As October draws to a close, let’s look back and see how New Tampa (zip code 33647) real estate has performed so far in 2017. October sales numbers haven’t been released yet so we will examine January through September.
Homes Sold and Prices Year-to-Date
Sold Dollar Volume (or the total dollar value of all homes sold) stood at $308,211,508 through September 30th. That amount was 13.89% more than the dollar volume during that time period in 2016. The Average Sold Price* hit $283,804, an 8.75% increase over 2016, while the Median Sold Price* jumped 6% from $250,000 to $265,000. So far 1086 Units Sold in 2017 compared to 1037 in 2016. That represented a rise of 4.73% or 49 homes. This number would have been even higher if Irma had not pushed some sales slated for September into October.
*(What’s the difference between MEDIAN and AVERAGE SOLD PRICE? Median means “in the middle,” meaning that half of the homes sold above the Median Sold Price and half sold below it. For example, if 5 homes sold in a zip code for $200,000, $250,000, $300,000, $400,000 and $800,000, the Median Price would be the one in the middle. In this case, that would be the $300,000 home. In contrast, average selling price would just be the sum of the selling prices of the 5 homes divided by 5, or $330,000. Many real estate statisticians prefer median price as a better indicator of the “typical” price within an area or zip code. Why? “Outliers” or homes sold at an extremely high or low price — like the $800,000 home in our example — do not affect it as much.)
See the Sold Summary table below for a more detailed look at some of the other important statistics. Also, the Sold Detail table below, gives you a review of how homes in your price range and bedroom number have fared so far in 2017.
The rises in prices and home sales corresponded with a drop in Housing Inventory. As of September, there were 52 fewer homes for sale than in September 2016, a decline of 16.46%. The number of New Listings coming to the market from January-September 2017 also fell 3.53% compared to the same time period in 2016. The Average Number of Days Home Stayed on the Market also dropped 18.03% — from 61 to 50 Days.
In 2017, the New Tampa housing market has remained one of the strongest and most popular in Tampa as prices and the number of homes sold continued to increase. The biggest setback so far has been a temporary one in Hurricane Irma. However, dwindling housing inventory and increasing mortgage rates could have a bigger long-term impact. So time is of the essence, if you want to sell your home while demand is at its peak and interest rates are at their lowest point.
(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.)
Now here’s an overview of some of the most helpful and interesting blog posts, articles, and infographics we’ve read this week. Enjoy!
It’s no secret that the Rays have wanted to move and even talked about several possible locations for a new ballpark in Hillsborough County, including Ybor City.
Hillsborough County Commissioner Ken Hagan has been working with Rays officials for the past year and a half to identify the location for a new Major League Ballpark complex. And on Tuesday, he announced the spot: Ybor City neighborhood bordered by Channelside Drive, E. 4th Street, N. 15th Street and Adamo Drive.
From the Blog:
Whether you are buying or selling a home, it can be quite an adventurous journey. This is why you need an experienced real estate professional to guide you on the path to your ultimate goal. In this world of instant gratification and internet searches, many sellers think that they can For Sale by Owner or FSBO.
The 5 reasons you NEED a real estate professional in your corner haven’t changed, but have rather been strengthened by the projections of higher mortgage interest rates & home prices as the market continues to pick up steam.
Rates have surged in Bankrate’s weekly survey as renewed talk of tax reform on Capitol Hill has investors anticipating quicker economic growth. The rise in borrowing costs also reflects reports that President Donald Trump is narrowing his picks for Federal Reserve chair and could choose a new leader who favors a faster pace of interest rate hikes.
But Trump also has indicated he may give current Fed chief Janet Yellen another term.
When homeowners are preparing to put their properties on the market, one aspect is usually foremost in their minds: money. Setting the asking price accurately can mean the difference between getting an offer quickly and having a house languish for months, drawing little interest.
With that in mind, it’s important that potential sellers block out a lot of the noise that often surrounds the intricate art and science of pricing. There are plenty of myths that may cause sellers to lose sleep at night as they attempt to separate fact from fiction.
The following are statements that can stand in the way of a successful sale.
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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