Happy Monday, February 11, 2019
In January 2019, the New Tampa (Zip Code: 33647) housing market did not favor buyers or sellers. It was Neutral.
The number of homes for sale climbed 9.4% from January of 2018 and 3.3% from December 2018. The homes sold fell 9.8% year over year and 32.4% month over month. The number of homes under contract jumped 35.6% compared to December 2018 but dropped 6.2% compared to January 2018.
The Months of Inventory came in at 4.8 months, a 20.2% rise from the previous January. The Average Sold Price per Square Footage increased 3.1% compared to last month and 7.3% compared to the previous January. The Median Sold Price increased by 2.4% from December 2018. The Average Sold Price also rose 6.1% from last month.
The Average Days a House Stayed on the Market trended upwards, increasing 13.2% compared to January 2018. The ratio of Sold Price vs. Original List Price was 93%, a decrease of 3.1% compared to the previous January.
Home Sales (Sold)
In January 2019, 46 Homes Sold. Solds dropped 9.8% from 51 sales in January of 2018 and 32.4% from 68 sales last month.
Current Inventory of Homes (For Sale)
In January 2019, 19 more homes were listed for sale than in January 2018. That’s a 9.4% jump. The number of homes for sale was up 3.3% compared to December 2018.
The Average Sold Price per Square Footage indicates which way home prices are headed. Median Sold Price and Average Sold Price can sometimes be skewed by outliers that see for a really high or low price. So the Average Sold Price per Square Footage is a more normalized indicator of home values. In January 2019 Average Sold Price per Square Footage was $132, up 3.1% from $128 last month and up 7.3% from $123 in January of last year.
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 2019 was 77, up 22.2% from 63 days last month and up 13.2% from 68 days in January 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. In January 2019, the Sold Price vs. Original List Price ratio of 93% was down 2.1% from last month and 3.1% from January of 2018.
The Average For Sale Price is Neutral
The Average For Sale Price in January 2019 of $448,000 declined 9.3% from $494,000 in January of 2018 and 3.2% from $463,000 last month.
The Average Sold Price is Appreciating
The Average Sold Price in January of 2019 of $363,000 climbed 12.4% from $323,000 in January of 2018 and 6.1% from $342,000 in December 2018.
The Median Sold Price is Appreciating
The Median Sold Price in January 2019 of $337,000 rose 13.5% from $297,000 in January of 2018 and 2.4% from $329,000 In December 2018.
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 January 2019, the Absorption Rate was 20.8, a 17.4% decrease compared to January 2018 and a 34.6% decrease compared to December 2018.
Hamilton: After months of anticipation, Lin Manuel-Miranda’s groundbreaking Broadway musical comes to Tampa’s Straz Center on Tuesday with a run through March 10. Tickets range $86-$489, but a digital lottery begins two days before each performance of tickets sold for $10 each. Visit hamiltonmusical.com/lottery to register. (813) 229-7827. strazcenter.org.
Bay Area Renaissance Festival: Time travel through a village of kings, queens, jesters and madrigals at Tampa’s MOSI, starting Saturday through March 30. This weekend’s theme is Highland Fling. $21.95, $13.95 ages 5-12, 4 and younger free. (813) 983-0111. bayarearenfest.com.
Valentine’s Day: The most romantic event on Thursday by far is the Valentine’s Day Group Wedding, when couples gather at Largo’s Florida Botanical Gardens for a mass wedding. The clerk waives the ceremony fee, but standard license fees apply. flbg.org.
Music: The Taj Mahal Trio kicks off a week full of iconic musicians when they play Clearwater’s Capitol Theatre on Tuesday ($35-$59). Wednesday, Canadian crooner Michael Bublé plays a timely show at Tampa’s Amalie Arena in support of his new album, Love ($65 and up). The love fest continues on Friday, when Michael Bolton brings his Symphony Sessions tour to the Capitol Theatre ($80-$96). Groundbreaking jazz keyboardist and composer Herbie Hancockbrings his unique sound to Clearwater’s Ruth Eckerd Hall on Friday ($53.75-$118.75). Saturday, genre crossers Los Lobos return to the Capitol Theatre ($35-$59).
The Florida Orchestra Masterworks: The Planets: NASA images flash on the big screen for the 100th anniversary of Holst’s sonic trip through the galaxy, conducted by Michael Francis. Friday at the Straz Center, Saturday at St. Petersburg’s Mahaffey Theater and Sunday at Ruth Eckerd Hall ($18-$48). floridaorchestra.org.
Carol Burnett: An Evening of Laughter and Reflection: The comedian and actor takes questions from the audience and shows video clips from her shows Tuesday at Ruth Eckerd Hall ($72.50-$257.50). (727) 791-7400. rutheckerdhall.com.
Comedy: Lewis Black brings his impassioned rants to the Capitol Theatre Wednesday-Thursday ($59.50-$79.50; atthecap.com). Man-child Bert Kreischer appears at Tampa Theatre Thursday and Friday ($37.50 and up), where podcaster and Chelsea Lately regular Jo Koy performs on Saturday ($38.50-$48.50; tampatheatre.org).
Florida State Fair: The fair continues all week through Feb. 18. Ticket prices vary by day; find them at floridastatefair.com.
The largest obstacle renters face when planning to buy a home is saving for a down payment. This challenge is amplified by rising rents, which has eaten into the amount of money renters have leftover for savings each month after paying expenses.
In combination with higher rents, survey after survey has shown that non-homeowners (renters and those living rent-free with family or friends) believe they need to save upwards of 20% for their down payment!
According to the “Barriers to Accessing Homeownership” study commissioned in partnership between the Urban Institute, Down Payment Resource, and Freddie Mac, 39% of non-homeowners and 30% of those who already own a home believe they need more than a 20% down payment.
The percentage of those who are aware of low down payment programs (those under 5%) is surprisingly low at 12% for non-homeowners and 13% for homeowners.
In a recent Convergys Analytics report, they found that 49% of renters believe they need at least a 20% down payment.
The median down payment on loans approved in 2018 was only 5%! Those waiting until they have over 20% may already have enough saved to buy now!
There are over 45 million millennials (33%) who are mortgage ready right now, meaning their income, debt, and credit scores would all allow them to qualify for a mortgage today!
If your five-year plan includes buying a home, let’s get together to determine what it will take to make that plan a reality. You may be closer to your dream than you realize!
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One of the biggest challenges sellers face when listing their house is decluttering. Cleaning out some of the more personal decorating choices allows buyers to imagine themselves living in the house.
Those planning to sell soon are in luck! Marie Kondo, the inventor of the KonMari Method of Tidying Up, has gained popularity with her new Netflix series. She gives some great tips for sorting through years of accumulated possessions that we all collect in our homes.
“The KonMari Method™ encourages tidying by category – not by location – beginning with clothes, then moving on to books, papers, komono (miscellaneous items), and, finally, sentimental items. Keep only those things that speak to the heart, and discard items that no longer spark joy. Thank them for their service – then let them go.”
When you subjectively look at all of your belongings, you can sort through the ones that mean the most to you. Not only will you increase space for more joy-bringing items in your new home, but you will also have a much easier time packing remaining belongings!
“Remember, tidying up isn’t about getting rid of stuff. It is about creating an environment that sparks joy and improves your quality of life.”
When selling your house, first impressions matter! Before you or your agent schedule a photographer to take photos for your listing, make sure to tour your home with fresh eyes. Look for any imperfections that a buyer might notice.
When you sort through your more sentimental items, consider packing them away to ensure that you know where they all are. That way, they are safe during open houses and showing appointments. This will also cut down on the amount of packing you need to do right before you move!
Whether you are selling your house to move up to a larger one, downsizing, or moving in with family, only bring the items that truly spark joy for you. This will not only help cut down on the items you move, but also ensures that you’re off to a great start in your new home!
February 07, 2019
The U.S. economy remains on solid ground, inflation is contained and the threat of higher short-term rates is fading from view, which has allowed mortgage rates to drift down to their lowest level in 10 months. This is great news for consumers who will be looking for homes during the upcoming spring homebuying season. Mortgage rates are essentially similar to a year ago, but today’s buyers have a larger selection of homes and more consumer bargaining power than they did the last few years.
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 New Year!
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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!