Happy Monday, August 27, 2018
In July 2018, 1.5% more single-family homes were listed for sale in New Tampa than in July of 2017. Compared to June 2018, listings fell 4.7%. The number of homes that sold jumped 14.4% year over year and 11% month over month. The number of under contract listings declined 5.3% compared to last month and 3.6% compared to last year. The Months of Inventory, which measure the available supply of homes for sale, came in at 2.4 months, 11.1% lower than in 2017.
The Average Sold Price per Square Footage fell 0.8% compared to June 2018, but climbed 3.1% compared to July 2017. The Median Sold Price (the price above which half the homes sold for dropped by 2.6% from last month, while the Average Sold Price fell 3.5% from June 2018. Based on the 6-month trend, the Average Sold Price and the Median Sold Price trend is “Neutral”.
The Average Days on Market showed a downward trend, decreasing 9.1% compared to July 2017. The ratio of Sold Price vs. Original List Price was 97%, a rise of 2.1% compared to last year.
Home Sales (Sold)
In July 2018, 111 homes sold, 14.4% more than the 97 that sold in July of 2017 and 11% higher than the 100 sales in June 2018.
Current Inventory of Homes (For Sale)
The total number of homes for sale rose by 4 units or 1.5% compared to a year ago and 4.7% compared to a month ago.
Property Under Contract (Pended)
Homes under contract (pending) decreased by 5.3% compared to last month and 3.6% compared to last year.
The Average Sold Price per Square Footage indicates the direction of property values. In July 2018, the Average Sold Price per Square Footage was $131, down slightly from $132 in June 2018 and up 3.1% from $127 in July 2017.
The Days on Market Shows Downward Trend
The average Days on Market (DOM) shows how many days, on average, homes stay on the market before they sell. If this measure trends upward it indicates a move towards more of a Buyer’s market, but if it trends downward it indicates a move towards more of a Seller’s market. The DOM for July 2018 was 50, down 15.3% from 59 days last month and down 9.1% from 55 days in July of last year.
The Sold/Original List Price Ratio Moves Upward
The Sold Price vs. Original List Price shows the average amount that sellers are decreasing 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. This month Sold Price vs. Original List Price held rose 2.1% to 97% compared to last month. It was also up 2.1% from last July.
The Average For Sale Price is Neutral*
The Average For Sale Price in July of $446,000 increased 1.1% from $441,000 in July of 2017. It ticked up 0.2% from $445,000 in June 2018.
The Average Sold Price is Neutral*
The Average Sold Price in July of $357,000 rose 3.8% from $344,000 in July of 2017. It fell 3.5% from $370,000 last month.
The Median Sold Price is Neutral*
The Median Sold Price in July was $331,000, up 3.4% from $320,000 in July of 2017 and down 2.6% from $340,000 in June 2018.
*Based on 6-month trend
It’s a Seller’s Market*
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 July 2018 Months of Inventory of 2.4 months decreased 11.1% compared to last year and 14.3% compared to last month.
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 July 2018 Absorption Rate was 41.7%. This was a 12.7% increase compared to July 2017 and 16.5% jump compared to June 2018.
Labor Day honors the American labor movement and contributions workers and the military have made to strengthen our country. It also marks the end of summer. Many people will be off for a long holiday, so we found a few holiday-related activities to keep you busy.
Labor Day Live Beach House
Three days of waterfront parties with EDM music by DJ’s 3LAU, Borgeous, Grandtheft, Henry Fong, Prince Fox, Quix, Riggi and Piros, Sultan + Shepard, SNBRN, Two Friends, Vice Tone, Lodato, Loosid, Ben Phipps and Ku. $25 and up. 9 p.m.-1 a.m. Friday, 9 p.m.-12:30 a.m. Saturday, noon-1 a.m. Sunday. Shephard’s Beach Resort, 619 S Gulfview Blvd., Clearwater Beach. (727) 441-6875.
This whimsical “Gecko Con” Labor Day weekend street festival celebrates superheroes, villains and cult characters from comics, books, movies, TV shows, anime and other pop culture. Includes more than 150 vendors, food booths, street performers, live music and a walking parade anyone can join at 6 p.m. Costumes are strongly encouraged. Free. 10 a.m.-10 p.m. Saturday. Along Beach Boulevard, Gulfport. (727) 322-5217. geckofest.com.
Labor Day Weekend Sandbar Concert
The only way to get to this annual concert is by boat. Bring chairs, coolers, even the dog, and wade in the water while you listen to live music from a pontoon boat stage anchored in the channel off Tanglewood Way. Performers include Jimmy Shelton, Vic Sherman and the Chicago Express, Hal Hammer Jr. and the Cross Creek Blues Band and Ken Keller with Red Hawk. Free. Noon-5:30 p.m. Sunday. “P” Channel (adjacent to), 2189 Tanglewood Way NE, St. Petersburg. (727) 361-5000.
Temple Terrace Labor Day Celebration
Celebrate the end of summer with a day in the park, children’s activities and bounce houses, a fireworks display and a lineup of food trucks. Live entertainment featuring the Southern Creek Band will start at 6 p.m., with a special performance by the King High School Drumline at 7 p.m. Fireworks begin at 9 p.m. Free. Woodmont Park, 415 Woodmont Ave., Temple Terrace.
Labor Day Sponge Docks Arts and Crafts Festival
Stroll the Sponge Docks and browse among the arts and crafts from more than 90 vendors from across the country. Free. 10 a.m.-6 p.m. Saturday-Sunday, 10 a.m.-5 p.m. Monday. Tarpon Springs Sponge Docks, 20 Dodecanese Blvd., Tarpon Springs. (727) 776-7261.
Bring blankets and chairs for two nights of a Labor Day salute and family fun with carnival rides, games, live music by Stormbringer (Friday) and Soul Circus Cowboys (Saturday) and fireworks (Saturday). Food, beer and wine available for purchase. Free (rides additional). 5-9:30 p.m. Friday, noon-9 p.m. Saturday. R.E. Olds Park, 107 Shore Drive W, Oldsmar. (813) 749-1260.
End of Summer Party
Paul’s Landing at the Vinoy Renaissance in St. Petersburg is having a party Friday with a free screening of the classic 1959 comedy Some Like It Hot (food/drink additional). The party also celebrates the release of spirits developed with Old St. Pete Distillery. Signature drinks for sale include a Citrus Needy and Cucumber Coolers. 7:30 p.m. Friday. 501 Fifth Ave. NE, St. Petersburg.
Labor Day Pool Party
LGBTQ and friends can jump in the pool at this party with DJ dancing on the pool deck and drink specials. No cover. 2-9 p.m. Monday. Flamingo Resort, 4601 34th St. S, St. Petersburg. (727) 321-5000.
Labor Day Weekend at the Gardens
Take the family for one last summer hurrah. Children ages 4 to 16 get in for $6.50 this weekend. All others: $17.99, $16.99 seniors, 3 and younger free. 10 a.m.-5 p.m. Saturday-Monday. Sarasota Jungle Gardens, 3701 Bay Shore Road, Sarasota. (941) 355-5305.
Poolside Holiday Picnic
Pack a picnic basket and bring the family for a poolside Labor Day party. $23, $12 with card (group of up to five). 10 a.m.-2 p.m. Monday. Highland Recreation Complex and Family Aquatic Center, 400 Highland Ave. NE, Largo. (727) 518-3016.
Tampa Bay Dance Club Dance
Ages 45 and older are invited to dress in red, white and blue and bring a dish to share for a Labor Day party with dancing to live music by On Our Own with Mario and Albi. $12, $10 members. 7:30-10:30 p.m. Friday. Tampa Bay Dance Club, 5601 Hanley Road, Tampa. (813) 390-7160.
Blue Star Museum Military Promotion
The Tampa Bay History Center offers active duty military personnel and their families free admission from Memorial Day to Labor Day. Others: $14.95, $12.95 seniors/students, $10.95 ages 7-17, 6 and younger free. 10 a.m.-5 p.m. today-Monday. 801 Old Water St., Tampa. (813) 228-0097.
Superheroes After Dark
Dress in costume and join your superhero friends for a Labor Day glow party with glow giveaways, interactive characters, blacklight go-go dancers, dancing to music by DJ Barry Harris, $1 drinks from 9 to 10 p.m. and $3 Svedka drinks from 9 to 11 p.m. Free, $5 after 10 p.m. 9 p.m.-3 a.m. Sunday. The Honey Pot, 1507 E Seventh Ave., Tampa. (813) 247-4663.
Pebble Creek Golf Scramble
A two-person scramble in which teams select which six holes they want to play from. Includes on course contests, raffles, drink specials and a holiday barbecue buffet. $45, $25 members. 8:30 a.m. Monday. Pebble Creek Golf Club, 10550 Regents Park Drive, Tampa. (813) 973-3870.
Ladies Day at Hamburger Mary’s
Musical performances by the Cheaters and Deb Hunseder of Halcyon. $10. 4 p.m. Sunday. 2016 Town Center Blvd., Brandon. (813) 643-2110.
From the Blog:
Have you ever been flipping through the channels, only to find yourself glued to the couch in an HGTV binge session? We’ve all been there, watching entire seasons of “Love it or List it,” “Million Dollar Listing,” “House Hunters,” “Property Brothers,” and so many more all in one sitting.
When you’re in the middle of your real estate themed show marathon, you might start to think that everything you see on TV must be how it works in real life, but you may need a reality check.
Reality TV Show Myths vs. Real Life:
Myth #1: Buyers look at 3 homes and decide to purchase one of them.
Truth: There may be buyers who fall in love and buy the first home they see, but according to the National Association of Realtors the average homebuyer tours 10 homes as a part of their search.
Myth #2: The houses the buyers are touring are still for sale.
Truth: Everything is staged for TV. Many of the homes being shown are already sold and are off the market.
Myth #3: The buyers haven’t made a purchase decision yet.
Truth: Since there is no way to show the entire buying process in a 30-minute show, TV producers often choose buyers who are further along in the process and have already chosen a home to buy.
Myth #4: If you list your home for sale, it will ALWAYS sell at the open house.
Truth: Of course, this would be great! Open houses are important to guarantee the most exposure to buyers in your area but are only a PIECE of the overall marketing of your home. Keep in mind that many homes are sold during regular listing appointments as well.
Myth #5: Homeowners decide to sell their homes after a 5-minute conversation.
Truth: Similar to the buyers portrayed on the shows, many of the sellers have already spent hours deliberating the decision to list their homes and move on with their lives/goals.
Having an experienced professional on your side while navigating the real estate market is the best way to guarantee that you can make the home of your dreams a reality!
A home inspection is a professional, third-party inspection of a property that you intend to buy. Its goal is to evaluate the home from a structural and safety standpoint, as well as to ensure you’re buying a hazard-free, up-to-code property that’s a good investment of your dollars.
Home inspections aren’t required, but there are few cases where you’d want to forgo one. Use this home inspection checklist to learn more about the process — as well as what to do afterward.
Thinking about selling your home? The good news is, home prices have been strong and spring and summer are the prime times to sell. The bad news is, no matter what time of year you do it and what the market looks like, selling your home can be a big hassle — especially if you want to maximize the chances you’ll get top dollar for it.
While a lot goes into determining the price of your home, this checklist of 22 important steps to take will get you on the right path to convincing a qualified buyer to make a generous offer for your home.
August 23, 2018
Mortgage rates inched backward this week to their lowest level since mid-April.
Backed by very strong consumer spending, the economy is red-hot this month, which is in turn rippling through the financial markets and driving equities higher.
Unfortunately, the same cannot be said about the housing market, where it appears sales activity crested in late 2017. Existing-home sales have now stepped back annually for the fifth straight month, and purchase mortgage applications this week were barely above year ago levels.
It is clear affordability constraints have cooled the housing market, especially in expensive coastal markets. Many metro areas desperately need more new and existing affordable inventory to break out of this slump.
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!