Happy Monday, April 1, 2019
In March 2019, 29.3% fewer single-family homes sold in Wesley Chapel than in March 2018 and 5.1% fewer sold than in February 2019. The number of homes for sale jumped 16.2% in March 2019 compared to March 2018, but fell 2.9% from February 2019. Homes under contract climbed 23.9% compared to last month but ticked down 0.6% compared to the previous March. The Months of Inventory came in at 3.6 months, a 64.6% increase from March 2018.
The Average Sold Price per Square Footage dipped 2.3% compared to last month and 3.1% compared to last year. The Median Sold Price decreased 10% from February 2019. The Average Sold Price dropped 11.1% from last month.
The Average Days on Market rose 25.9% compared to March 2018. The ratio of Sold Price vs. Original List Price was 95%, a decrease of 2.1% compared to last March.
Wesley Chapel
Home Sales Homes (Sold)
In March 2019, 111 homes sold in Wesley Chapel. That was a 29.3% drop from the 157 that sold in March of 2018. It was 5.1% fewer than the 117 homes sold last month.
Current Inventory of Homes (For Sale)
In March 2019, 55 or 16.2% more homes were for sale than in March 2018. That was 2.9% fewer than in February 2019.
Homes Under Contract (Pending)
Homes under contract increased 23.9% in March 2019 compared to February 2019 but fell 0.6% compared to March a year ago.
The Average Sold Price per Square Footage indicates the direction of homes values. The ‘mix’ of high or low-end properties in the market can sometimes skew the Median Sold Price and Average Sold Price. So the Average Sold Price per Square Footage is a more normalized indicator on the trend of property values. The March 2019 Average Sold Price per Square Footage dropped 2.3% from $128 last month to $125 in March 2019. It declined 3.1% from $129 in March of 2018.
The Days on Market Shows a Neutral Trend
The average Days on Market (DOM) shows how many days the average home is on the market before it sells. An upward trend in DOM indicates a move towards more of a Buyer’s market, a downward trend indicates a move towards more of a Seller’s market. The DOM for March 2019 of 73 days dropped 7.6% from 79 days last month but rose 25.9% from 58 days in March of last year.
The Sold/Original List Price Ratio Remains Steady
The Sold Price vs. Original List Price reveals the average amount that sellers agree to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. In March 2019 Sold Price vs. Original List Price came in at 95%, a decrease of 1% from last month and 2.1% from March 2018.
The Average For Sale Price is Appreciating
The Average For Sale Price in March was $356,000, down 5.3% from $376,000 in March of 2018 and up 0.6% from $354,000 last month.
The Average Sold Price is Depreciating
The Average Sold Price in March was $289,000, down 5.9% from $307,000 in March of 2018 and down 11.1% from $325,000 last month.
The Median Sold Price is Neutral
The Median Sold Price in March was $270,000, down 4.6% from $283,000 in March of 2018 and down 10% from $300,000 last month.
January was a Neutral Market*
A comparatively lower Months of Inventory benefits sellers while a higher Months of Inventory favors buyers.
*Buyer’s market: more than 6 months of inventory
Seller’s market: less than 3 months of inventory
Neutral market: 3 – 6 months of inventory
Months of Inventory based on Closed Sales
The March 2019 Months of Inventory increase 64.6% to 3.6 months compared to March 2018. It was up 2.9% compared to February 2019.
Absorption Rate measures what percentage of the current active listings are being absorbed each month.
*Buyer’s market: 16.67% and below
Seller’s market: 33.33% and above
Neutral market: 16.67% – 33.33%
Absorption Rate based on Closed Sales
The March 2019 Absorption Rate fell 39.2% to 28.1 compared to last March. It dipped 2.1% compared to last month.
Wesley Chapel:
Pasco school district plans for more growth near Wesley Chapel
Already beset with crowding and continuing growth, the Pasco County School Board on Tuesday agreed to buy a 104-acre site for a future school to handle the expected student increase.
With no comment, the board approved a contract for $20,000 per acre at the corner of Curley Road and Kiefer Road, in the bustling Wesley Chapel area. The site would house either a high school or K-8 campus.
The location fits with the county’s “Connected City” plan, anticipated to bring nearly 100,000 new residents to the east county corridor. District officials noted the site sits directly south of future phases of the Epperson Ranch subdivision, and just south of the planned Mirada community.
It’s an area that has grappled with growth for several years. Even with the opening of the Cypress Creek Middle-High campus a year ago, all high schools east of Interstate 75 are at 95 percent of capacity or higher. The same is true for all but one of the middle schools in the region.
The district has a new middle school building in the works for the Cypress Creek campus, to further ease crowding at the other schools. But as long as development continues there, more new schools will be needed.
Charter school developers also have been eyeing the area, with one opening last fall and more expected.
Buy:
How to Put Your Housing Cost to Work for You
There has been a lot written about the benefits of homeownership. One benefit that continues to rise to the top is the added wealth homeowners gain simply by paying their mortgage while their home increases in value over time.
The National Association of Realtors (NAR) recently broke down the equity gained from price appreciation and principal payments in their Economists Outlook Blog. Homeowners who purchased their homes five years ago have already gained almost $80,000 in equity over that time with 80% of the gains coming from price appreciation.
For a homeowner who purchased their home 30 years ago, they have gained nearly $250,000 in equity with 70% coming from price increases. The full results can be seen in the chart below.
According to the Home Price Expectation Survey, a family who purchased a median priced home this January can expect to gain more than $42,000 over the next five years simply from price appreciation alone.
Bottom Line
Your home is one of the only investments you can live inside as you pay it off over time. If you are ready to use your housing costs to build wealth, let’s get together to discuss how to make your dream a reality.
Click the graphic above to visit www.teambohannon.com
Sell
Data Says April is the Best Month to List Your Home for Sale
The spring housing market is off to the races! The inventory of homes for sale is increasing, buyers are out in force, and interest rates have remained low, peaking the interest of buyers and sellers previously on the fence about making a move.
New research from realtor.com shows that the first week of April is actually the best time to list your house for sale! The report used “trends in median listing prices, views per property on realtor.com, home price drops, median days on market, and number of listings on the market over the last three years,” to determine a ranking for every week of the year.
Listing your home in the first week of April contributes 14x more property views, 5% less competition from other home sellers, and results in the home being sold 6 days faster!
Below is a graph indicating the average score for each month of the year.
It should come as no surprise that April and May dominate as the top months to sell. The second quarter of the year (April, May, June) is referred to as the Spring Buyers Season, when competition is fierce to find a dream home, often leading to bidding wars.
However, there is one caveat worth mentioning. When broken down by metro, realtor.com noticed that while warmer climates share an overall trend, they have different top sales months. The best month to get the most exposure in Miami, FL, for instance, is August, while in Phoenix, AZ, June leads the charge.
If you’re thinking of selling your home this year, the time to list is NOW! According to the National Association of Realtors, 41% of homes sold last month were on the market for less than 30 days! If you list now, you’ll have a really good chance to sell in April or May, setting yourself up for the most exposure!
Bottom Line
Let’s get together to discuss the market conditions in our area to get you the most exposure to the buyers ready and willing to make a move!
Home Loans
Mortgage Rates See Biggest One-Week Drop in a Decade
March 28, 2019
The Federal Reserve’s concern about the prospects for slowing economic growth caused investor jitters to drive down mortgage rates by the largest amount in over ten years. Despite negative outlooks by some, the economy continues to churn out jobs, which is great for housing demand. We have recently seen home sales start to recover and with this week’s rate drop we expect a continued rise in purchase demand.
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 Day!
–Annette Bohannon,
Team Bohannon, Keller Williams, 813-431-2840
www.teambohannon.com
Search for Tampa Homes By Neighborhood
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 make up Tampa Bay. It offers…
View 3546 homes
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, 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
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, 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, 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
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, 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 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, 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, 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, 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, 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, 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, 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
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
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
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
