New Tampa (Zip Code – 33647) home sales rose in June 2016 compared to June of 2015. Total Sold Dollar Volume hit $39,406,287 as 152 homes sold. This represented a 8.7% increase in dollar volume and a 2.7% climb in number of homes sold. Median Sold Price was also up year over year, rising to $261,595, 13.1% more than June 2015.
The median number of days a home stayed on the market dropped 45.8% from a year ago to 26 days. (This means half of the homes sold in New Tampa sold in 26 days or less.) The average days on the market for all sold homes for July 2016 was 47 days, still a 30.9% decline from a year ago. Months of Supply which measures how many months of housing inventory remain, dropped 13.9% compared to June of 2015 to 3.07 months. Five months or less indicates a sellers market. Six months or more of inventory favors buyers.
Here’s a detailed look at the stats: (Note: This are the latest statistics and will be updated the 16th of each month. You can view percentage of increase and decrease by placing your cursor on the data points.)
What It Means
Currently, the New Tampa real estate market provides great opportunities for sellers, especially since the market is likely to cool down some as summer turns to Fall and Winter.
If you’re ready to sell, contact us and let us focus our expertise, experience and award-winning client services on helping you sell your home quickly and for top dollar. If you’re a buyer, you should also reach out. Our skilled and experienced BUYERS agents will position you to move fast and negotiate smartly in an highly competitive SELLERS market.
(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 or you can get a Free Market Report by following this link.)
Now here’s a quick overview of some of the best and most informative blog posts, articles and infographics we’ve run across this week. Enjoy!
Dave & Buster’s Entertainment Inc. — the all-in-one restaurant, sports bar and arcade concept — is coming to the Tampa Bay region.
The company (NASDAQ: PLAY) on July 18 filed plans with Hillsborough County to build a 38,989-square-foot location on a 6-acre site just off of Interstate 75 in Brandon, near Bass Pro ShopsOutdoor World and TopGolf.
Imagine a simulated ocean of translucent bubbles crashing onto a white turf carpet beach inside Amalie Arena.
Sound fun? The bubbles, or more accurately more than a million plastic balls, arrive next month.
The idea was hatched last year when a stunning collection of balls that was the hit of the summer at the National Building Museum in Washington, D.C., caught the fancy of Penny Vinik, wife of Tampa Bay Lightning owner Jeff Vinik. She made it her mission to bring Beach DC to Tampa Bay.
Unlike Washington visitors, who paid $16 to visit the museum, the Beach Tampa will be free to the public thanks to the Vinik Family Foundation when the experiential art installation washes ashore Aug. 5-25 at the arena.
From the Blog:
- Interest Rates are still below historic numbers.
- 88% of property managers raised their rent in the last 12 months!
- Credit score requirements to be approved for a mortgage continue to fall.
Advice for Buyers:
Online information and marketplace RealtyTrac estimates that more than seven million Americans lost their homes during the Great Recession. Depending on circumstances and taking into account that people generally have a two to seven year waiting period to repair credit and restore their eligibility to get a loan, the home-buying pool is about to get even more crowded.
People are coming back in position to buy homes on a regular basis, but a peak is expected in 2018 when a surge of 1.5-million consumers become able to buy homes again.
Today’s first-time buyers want a home that meets their needs now and in the future. Seventy-five percent of first-time buyers say they prefer to skip the starter home and find a house that meets their long-term needs, according to a survey commissioned by Bank of America in early 2016. Thirty-five percent say they even intend to stay in that home until they retire.
Advice for Sellers
Total existing-home sales1, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, climbed 1.1 percent to a seasonally adjusted annual rate of 5.57 million in June from a downwardly revised 5.51 million in May. After last month’s gain, sales are now up 3.0 percent from June 2015 (5.41 million) and remain at their highest annual pace since February 2007 (5.79 million).
Most savvy home sellers know that curb appeal is important to make a great first impression on potential home buyers as they pull up and park at, well, your curb. But if the prospect of painting your whole house or landscaping your yard seems too pricey, never fear: There are plenty of ways to create high-impact curb appeal on the cheap.
Check out these ideas that require little investment time but pay off big-time down the road
Post-Brexit volatility tapered off over the last two weeks, allowing interest rates to bounce back a bit from their record (10-year Treasury yield) and near-record (30-year mortgage rate) lows. This week, the 30-year fixed mortgage rate increased 3 basis points to a still-quite-low 3.45 percent. With the Federal Reserve on hold and the UK monetary authority taking at least a one-month breather, we don’t expect any significant movement in mortgage rates in the near-term. This summer remains an auspicious time to buy a home or to refinance an existing mortgage.
- 30-year fixed-rate mortgage (FRM) averaged 3.45 percent with an average 0.5 point for the week ending July 21, 2016, up from last week when it averaged 3.42 percent. A year ago at this time, the 30-year FRM averaged 4.04 percent.
- 15-year FRM this week averaged 2.75 percent with an average 0.5 point, up from last week when it averaged 2.72 percent. A year ago at this time, the 15-year FRM averaged 3.21 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.78 percent this week with an average 0.5 point, up from last week when it averaged 2.76 percent. A year ago, the 5-year ARM averaged 2.97 percent.
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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