Happy Monday, December 10, 2018
Hope your Holiday Season is going well.
Today, I’ll review how the New Tampa (33647) real estate market performed in November.
For Sale Listings climbed 7.7% in November 2018 compared to November 2017, but declined 10% from October 2018. The Number of Homes Sold in New Tampa fell 5.8% year over year but increased 6.6% month over month. The Number of Homes Under Contract rose 4.1% compared to last month and dropped 3.7% compared to last November. The Months of Inventory based on Closed Sales came in at 2.8 months, a 16.5% jump from November 2017.
The Average Sold Price per Square Foot increased 6.3% compared to October 2018, but stayed the same as November 2017. The Median Sold Price (the price half the home sold for) gained 2.8% from last month. The Average Sold Price stayed flat compared to October 2018.
The Average Days on Market showed a neutral trend, decreasing 12.7% compared to November 2017. The ratio of Sold Price vs. Original List Price was 97%, a rise of 2.1% compared to last November.
In November 81 single-family homes sold. That was 5.8% less than the 86 sold in November 2017 and 6.6% more than the 76 sales in October of this year.
Current Inventory (For Sale)
In November 7.7% or 16 more homes were for sale than in November of 2017. That was a 10% drop from a month ago.
Homes Under Contract (Pending)
The number of homes under contract rose 4.1% compared to October 2018, as 77 homes were pending versus 74 last month. Homes under contract fell 3.7% from November 2017.
The Average Sold Price per Square Foot is Appreciating*
In November 2018 Average Sold Price per Square Foot was $135. This was up 6.3% from $127 last month and the same as November of last year. *
*Based on 6 month trend – Appreciating/Depreciating/Neutral
The Days on Market Shows Neutral Trend
The average Days on Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM indicates a move towards more of a Buyer’s market, a downward trend indicates a move towards more of a Seller’s market. The DOM for November 2018 was 55, down 14.1% from 64 days last month and 12.7% from 63 days in November of last year.
* Based on 6 month trend – Upward/Downward/Neutral
The Sold/Original List Price Ratio Remains Steady
The Sold/Original List Price Ratio is falling based on a 6-month trend. The Sold Price vs. Original List Price reveals the average amount that sellers agree to decrease their original list price. The lower the ratio falls below 100% the more of a Buyer’s market exists, while a ratio at or above 100% indicates more of a Seller’s market. In November 2018, the ratio came in at 97%. This was up 2.1% from November 2017.
The Average For Sale Price is Neutral*
The Average For Sale Price in November was $449,000, down 7.8% from $487,000 in November of 2017 and up 0.4% from $447,000 last month.
The Average Sold Price is Depreciating*
The Average Sold Price in November was $349,000, down 8.9% from $383,000 in November of 2017 and the same as last month.
The Median Sold Price is Neutral*
The Median Sold Price in November was $335,000, down 4.8% from $352,000 in November of 2017 and up 2.8% from $326,000 last month.
*Based on 6-month trend
It’s a Neutral 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 November 2018 Months of Inventory rose to 3.3 months or 16.5% higher than last November and fell 13% lower than 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 November 2018 Absorption Rate was 36, 12.4% lower than a year ago and 18.4% higher than last month.
Boat parades: More of the quintessentially Florida holiday tradition happens this weekend. Treasure Island’s Lighted Parade is a big one, happening Friday at the Club at Treasure Island. More than 50 decorated boats are participating, with live entertainment, a Santa visit and a cash bar. Saturday, motor boats, sail boats, canoes and even row boats will compete for awards by division on Indian Rocks Beach. It begins at the Holiday Inn Harbourside and weaves throughout the “fingers.” Also Saturday is Hernando Beach’s boat parade, which you can watch from the yacht club or enter yourself for a fee of one new unwrapped toy. Sunday it’s Redington Beach/Indian Shores turn, starting on the north side of the Tom Stuart Causeway, and ends at Caddy’s Pub for an awards ceremony and party.
Music: Tuesday, guitar legends including Steve Vai and Nuno Bettencourt shred at Clearwater’s Ruth Eckerd Hall on the Generation Axe tour ($32.75-$150. Wednesday, crooner Chris Isaakbrings his holiday tour to Clearwater’s Capitol Theatre ($89-$125). Friday, Bad Brains’ front man HR plays the Brass Mug in Tampa ($18), while Tampa-based metalcore group Underoath play their first arena show at Tampa’s Yuengling Center ($26-$31). Also Friday, smooth-jazz saxophonist Kenny G will perform holiday favorites and his hits at Ruth Eckerd Hall ($39.25-$83.25). Saturday, Reviverfest brings platinum-selling country artist David Lee Murphy and others for a free show at St. Pete’s Jannus Live. Also Saturday, 93.3’s Jingle Ball returns to Tampa’s Amalie Arena, with headliners Shawn Mendes and Bebe Rexha ($41-$151). Sunday, 98 Rock’s Not So Silent Night takes over St. Pete’s Mahaffey Theater, with an all-female fronted lineup including headliners Halestorm ($53).
The Florida Orchestra: Holiday Pops: Led by conductor Jeff Tyzik and featuring St. Pete-based vocalist and American Idol, concerts happen Friday at Tampa’s Straz Center, Saturday at the Mahaffey Theater and Sunday at Ruth Eckerd Hall ($18-$48). floridaorchestra.org.
Unforgettable Nat King Cole Christmas: Chicago sensation Evan Tyrone Martin resonates the velvety vocal style of Nat King Cole with festive performances at the Straz Center Thursday-Sunday ($60). strazcenter.org.
Celtic Thunder: The Irish singing and dance group brings their Celtic Thunder X tour to Ruth Eckerd Hall on Sunday ($48.50-$82.50). rutheckerdhall.com.
Kids and Family
Charlie Brown Christmas: The Peanuts gang put on their own Christmas play and find the true meaning of the holiday, in this production that happens Wednesday at Ruth Eckerd Hall on Wednesday ($35-$150). rutheckerdhall.com
From the Blog:
National home prices have increased by 5.4% since this time last year. Over that same time period, interest rates have remained near historic lows which has allowed many buyers to enter the market and lock in low rates.
As a seller, you will likely be most concerned about ‘short-term price’ – where home values are headed over the next six months. As a buyer, however, you must not be concerned about price but instead about the ‘long-term cost’ of the home.
The Mortgage Bankers Association (MBA), Freddie Mac, and Fannie Mae all project that mortgage interest rates will increase by this time next year. According to CoreLogic’s most recent Home Price Insights Report, home prices will appreciate by 4.8% over the next 12 months.
What Does This Mean as a Buyer?
If home prices appreciate by 4.8% over the next twelve months as predicted by CoreLogic, here is a simple demonstration of the impact that an increase in interest rate would have on the mortgage payment of a home selling for approximately $250,000 today:
If buying a home is in your plan for this year, doing it sooner rather than later could save you thousands of dollars over the terms of your loan.
There’s no doubt about it: the 2018 housing market has seen its ups and downs.
The year started with sky-high home prices, historically low mortgage rates and a definitive upper hand for sellers. In recent months though, home price growth has faltered, rates have risen to their highest point in nearly eight years, and favor has started to shift from seller to buyer.
Will these trends continue? Will housing experience the same wild ride in the new year? Here’s what experts predict will happen in 2019 real estate market:
December 6, 2018
Mortgage rates declined this week amid a steep sell-off in U.S. stocks. This week’s rate reaction to the volatile stock market is a welcome relief to prospective homebuyers who have recently experienced rising rates and rising home prices.
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 Day!
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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!