I hope you all took time to remember and celebrate our Veterans on Saturday, November 11. Thank you all for your service! (Be sure and check out the infographic below that explains how VA loans work, if you’re not already familiar with them.)
Now let’s see how New Tampa’s housing market fared in October. Last month, 64 single family homes sold in New Tampa (33647). Even with some of the sales spilling forward due to the bad weather in September, this was still six fewer homes than sold in October 2016. So why are sales slowing down even though many buyers are wanting to buy? Yes, seasonality is part of the equation, but the lack of housing inventory is also an issue. So let’s look at that first.
As you’ll see below, only 341 homes were listed for sale last month compared to 456 in October of last year. That’s a huge gap. Inventory has decreased 26%, while sales have fallen by 9%. New Properties listed for sale did go up in October, as 92 came on the market. This was a 3% rise from October a year ago. So it is not necessarily a lack of buyers, but a lack of homes for sale that is holding back sales. This “dilemma” presents a great opportunity for those who want to list and sell their properties sooner rather than later. As you’ll see in the pricing section below. Median Prices jumped back to their highest levels for the year after a couple of months of decline.
Another indicator of housing inventory, Months Supply of Inventory, which measures how quickly the home supply will dry up if homes keep selling at their current pace, was cut nearly in half. A year ago, it stood at 5.2 months, but this October it was down to 2.9 months. That’s a 44% drop from October 2016. The Average Number of Days Homes stayed on the market ticked up 3%, as home sold one day slower (67 days instead of 66 days), on average, then in October 2016.
Again, this increase in selling time is likely partially an indication of the lack of homes listed for sale.
The Median Sold Price (the price at or above which half the homes sold for) stayed about the same compared to last October. It ticked down $1,000 from $322,500 to $321,500, but prices were up compared to August and September. In fact, they were about where they were in July. As for the Median List Price (the price at or above which half the homes were listed for), it stood $28,095 higher than in October 2016. That’s a jump of 9%. The gap between the Median List Price and Median Sold Price probably shows two things — buyers are purchasing the homes that are more competitively priced and sellers are ultimately dropping their prices some before their homes finally sell. That’s why it is essential for sellers to get pricing right when they first list. It gives them the opportunity to sell their homes faster and avoid having to make major price reductions.
That’s why it is imperative that you work with a a real estate agent who is extremely familiar with area you want to buy or sell your home in. We are experts in the New Tampa and Wesley Chapel real estate markets, having lived and worked in the area since its inception.
(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!
When the 2018-19 school year kicks off in the fall of 2018, all New Tampa schools will have new schedules.
District officials say the new schedules will allow school buses to run more efficiently, resulting in more bus-riding students getting to school on time each day.
It should also allow bus drivers who currently only take two “tiers” of students to be able to do three — elementary, middle, and high schoolers — resulting in a cost savings to the Hillsborough County School District of at least $2.5 million.
With the new schedule, elementary schools will start at 7:40 a.m. and finish at 1:55 p.m., which is 20 minutes earlier than the current school year and keeps the same amount of instructional time for students.
Middle schools will start at 9:25 a.m. and finish at 4:20 p.m. This means they start 25 minutes later, but end only five minutes later.
High schools will start at 8:30 a.m. and finish at 3:25 p.m. They begin nearly an hour later than the current start time and end 25 minutes later.
From the Blog:
The National Association of Realtors (NAR) released their latest Quarterly Metro Home Price Report last week. The report revealed that severely lacking inventory across the country drained sales growth and kept home prices rising at a steady clip in nearly all metro areas. Home prices rose 5.3% over the last quarter across all metros.
Lawrence Yun, Chief Economist at NAR, discussed the impact of low inventory on buyers in the report:
“Unfortunately, the pace of new listings were unable to replace what was quickly sold. Home shoppers had little to choose from, and many had to outbid others in order to close on a home. The end result was a slowdown in sales from earlier in the year, steadfast price growth and weakening affordability conditions.”
What this means to sellers
Rising prices are a homeowner’s best friend. As reported by the Washington Post in a recent article post:
“The rise in median sales prices has made current homeowners much more willing to sell their home, and that willingness is one of the main drivers behind the inventory that does make it on to the market. While it hasn’t been enough to meet demand, it has made the situation much better, compared with even three or four years ago.”
It’s inevitable: For homeowners, all paths eventually lead to Home Depot or Lowe’s—and for good reason.These big-box hardware stores are the place where a dizzying array of faucets, crown moldings, ceiling fans, toilet seats, paint colors, and other supplies abound to inspire DIYers to dabble in a little (or a whole lot of) home improvement. Especially when you see it’s so much cheaper to make these upgrades on your own!
But beware: Not everything in these vaunted aisles should end up in your home. The harsh reality is that some of the items are rip-offs when compared with the prices you’ll pay elsewhere. Others may be questionable in terms of quality or the selection at hand. Want to know about the must-avoid items at Home Depot, Lowe’s, and other big-box hardware stores? Just check out our handy anti-shopping list.
Getting ready to sell your house? Then it’s time to roll up your sleeves and get to work! Selling a home, after all, entails a whole lot more than just planting a “For Sale” sign on your front lawn or uploading a few random photos of your place—especially if you’re angling for the most cash. (And, honestly, who isn’t?)
So before you put your house on the market, peruse this checklist of things you must do in preparation. Some of these tips are surprisingly easy, while others might require a bit more elbow grease. But they’re bound to pay off once buyers start oohing and ahhing over your place—and hopefully ponying up a great offer.
November 9, 2017
After holding steady last week, rates dipped slightly this week. The 10-year Treasury yield fell roughly 7 basis points, while the 30-year mortgage rate dropped 4 basis points to 3.90 percent.
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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