In this week’s Tampa Market Monday, let’s take a look at how the New Tampa real estate market performed in July of 2017.
New Tampa’s Median Sold Price jumped a whooping 19.4% to $286,500 compared to July of 2016. On average, seller’s received 95.7% of their original List Price, which was the exact same ratio as July of 2016. The Average Price Per Square Foot climbed to $121 or 10% more than last July.
(MEDIAN 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? It is not affected by “outliers” or homes sold at an extremely high or low price, like the $800,000 home in our example.)
Number of Properties Sold, For Sale, and New to the Market
The Numbers of Homes Sold in July of 2017 beat last July’s numbers, as 98 homes sold compared to 93 in July of 2016. That’s an increase of 5%. The Number of Homes for Sale fell 7%, as 34 fewer homes were for sale than in July of 2016. The Number of New Properties rose a robust 29% as 143 new homes came on the market in July 2017 versus 111 in July a year ago.
Months of Supply, which measures housing inventory, plunged 55% — from 5.2 months (July 2016) to 2.3 months (July 2017). The Average Number of Days a home stayed on the market also plummeted — from an average of 73 days in July of 2016 to 47 days this July.
Many new properties came into the market during July, but demand continues to outstrip supply which is sending prices up and keeping housing inventory down. I anticipate another strong month in August as those who want to sell for top dollar take advantage of high buyer demand.
(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 let’s look at some of the most informative blog posts, articles and infographics we’ve read this week. Enjoy!
Tampa General Hospital moved up the ranks of best hospitals in a new report from U.S. News & World Report.
Tampa General, one of eight Tampa Bay area hospitals to get a “best” designation, is No. 2 in Florida, according to the publication’s 2017-18 rankings published Tuesday morning. The hospital, the largest in the Tampa Bay area, was No. 3 in the state a year ago.
From the Blog:
New data from CoreLogic shows that even though buyers came out in force, as predicted, homeowners did not make the jump to list their home in the second quarter of this year. Frank Nothaft, Chief Economist for CoreLogic had this to say,
“The growth in sales is slowing down, and this is not due to lack of affordability, but rather a lack of inventory. As of Q2 2017, the unsold inventory as a share of all households is 1.9 percent, which is the lowest Q2 reading in over 30 years.”
CoreLogic’s President & CEO, Frank Martell added,
“Home prices are marching ever higher, up almost 50 percent since the trough in March 2011.
While low mortgage rates are keeping the market affordable from a monthly payment perspective, affordability will likely become a much bigger challenge in the years ahead until the industry resolves the housing supply challenge.”Overall inventory across the United States is down for the 25th consecutive month according to the latest report from the National Association of Realtors and now stands at a 4.3-month supply.
Contrary to what many believe, Millennials are not the ‘renter’ generation. Millennials purchased a larger percentage (34%) of homes in the U.S. than any other age group in 2017 and the most recent Census Bureau report shows that the homeownership rate among Millennials is finally on the rise.
Many Millennials took advantage of post housing crash prices and the First-Time Homebuyers’ Tax Credit and jumped into homeownership in 2010. If you are one of these buyers, now may be the time to sell for many reasons. Here are a few:
When you think of what’s hot in interior design right now, do your dad’s wingback chairs and grandma’s ornate chandeliers come to mind? Well, maybe they should. A new study by Joybird, a custom furniture company, revealed that Victorian is the interior design style that wins the popularity vote in more U.S. states than any other decor style.
But hold off on a full “Age of Innocence” home makeover. Crown molding and floral wallpaper might reign supreme in 10 states, but that doesn’t mean stuffy Victorian style is on the rise across the country. In fact, trendsetting states such as California and New York actually preferred transitional and contemporary styles, respectively.
Selling your home, as we all know, is a process: months of hard work alongside your listing agent to primp your place, market the property, and reel in a buyer. So by the time the big day arrives to close the deal and hand over the keys, you’re probably so ready to be done—which is all the more reason to tread carefully during this final step of the process.
“You don’t want to say something that’s going to upset or surprise the home buyer,” says Judy Weiniger, broker associate and CEO at Weiniger Group in Warren, NJ.
After holding relatively flat last week, the 10-year Treasury yield fell 4 basis points this week. The 30-year mortgage rate moved in tandem with Treasury yields, dropping 3 basis points to 3.90 percent. Earlier this week, Federal Reserve officials highlighted the influence of continued weak inflation data on rates.
- 30-year fixed-rate mortgage (FRM) averaged 3.90 percent with an average 0.5 point for the week ending August 10, 2017, down from last week when it averaged 3.93 percent. A year ago at this time, the 30-year FRM averaged 3.45 percent.
- 15-year FRM this week averaged 3.18 percent with an average 0.5 point, the same as last week. A year ago at this time, the 15-year FRM averaged 2.76 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.14 percent this week with an average 0.5 point, down from last week when it averaged 3.15 percent. A year ago at this time, the 5-year ARM averaged 2.74 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. If you want help buying or selling your home, please get in touch. We have sold over 4,600 homes in the Tampa area and our mission is “to elevate the practice of real estate to an art form — and to deliver a real estate experience that is re-imagined and extraordinary!
Have a Fantastic week!
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