The 4Q of 2017 has begun so let’s examine how the New Tampa housing market performed in September of 2017. We will also review the quarterly trends over the last three years to determine how much the real estate market has improved since 2014. Before we jump in, there’s one wild card and that’s the the disruptive effect Hurricane Irma had on New Tampa housing in September of this year. Evacuations, storm damage and clean up delayed a number of sales and potential sales, so we do need to take this into consideration when looking at the sales data.
Homes Sold and Prices
That being said, the number of Sold Properties still rose 4% — from 75 units in September of last year to 78 units this September. Median Prices also ticked up slightly, as the Median Sold Price increased 1% to$291,000 in September of 2017. It stood at $288,500 in September of 2016. It is likely that the number of sales and median prices would have been higher had the market not stood still for a week as a result of Irma.
If you take a step back and look at quarterly numbers going back to 2014, you’ll realize that 11% more Homes Sold in the 3Q of 2017 than in the third quarter of 2016. The Median Price is also up 15% over 2014 quarterly figures.
Last September, Months Supply of Inventory, a measure of housing supply and demand, stood at 4.7 months, but this September the measure had dropped 30% to 3.3 months. Why does this matter? It indicates that the market is even more of a Seller’s market than it was a year ago. At five months or less, sellers have an advantage, while six months of inventory or more gives buyers a leg up. A balanced market is between five and six months.
The Average Days a Home Stays on the Market also declined 16% from September of 2016. Again, this showed that homes were selling faster. This should motivates more sellers to move into the market to capitalize on faster sales and higher prices, as more home buyers compete for a smaller inventory of homes.
When we look at the three year quarterly trends, we notice that the Number of For Sale Properties has fallen 14% while the Number of Sold Properties has jumped 11% from Q3-2014 to Q3-2017. This is why the inventory of homes for sale is so low at this juncture.
Don’t be surprised if October sales numbers come in unusually high, as some of the homes sales that were held up by Irma take place in October. But the biggest takeaway is that the New Tampa housing market is trending in the right direction if you’re a a seller or plan to sell in the near-term future. But don’t be discourage if you’re a buyer, there are plenty of good deals, you just have to look a little harder. And now is still the right time to buy as inventory should continue to dwindle and prices and mortgage rates should keep rising over the next 12 months.
(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.)
Now here’s an overview of some of the most helpful and interesting blog posts, articles, and infographics we’ve read this week. Enjoy!
Frontier Airlines is offering 12 new nonstop destinations out of Tampa and to celebrate, fares will be as low as just 29 bucks.
The first, nonstop flights leave from Tampa International Airport on Friday to Minneapolis, Islip New York, and Providence. Saturday, Frontier will start flying to Colorado Springs and St. Louis. Even more cities will be added later this fall.
From the Blog:
Good bones: Home buyers are apt to hear this phrase when touring a home—i.e., their Realtor® will say, “This home has good bones!” So what does good bones mean, exactly?
As the phrase implies, this house may not necessarily look all that great on the outside, but underneath, it’s in fantastic condition. In short, it’s a diamond in the rough.
When you’ve decided to move out of the house you own, you likely want to unload the home as quickly as possible. Whether you’re eager to get to a job in another state, have found a new dream home, or are simply tired of the mortgage payments, you don’t want to spend months struggling to sell a home you no longer want to hang onto.
The good news is that the median home spends around 65 days on the market from the time it’s listed until the closing date, according to Realtor.com. The bad news is that this is a median — so while some homes have an offer within days, others take months or years to sell. You’ll want to make sure your home is one of the ones that sells quickly so you aren’t encumbered by continued ownership when you’re ready to move on. These four tips help you make that happen.
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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