Today, let’s review the last two years of home sales in New Tampa (33647), one of Tampa’s fastest-growing areas.
The Number of Homes Sold in New Tampa decreased 18% in November of 2016 compared to November two years ago. As you can see in the charts below, that mirrors the percentage of the drop in homes for sale. So it appears much of the decline in sold units can be attributed to the lower inventory of homes for sale, not a loss of interest by home buyers.
Homes that did sell saw their Median Sold Price jump 23% — from $260,387 in November of 2014 to $319,250 in November 2016. (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.) This increase in prices is a simple case of supply and demand — less homes available in the desirable New Tampa area means buyers are willing to pay a premium when they find a home they want. These trends should encourage you if you’re leaning toward selling your New Tampa home.
The Average Number of Days a Home Stayed on the Market in New Tampa ticked down slightly in November of 2016 compared to November 2014 — from 73 to 72 days. But Months of Supply, which measures how many months of housing inventory remains based on current sales trends, fell 30% from November 2014 to November of this year. It now stands at 3.9 months after being at 5.6 months in 2014. This is just another indicator that the current lack of homes for sale favors new sellers moving their homes faster and at a premium price.
(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!
The Tampa International Airport came in second place for highest in satisfaction among large airports, with a score of 775, according to a JD Power study.
Portland International Airport nabbed first place for the second consecutive year, with a score of 786.
Las Vegas McCarran Airport received a score of 759, placing it in third.
Indianapolis International Airport ranks highest among medium airports, with a score of 794. Buffalo Niagara International Airport ranks second, scoring 791, and Fort Meyers/Southwest Florida International Airport ranks third, at 790.
Way to go Tampa!
After two years of holdups, workers have broken ground on a 7.5-acre pool called a Crystal Lagoon on old farmland a couple of miles east of Interstate 75.
Contractors have cleared several acres of land off of Overpass and Curley roads. The boomerang-shaped lagoon will be dug out over the next several weeks, and concrete will start being poured in late January, said Metro Development Group president Greg Singleton, the company behind the development.
The pool will be up to eight feet deep, will be the length of five football fields and will hold 16 million gallons of water. The typical 100-acre golf course, by comparison, uses 78.9 million gallons of water in a year, according to figures released by the U.S. Geological Survey.
From the Blog:
The price of any item (including residential real estate) is determined by ‘supply and demand’. If many people are looking to buy an item and the supply of that item is limited, the price of that item increases.
According to the National Association of Realtors (NAR), the supply of homes for sale dramatically increases every spring. As an example, here is what happened to housing inventory at the beginning of 2016:
Advice for Buyers:
Buying a home may be the American dream, but it’s also a monumental task: You have to clean up your credit, apply for a mortgage, scrape together a down payment, and then move all your worldly possessions in after you close on the deal. Phew!
So then why do millions of Americans go through the trouble? Because they know that whatever headaches and hassles they must endure are far and away outweighed by the many benefits of buying a home.
Advice for Sellers
The best time of year to sell is a hotly debated topic. Many experts agree that spring is a safe bet, and industry research backs this up. But, a recent Redfin report also brings some surprising data to light. Read on to learn which seasons will help you sell faster and for more money in your metro.
Even in the hottest markets, selling a house is by no means a transaction that happens overnight. Every step—from listing your house to getting an offer to closing—takes time. But how much time?
To help you pace yourself, here are the steps to sell a house, and how long each one typically takes so you can plan accordingly. Depending on where you live, you may need to settle in for a long ride!
How long does it take to list a home?
Answer: 3 to 5 days
As was almost-universally expected, the FOMC closed the year with its one-and-only rate hike of 2016. The consensus of the committee points to more rate hikes in 2017. However, the experience of this year combined with the policy uncertainty that accompanies a new Administration suggests a wait-and-see outlook.
This week’s mortgage rate survey was completed prior to the FOMC announcement. The 30-year mortgage rate rose 3 basis points on the week to 4.16 percent. The MBA’s Applications Survey posted drops in both refinance and purchase applications, registering the impact of recent mortgage rate increases. If rates continue their upward trend, expect mortgage activity to be significantly subdued in 2017.
- 30-year fixed-rate mortgage (FRM) averaged 4.16 percent with an average 0.5 point for the week ending December 15, 2016, up from last week when it averaged 4.13 percent. A year ago at this time, the 30-year FRM averaged 3.97 percent.
- 15-year FRM this week averaged 3.37 percent with an average 0.5 point, up from last week when it averaged 3.36 percent. A year ago at this time, the 15-year FRM averaged 3.22 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 3.17 percent. A year ago, the 5-year ARM averaged 3.03 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!
Search for Tampa Homes By Neighborhood
Tampa, a beautiful, modern city located on the Gulf Coast of Florida, is bordered by Old Tampa Bay and Hillsborough Bay, which come together to makeup Tampa Bay. It offers…
View 3546 homes
Apollo Beach is a vibrant waterfront community, located in Hillsborough County in Tampa, FL. It features over 50 miles of interconnected canals that lead to Tampa Bay and the Gulf…
View 325 homes
Land O’ Lakes, located in Pasco County, is north of downtown Tampa. It’s also part of the Tampa-St. Petersburg-Clearwater, Florida MSA. The population of the area is a little over…
View 468 homes
FishHawk, Hillsborough County’s first “green community”, is made up of a variety of smaller communities located in Lithia, Florida. They including Starling at FishHawk, The Preserve, FishHawk Ranch and FishHawk…
View 215 homes
Lutz, which began as a small train depot on the Tampa North Railroad, now has about 20,000 residents. It was named for W. P. Lutz, who brought the railroad to…
View 424 homes
New Tampa, Tampa Bay’s fastest growing community is located in the northern side of Tampa. New Tampa, well-known for its master-planned communities, features upscale residences surrounded by lakes, lush green…
View 361 homes
The Carrollwood area, about 7 miles northwest of Tampa includes two distinct communities — Carrollwood and Carrollwood Village. Both are located in Hillsborough County. Together, they have a population of…
View 266 homes
Odessa, located in Pasco County started as a community of open spaces that residents used for ranches and horse farms. But in more recent years, it has grown considerably due…
View 271 homes
Brandon is an appealing suburb, east of downtown Tampa, Florida. It offers residents a quieter, family-oriented lifestyle just outside of Tampa’s city center. Over 100,000 people call it home and…
View 311 homes
Riverview, Florida, located in Hillsborough County near Tampa has nearly 80,000 residents. The community saw its population increase close to 500 percent from 2000 to 2010 as new development occurred…
View 703 homes
South Tampa, located on the Interbay Peninsula, includes areas of Tampa south of Kennedy Boulevard. Many of Tampa’s most unique and in-demand neighborhoods, Beach Park, Ballast Point, Bayshore Beautiful, Bayshore…
View 1055 homes
Ruskin, located in Hillsborough County, Florida, near Tampa’s South shore has blossomed since the early 2000’s. It’s population, which doubled from 2000 to 2010 now tops 17,000 residents. Background The…
View 297 homes
Valrico, located east of Tampa, is home to more than 35,000 residents. The population has expanded over 400% since 2000, when only 6,500 residents lived there. The median house or…
View 263 homes
Wesley Chapel, in Pasco County, has been one of Tampa Bay’s fastest growing communities during the past 10 years. Currently, there are over 45,000 residents, 16,000 households and 12,000 families…
View 502 homes
Westchase, founded in 1991, is a luxurious planned community located between Tampa and Clearwaterin Hillsborough County. It has around 22,000 residents and is one of the most affluent subdivisions the…
View 154 homes
Are you seeking a one-of-a-kind luxury home? You’ll discover many remarkable million-dollar-plus properties in the Tampa area. Whether you prefer living on the water with spectacular views, a Championship golf…
View 3772 homes
If you love golf, you’ll love the Tampa Bay area’s challenging and picturesque golf courses set in vibrant and beautiful communities on the Gulf Coast. You can enjoy a daily…
View 6222 homes
Living on the waterfront means a variety of things to different people. Some love the all-the-time access to sunshine, the beach and the ocean. For other it’s about a peaceful…
View 13625 homes