The New Tampa real estate market improved substantially in October of 2016 compared to the same period last year. Sold Dollar Volume (+16.52%), Average Sold Price (+18.97%), and Median Sold Price (+17.02%) climbed double digits, even though The Number of Units sold ticked down from 97 homes to 95 homes.
The Average Number of Days a Home Stayed on the Market (80 days) increased 5.26% compared to October 2015. Months of Supply which measures how many months of housing inventory remain based on current sales trends stood at 2.73 months, down 1.3% from October of last year. Inventory continued to decline as only 300 Active Listings were on the market compared to 315 in October 2015.
Here’s a more detailed look at the data over the last 12 months: (To see percentage of increase or decrease from pervious year, simply place your cursor on the bar.)
What it Means
Home sales typically drop some during the fall, but if you compare October of 2015 to October 2016, you’ll see that prices have gone up and the number of homes sold has stayed steady. This is likely the result of lower inventory, which means fewer homeowners are listing their homes for sale. But that could change in the next few months, due to the concern that interest rates will keep climbing. This has created an urgency in many buyers who want to buy now, rather than wait for the busier real estate seasons like Spring and Summer. They fear rates will be significantly higher at that point.
If you’re ready to list your home, this could be an usually strong winter so contact us and let us focus our expertise, experience and award-winning client services on helping you take advantage of it. If you’re a buyer, don’t wait because higher rates can eat away at your bying power, causing you to get less for your money. Let our skilled and experienced BUYERS agents help you find the home of your dreams while rates are still relatively low.
(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!
Ann Taylor Cook — the real, honest-to-goodness Gerber baby — turns 90-years-old today.
Ann Turner Cook is originally from Tampa Bay and spent her lifetime teaching English and becoming an Amercian Mystery Novelist.
But Cook will no doubt always be best known for her picture on the Gerber labels.
Cook was about 4 months old in 1927 when family friend Dorothy Hope Smith sketched the image in charcoal. Using a neighbor’s baby as a model wasn’t so unusual in the artist enclave of Westport, Conn., and nobody thought much about it. Least of all Cook’s dad, who for 27 years wrote and drew “Wash Tubbs and Captain Easy,” a daily comic strip that ran in 500 newspapers.
The next year, Gerber put out the call for images that could be used in ads for its new baby food products, and Smith submitted the drawing.
IFLY Tampa, the first “indoor skydiving” center in Tampa Bay, will open for business Tuesday in Brandon.
IFLY, which operates more than two dozen such centers across the U.S., announced that its new location at 10654 Palm River Road, next to Topgolf Tampa, will welcome its first customers beginning at 10 a.m.
The facility features a vertical wind tunnel that’s 14 feet across and powered by four electric fans that generate enough force to let participants float on a cushion of air.
From the Blog:
Existing Home Sales Surge Forward Through Fall [INFOGRAPHIC]
Advice for Buyers:
A postelection spike in mortgage rates may have scared potential homebuyers enough to push them off the fence and into a contract before rates move even higher.
A rush on home-purchase mortgages fueled application totals to a 5.5 percent gain on a seasonally adjusted basis last week versus the previous week, according to the Mortgage Bankers Association. Volume was nearly 10 percent higher than the same week one year ago.
Homebuyers were entirely behind the increase, with applications to purchase a home jumping 19 percent on the week, seasonally adjusted. Purchase volume had been weak prior to the election, even though mortgage rates were near historic lows. It is now 11 percent higher than a year ago.
Advice for Sellers
“The good news is that the tightening labor market is beginning to push up wages and the economy has lately shown signs of greater expansion,” NAR’s Chief Economist Lawrence Yun said in a statement. “These two factors and low mortgage rates have kept buyer interest at an elevated level so far.”
“Buyers are having more success lately despite low inventory [of homes on the market] and prices that continue to swiftly rise above incomes,” he said.
By far, the most existing home sales were in the South at about 179,000. But that was down 7.7% from September and roughly the same as October of last year, according to the report.
Median prices below the Mason-Dixon Line fell 1.7% from September, but were up 7.4% annually.
In a short week leading up to the Thanksgiving holiday, the 10-year Treasury yield rose 8 basis points. The 30-year mortgage rate followed suit, rising 9 basis points to 4.03 percent. This increase marks the first week since 2015 that mortgage rates have risen above 4 percent.
- 30-year fixed-rate mortgage (FRM) averaged 4.03 percent with an average 0.5 point for the week ending November 24, 2016, up from last week when it averaged 3.94 percent. A year ago at this time, the 30-year FRM averaged 3.95 percent.
- 15-year FRM this week averaged 3.25 percent with an average 0.5 point, up from last week when it averaged 3.14 percent. A year ago at this time, the 15-year FRM averaged 3.18 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.12 percent this week with an average 0.4 point, up from last week when it averaged 3.07 percent. A year ago, the 5-year ARM averaged 3.01 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. 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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