Wesley Chapel and New Tampa Home Sales November 2017 – Tampa Market Monday

    Welcome to Tampa Market Monday!

    Today, I’ll give you a quick snapshot of how two of Tampa’s most popular areas — Wesley Chapel and New Tampa — performed in November of 2017.

    Wesley Chapel

    The Median Sold Price for Wesley Chapel homes climbed 12% — from $312,000 in November of 2016 to $350,000 in November of 2017. The Median Price for homes listed for sale in November went up $30,000 or 9%. The Median for Sale Price this November stood at $349,900, while a year ago it was $319,900.

    The Number of Homes Sold leaped 51% from November 2016 levels. In November 2017, 86 homes sold compared to 57 in 2016. But the Number of Home for Sale plunged 28%, dropping from 463 in November 2016 to 332 in November 2017. As a result, Housing Inventory in November 2017 fell 57% below last November’s levels. Last November there was 5.8 months of inventory, but this November only 2.5 months. On average, Wesley Chapel homes sold in 50 days, which was 32% or 23 days faster than in November 2016.

    New Tampa

    New Tampa also saw the Median Home Sold Price rise in November 2017 compared to November 2016. A year ago, it stood at $269,230, but this November it increased $21,270 to $290,500. That’s an 8% jump.

    In November 2017, 124 Home Sold in New Tampa. This was seven more than in November of 2016 and showed an increase of 6%. But the Number of Homes for Sale decreased by 40 homes or 7% — from 538 (November 2016) to 498 (November 2017). So Months Supply of Inventory also fell 37%, as only 2.4 months was available compared to 3.8 months in November of last year. On average, New Tampa homes sold 13% slower this November than in November 2016. Likely, a reflection of buyers having a harder time finding what they wanted due to the lack of inventory.

     

    The Bottom Line

    As you look at all these areas, you’ll see that Median Prices increased compared to a year ago and the Supply of Homes decreased. So the biggest challenge for buyers going forward is finding what they want before mortgage rates start climbing. But this presents a prime opportunity for those who plan to sell. Buyers want to buy, but they also want to choose from a larger selection of homes. That means homes coming on the market in the next few months will attract a lot of attention.

    (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!

    Wesley Chapel:

    Progress being made on massive man-made lagoon in Pasco County

    Progress is being made on the giant man-made lagoon at the center of a community being built in Pasco County.

    Workers began filling the seven-acre lagoon last month. It’s the centerpiece of the new Epperson housing development being built in Wesley Chapel.

    SkyFOX drone captured video of the progress as water continued to flow into the lagoon.

    Read More

    From the Blog:

    Why Getting Pre-Approved Should Be Your First Step

    In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the number of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.

    Even if you are in a market that is not as competitive, knowing your budget will give you the confidence of knowing if your dream home is within your reach.

    Read More

    What is the Cost of Waiting Until Next Year to Buy?

    We recently shared that over the course of the last 12 months, home prices have appreciated by 7.0%. Over the same amount of time, interest rates have remained historically low which has allowed many buyers to enter the market.

    As a seller, you will likely be most concerned about ‘short-term price’ – where home values are headed over the next six months. As a buyer, however, you must not be concerned about price, but instead about the ‘long-term cost’ of the home.

    The Mortgage Bankers Association (MBA), Freddie Mac, and Fannie Mae all project that mortgage interest rates will increase by this time next year. According to CoreLogic’s most recent Home Price Index Report, home prices will appreciate by 4.7% over the next 12 months.

    Read More

    Buyers:

    Home-Buying in 2018: Purchase in the Winter or Wait Until Spring?

    There are only a few weeks left in 2017, and if you’re looking for a house, you might be down to the wire. Should you go all in and purchase now or wait until the spring?

    There are multiple things to consider before purchasing a house; location, square footage and style are just three of the many factors. Whether or not to buy a home during the winter or wait until the spring is something to consider, as well. Here are six reasons why it might be beneficial to buy before the flowers start to bloom.

    Read More

    Planning To Buy A Home? 5 Things To Know About The 2018 Housing Market

    Are you thinking about buying a home in 2018? You’re not alone. Across the country, lots of people are trying to decide whether to make that leap into homeownership next year. So, since 2017 is coming to a close, we decided to write up our thoughts on where the housing market stands today and what you should look for in 2018, in collaboration with Unison Home Ownership Investors. Our analysis is based on the 2017 Unison Investment Management report. Keep reading for an overview of the top five things you need to know about the housing market in 2018.

    Read More

    Follow this link to search Tampa area homes for sale

    Sellers

    How to Sell Your Home During the Holidays

    Wondering how to sell your home during the holidays? While putting your home on the market between winter celebrations, school vacations, and looming family visits might seem like miserable timing, sellers could actually benefit by using this period strategically to show and possibly even sell their place.

    Here’s why: Many home sellers take a holiday hiatus until the New Year—and that could mean that your house may suddenly become a hot commodity. Plus, if buyers are truly squeezing in home showings between shopping trips and holiday recitals, you know they must be serious.

    Read More

    Home Loans

    Little Change for Mortgage Rates

    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!

    Annette Bohannon,
    Team Bohannon, Keller Williams, 813-431-2840
    www.teambohannon.com

     

    Search for Tampa Homes By Neighborhood

    Tampa

    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

    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

    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

    Lithia/Fishhawk

    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

    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

    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

    Carrollwood Area

    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

    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

    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

    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

    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

    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

    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

    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

    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

    Luxury 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

    Golf Course Communities

    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

    Waterfront Properties

    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

    Thanks for taking time to read the Tampa Market Monthly! If you want to buy or sell a home or find out your home’s value please let us know. We’d love to work with you. You can reach me, Doug Bohannon or Dale Bohannon at 813-979-4963 or by completing this contact form. You can search all Tampa area homes for sale at www.teambohannon.com.

    Have a Fantastic week!

    Annette Bohannon,
    Team Bohannon, Keller Williams, 813-431-2840
    www.teambohannon.com

     

    Trackback from your site.

    About our blog

    Ranked #1 Realtor in Tampa by U.S. News and World Report.

    Doug, Annette & Dale Bohannon

    Team Bohannon Real Estate Experts

    Keller Williams Tampa Properties
    Tampa, Florida

    (813) 979-4963

    If you're looking for a trusted partner who exceeds expectations, reduces stress, fulfills promises, and is on top of all the details, consider Tampa's Top Real Estate Team: Doug, Annette and Dale Bohannon when buying or selling your home, call us today at 813-979-4963

    Contact Us Now

    Any questions, comments, or feedback