Today we’re going to focus on one of the fastest-growing areas in the Tampa Area — New Tampa. In fact, New Tampa is the most populous zip code in all of Hillsborough County with a population of 68,367 and is projected to grow by 12% or more by 2021. (Source: Nielsen Sitewise 2016)
Since this is such an in-demand area, we’re going to look at how the housing market has performed this year compared to 2015.
Here’s an overview of what’s happened so far this year (January through July):
As you see above the number of homes sold has actually declined some compared to 2015, while the Average and Median Sold Price have increased 6.26% and 12% respectively (see below). So the Sold Dollar Volume has basically held steady (up 0.54%).
New Tampa homes are also selling faster — 20.51% faster — than they did in 2015. So far this year homes have only stayed on the market an average of 62 days compared to 78 at this point in 2015.
The percentage of selling price to original list price (SP to OLP Ratio) has also gone up from 94.3% to 95.7%.
So what does this show us? To sum it up, homes are selling faster and for a higher price, which indicates demand is solid. The lower number of units sold so far this year is likely due to the lower number of homes for sale (see Active Listings below). If you place your cursor on the month, you’ll see that active listing were down 16% in January, 25.4% in February, 21.9% in March, 19.1% in April, 15.8% in May, 9.9% in June and -5.1% in July. The bottom line for sellers is they are selling their homes faster and for more money than in 2015.
If you’re ready to sell, 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!
In a move expected to create 170 new jobs, a Virginia-based information technology company is opening a new contact center in Tampa.
Iron Bow Technologies, a provider of technology solutions and outsourced customer service support for government, health care and commercial clients, said it will open a new contact center in Tampa that should be up and running at Woodland Corporate Center by Nov. 1.
The winner is: Loli’s Mexican Cravings, located at 8005 Benjamin Road.
Loli’s has a five-star average on Yelp, with 492 reviews. Here are some of the reviews:
“Hands down, the best tacos we have eaten in the U.S. The food is so good and fresh, we visited this place twice in four days!”
“This hole in the wall tiny restaurant down a non-descript Tampa Street has the best and most authentic Mexican food in the whole area.”
From the Blog:
School is back in session, the holidays are right around the corner, you might not think that now is the best time to sell your house. But with inventory below historic numbers and demand still strong, you could be missing out on a great opportunity for your family.
Here are five reasons why you should consider selling your house this fall:
Some are looking at the last three years of home sales and comparing them to the three years just prior to the housing bubble. Looking at the graph below, we can understand that thinking.
Advice for Buyers:
The high number of those just starting to dip their toes into the market this year is related to a sizable shift toward first-time buyers. Last August, 35% of buyers identified themselves as first-time buyers. This August, the share of first-time buyers jumped to 51%.
Just looking for a house casually is not a big deal.
Some people may want to just start looking at homes to get a feel for the area, before they even sit down with a REALTOR®. But they could be setting themselves up for major heartbreak. “A buyer might be viewing homes that are in a higher or lower price range than what they are qualified for,” Connie Antoniou, a broker associate in Barrington, Ill., told realtor.com®. Home shoppers – even at the earliest stages – should get pre-approved for a mortgage so they know their budget from the get-go and don’t waste time looking at homes that are out of their price range.
Search Tampa Homes For Sales
Advice for Sellers
So you’ve put your home on the market… Congratulations! But don’t pop the champagne just yet. If you really want to attract the best buyers and fetch top dollar, then you need to put time into prepping things. There is an art to staging a house, and while it can seem a little intimidating at first, a few minor touch-ups go a long way in the eyes of potential buyers. You want them to walk in and say, “I can see myself living here.”
Low Mortgage Rates Continue to Spur Refinancing
September 8, 2016
The 30-year fixed-rate mortgage fell 2 basis points to 3.44 percent this week. As mortgage rates continue to range between 3.41 and 3.48 percent, many are taking advantage of the historically low rates by refinancing. Since the Brexit vote, the refinance share of mortgage activity has remained above 60 percent.
- 30-year fixed-rate mortgage (FRM) averaged 3.44 percent with an average 0.6 point for the week ending September 8, 2016, down from last week when it averaged 3.46 percent. A year ago at this time, the 30-year FRM averaged 3.90 percent.
- 15-year FRM this week averaged 2.76 percent with an average 0.5 point, down from last week when it averaged 2.77 percent. A year ago at this time, the 15-year FRM averaged 3.10 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.81 percent this week with an average 0.4 point, down from last week when it averaged 2.83 percent. A year ago, the 5-year ARM averaged 2.91 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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