep the daily maintenance to a minimum. If you have a pet, this might include a weekly refreshing of carpets and upholstery that may harbor unpleasant smells.
Monthly: Purge your closets and cabinets
“When a client approaches me about wanting to list their home, the first thing I tell them to do is go through closets and get in the habit of donating unwanted items every month,” says Beverly Burris at William Means Real Estate in Charleston, SC. “Closet and storage space is extremely important to buyers, and a seller needs to make them look as spacious as possible.” Getting into the habit of eliminating clutter will make it easier for you to keep your closets show-ready.
Monthly: Maintain your exterior
Establish the routine of ensuring your home’s stellar appearance by replacing outdoor light bulbs and cleaning the front porch. Freshen up exterior paint, get a professional window-cleaning and plant new landscaping if needed. “Most buyers fall in love with a house before they even enter,” says Molly Lasater, an agent in Midland, Texas, at soldwithmolly.com, so this area is especially important to maintain on a regular basis.
Monthly: Sit down with your real estate agent
Even though you’ll regularly be in touch with your real estate professional on the progress of your home sale, get in the habit of having a monthly review. You’ll want a breakdown of the activity going on in your neighborhood and on your property in particular. This will keep you alert to anything that needs to be recalibrated, such as changing the price or marketing if you aren’t seeing the results that you would like, says Burris. The routine of checking in can also help drive an overall strategy to sell your home.
Annually: Make sure your home is in good repair
Once you know a sale is in your future, it’s time to get a presale home inspection, so you can get in the habit of keeping your property in shape until you list it. An inspection will allow you time to make any major repairs, meaning that you’ll be able to keep the negotiation power on your side instead of the buyer’s, says Shawn Breyer of Atlanta’s Breyer Home Buyers.
If you choose to forgo an inspection, a good rule of thumb is to replace mechanicals if they have reached 75% of their life expectancy. For example, if your water heater’s life expectancy is 10 years, you should replace it if it’s seven years or older.
All these habits add up to one thing—demonstrating pride of ownership. After all, you only get one chance to make a first impression.
January 10, 2019
Mortgage rates fell to the lowest level in nine months, and in response, mortgage applications jumped more than 20 percent. Lower mortgage rates combined with continued income growth and lower energy prices are all positive indicators for consumers that should lead to a firming of home sales.
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!