New Tampa home sales decreased in September compared to September a year ago. The number of Homes Sold fell 11.9% from 126 to 111, while the Total Sold Dollar Volume declined 8.73% to $27,095,248. On a month-to-month basis, Closed Sales and Total Sold Dollar Volume went down 17.8% and 24.7% respectively. However of $237,000 was 3.04%more than a year ago. The Median Sold Price decreased 5.2% from August of 2016.
The Average Number of Days a Home Stayed on the Market (50 days) dropped 39.02% compared to September a year ago and 16.7% compared to August of this year. Months of Supply which measures how many months of housing inventory remain based on current sales trends stood at 2.78 months. This is 2.7% higher than September 2016. There were 316 Active Listings in September 2016 compared to September 2015.
Here’s a more detailed look at the data over the last 12 months: (To see percentage of increase or dccrease from pervious year, simply place your cursor on the bar.)
What It Means
As expected Home sales dropped some as Summer turned to Fall. But interest rates are still at historically low levels, but rising so look for buyers to maintain a sense of urgency. Some of the decline in sales can likely be attributed to the declining number of homes for sale, so don’t hesitate to put your home on the market if you’re ready to sell. Serious buyers are out now combing the market for a home they like, but some simply can’t find the right one.
If you’re ready to list your home, 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, please call us. Our skilled and experienced BUYERS agents will position you to move fast and negotiate smartly in a very 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!
Tampa Bay Business Journal: It’s time to vote on your favorites in categories related to where you eat, how you get around town and who provides your business services. Voting ends on Oct. 31 at 11:59 p.m. NOTE: All categories must be answered in order to submit. For complete voting rules, click here.
The Tampa workforce has three characteristics that drew Johnson & Johnson to the area.
Well-educated millennials, people further along their career path and multilingual workers were key in the health care company’s decision to locate its Global Services delivery center in Tampa, said Dominic Caruso, chief financial officer at Johnson & Johnson (NYSE: JNJ).
From the Blog:
The first step in your home buying process should be to get pre-approved for your mortgage. This allows you to know your budget before you fall in love with a home that is way outside of it.
The next step is to list all the features of a home that you would like, and to qualify them as follows:
- ‘Must Haves’ – if this property does not have these items, then it shouldn’t even be considered. (ex: distance from work or family, number of bedrooms/bathrooms)
- ‘Should Haves’ – if the property hits all of the must haves and some of the should haves, it stays in contention, but does not need to have all of these features.
- ‘Absolute Wish List’ – if we find a property in our budget that has all of the ‘must haves,’ most of the ‘should haves,’ and ANY of these, it’s the winner!
Advice for Buyers:
Over the weekend, “social demographer” Bernard Salt had a go at millennials, most notably being rather affronted that so many of them waste money on brunch.
You may be surprised to know, however, that having the nerve to pay $22 for breakfast is the least of millennials’ worries. Here’s another 17 things they could cut back on:
Advice for Sellers
One of the keys to a successful home sale, says Jo, is home staging, where you arrange your furniture and décor (or some rented stuff) in a way that entices buyers to make an offer. Yet home staging is a highly misunderstood practice, one where home sellers can easily make missteps that can undermine these efforts.
Since NAR’s inaugural survey, consumer preferences have evolved and housing costs have gotten more expensive – even in real terms. In 1981, the typical buyer purchased a 1,700-square-foot home costing $70,000 ($201,376 in inflation-adjusted dollars) 2. In last year’s survey, purchased homes were typically 2,000 square feet and cost $220,000.
To mark the 35th year of NAR’s highly-anticipated survey capturing the pulse of buyers and sellers, here are five notable trends from the past three-and-a-half decades:
- The 30-year fixed-rate mortgage moved a solid 5 basis points to 3.52 percent while the 10-year Treasury yield remained relatively flat. This is the first week in over 4 months that rates have risen above 3.50 percent. This month, mortgage rates seem to be catching up to Treasury yields and returning to pre-Brexit levels.
- 30-year fixed-rate mortgage (FRM) averaged 3.52 percent with an average 0.5 point for the week ending October 20, 2016, up from last week when they averaged 3.47 percent. A year ago at this time, the 30-year FRM averaged 3.79 percent.
- 15-year FRM this week averaged 2.79 percent with an average 0.5 point, up from last week when they averaged 2.76 percent. A year ago at this time, the 15-year FRM averaged 2.98 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.85 percent this week with an average 0.4 point, up from last week when it averaged 2.82 percent. A year ago, the 5-year ARM averaged 2.89 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!
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