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.
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 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!
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.
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.
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.
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.
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.
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.
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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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!