In this week’s Market Monday, we will review the performance of New Tampa’s (33647) housing market in March 2017 compared to March 2016. If you look at the charts below, you’ll see that the market has held steady compared to last March — except for Housing Supply. It’s down 28%.
Median Sold Price* declined 2% compared to March 2016. The Numbers of Homes Sold fell by two units — from 90 to 88. The Number of Homes for Sale was down by one unit. The Average Number of Days a home stayed on the market before selling also dropped slightly from 70 days to 69 days.
What this tells us — particularly sellers — is the primary reason more homes are not selling is a lack of inventory. Buyers have fewer choices and that is keeping them from buying at a increased rate.
But as home buying season heats up through Spring and Summer, sellers have a great incentive to list their homes now, while supply is so low. So if you’ve been on the fence about selling now is the time to take the plunge and get into the market before this unique opportunity slips away.
(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.)
(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 let’s look at some of the most informative blog posts, articles and infographics we’ve read this week. Enjoy!
The Cross Bay Ferry had another record month for ridership as the service enters its final weeks.
The ferry service that transports passengers between downtown St. Petersburg and downtown Tampa took on 7,990 passengers during March, which is a 31 percent increase in ridership over February.
From the Blog:
Traditionally, spring is the busiest season for real estate. Buyers come out in force and homeowners list their houses for sale hoping to capitalize on buyer activity. This year will be no different!
Buyers have already been out in force looking for their dream homes and more are on their way, but the challenge is that the inventory of homes for sale has not kept up with demand, which has lead to A LOT of competition for the homes that are available.
Advice for Buyers:
It’s going to be an intense house-hunting season — especially for young buyers.
After years of many experts lamenting how Millennials weren’t interested in becoming homeowners, it turns out many are actually diving in. But they’re facing a lot of competition.
Millennials are the largest group of homebuyers, according to Ellie Mae, a software company that analyzes mortgage data. In January, Millennials represented around 45% of all purchase loans, up from 42% the same month in 2016.
Think you’re ready to buy your first home? Congrats! That’s a big step—and one where it’s wise to know for sure you’ve got all your ducks in a row first. To help you figure that out, here’s an all-in-one first-time home buyer checklist with everything you should make sure you have covered before you set off on your hunt—or, if not, consider this a prime opportunity to get started.
Advice for Sellers
The decor scheme in a bedroom often gets personal, and that personality may be turning off some home buyers when it’s time to sell. When listing a home, personal taste is best minimized, especially in bedrooms. Real estate and design experts offer their tips of design trends to avoid in bedroom decor:
The 10-year Treasury yield was relatively unchanged this week, while the 30-year mortgage rate fell 4 basis points to 4.1 percent. After three straight weeks of declines, the 30-year mortgage rate is now barely above the 2017 low. Next week’s survey rate may be determined by Friday’s employment report and whether or not it can sustain the strength from earlier this year.
- 30-year fixed-rate mortgage (FRM) averaged 4.10 percent with an average 0.5 point for the week ending April 6, 2017, down from last week when it averaged 4.14 percent. A year ago at this time, the 30-year FRM averaged 3.59 percent.
- 15-year FRM this week averaged 3.36 percent with an average 0.5 point, down from last week when it averaged 3.39 percent. A year ago at this time, the 15-year FRM averaged 2.88 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.19 percent this week with an average 0.4 point, up from last week when it averaged 3.18 percent. A year ago, the 5-year ARM averaged 2.82 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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