Happy Monday, August 5, 2019
In July 2019, the single-family housing market in Wesley Chapel favored Sellers.
Homes Sold rose 23.6% compared to July 2018 and 10.6% compared to June 2019. Homes for Sale climbed 7.9% from July of last year and 3.2% from the June of this year. Homes Under Contract fell 3.2% compared to June 2019 but rose 7% compared to July 2018.
The Months of Inventory fell 11% from July a year ago to 2.4 months.
The Average Sold Price per Square Footage jumped 3.9% compared to June 2019 and 2.3% compared to July 2018. The Median Sold Price dropped 3.8% from June of this year. The Average Sold Price fell 3.4% from June.
The Average Days on Market increased 33.3% compared to July of last year. The ratio of Sold Price vs. Original List Price stayed the same as July 2018 at 97%.
Current Inventory of Homes (For Sale)
In July 2019, For Sale Listings included 31 more homes than in July of last year, a rise of 7.9%. Current Inventory increased 3.2% compared to June 2019.
Homes Under Contract (Pending)
Homes Under Contract decreased 3.2% in July 2019, as 153 properties were under contract versus 158 in June of this year. Homes Under Contract jumped 7% compared to July of last year.
The Average Sold Price per Square Footage is a great indicator for the direction of property values. Since Median Sold Price and Average Sold Price can be impacted by the ‘mix’ of high or low end properties in the market, the Average Sold Price per Square Footage is a more normalized indicator on the direction of property values. The July 2019 Average Sold Price per Square Footage of $132 rose 3.9% from $127 in June 2019 and 2.3% from $129 in July 2018.
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 July 2019 of 68 days dropped 10.5% from 76 days in June of this year. It leaped 33.3% from 51 days in July 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. This month Sold Price vs. Original List Price of 97% stayed flat compared to June 2019 and July 2018.
The Average For Sale Price is Appreciating
The Average For Sale Price in July of $362,000 declined 2.4% from $371,000 in July of 2018. It increased 1.4% from $357,000 in June 2019.
The Average Sold Price is Appreciating
The Average Sold Price in July of $313,000 climbed 2% from $307,000 in July of last year. It fell 3.4% from $324,000 in June of this year.
The Median Sold Price is Appreciating
The Median Sold Price in July of $282,000 increased 3.3% from $273,000 in July 2018. It dropped 3.8% from $293,000 in June 2019.
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 July 2019 Months of Inventory came in at 2.4 months, a drop of 11% compared to July 2018. It declined 7.8% compared to June 2019.
*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 July 2019 Absorption Rate of 41.9 increased 14.8% compared to July of last year and 7.2% compared to this June.
WESLEY CHAPEL — About 200 construction workers show up daily at the still-rural campus of Cypress Creek Middle-High, installing utilities, raising walls and otherwise preparing a new 1,500-student school adjacent to the high school that opened there in 2017.
Weather and site conditions have offered some challenges, “but we’re tracking right where we want to be,” said Jordan Wise, project manager for contractor Ajax.
Right now, the site features rutted dirt paths, mounds of dirt, exposed beams and the other things you’d expect of a work site. Hard hats are required.
When staffers get their keys next July, they’ll be greeted by a state-of the-art three-story classroom building, which currently is farthest along, as well as a wing dedicated to arts and a black box theater, a full slate of athletic fields and the rest of a middle school campus designed to hold more students than any other middle school in Pasco County.
It’s intended to absorb all the sixth- through eighth-graders who had been attending classes in the high school next door, plus a few hundred more, freeing space for the district to bring more ninth- through twelfth-graders to the campus. Work already is under way to redraw attendance boundaries, it’s one of several projects intended to tackle continued booming growth along the State Road 54 corridor, from Wesley Chapel in the east to Trinity in the west.Over the past nine years, student enrollment in Pasco schools has risen by about 8,500 children, with the number projected to jump by another 1,300 in the year beginning Aug. 12. Most of the schools in the corridor including Cypress Creek are expected to surpass 100 percent of their built capacity for yet another year.
To ease the crunch, the district also plans new classroom wings at Bexley Elementary in Odessa and Sunlake High in Land O’Lakes, a new K-8 campus in the Starkey Ranch subdivision of Trinity, and a new technical high school in Wesley Chapel. Each is being designed, with construction to ensue within the coming year.
Campus-wide renovations including added seats have already begun at Land O’Lakes and Zephyrhills high schools. The Land O’Lakes High project is nearing completion, while the Zephryhills one enters its second phase this year.
A new 17-classroom wing opens at Zephryhills this fall, freeing space for a major overhaul of the previously existing structures.
District planners anticipate that these initiatives, along with corresponding changes to attendance boundaries, will make critical dents at several crowded schools including Odessa and Connerton elementary schools, Seven Springs Middle and Mitchell High. Planned charter schools in Wesley Chapel should help reduce the burden at elementary campuses in that community, they added.
One school remains a point of continued concern.
Wiregrass Ranch High only recently came off 10-period days because of significant crowding, its numbers reduced with the opening of Cypress Creek Middle-High two years ago.
Ongoing housing development in the area has kept the pressure on Wiregrass Ranch, though. It’s already headed back to 141 percent of its capacity, with its 2,310 expected students spilling over into about two-dozen portable classrooms.
Superintendent Kurt Browning recently told the School Board that his staff is doing all it can to prevent the school from returning to 10-period days.
The administration has hopes that the opening of the east side technical school in 2021 will draw some students, and that rezoning with the debut of the standalone Cypress Creek Middle will provide some relief, too.
Will it help? Similar efforts really haven’t. Homebuilders have won permission to develop more, regardless of school seat availability.
County officials have noted, along with some residents, that the district has plenty of open seats. It’s just that they’re in places like Holiday and Shady Hills, and not necessarily where the new homes are going.
District leaders have not been willing to completely revamp their attendance maps to move kids to open seats. That’s been seen as even more disruptive than shifting assignments within closer proximity to the schools.
Families keep flooding the Wiregrass Ranch zone faster than the district can keep up. The high school’s numbers shrink briefly with each change, but quickly return to their old levels, keeping the pressure on, district planner Chris Williams said.
Even so, the district has no immediate plans to add new buildings on that campus, deputy superintendent Ray Gadd said.
At Wiregrass, which already has so many portables, such a project would simply replace old seats with new ones, Gadd explained. By contrast, a new wing at Sunlake High — sitting at 117 percent capacity with major housing developments pending — could have the benefit of adding student stations while also getting rid of the handful of portables there.
“With the limited capital dollars we have, it doesn’t make any sense to us … just building a building to replace portables,” Browning said.
Instead, the officials said they will wait to see the effect of the rezonings and added schools before taking any action. If Wiregrass Ranch remains too crowded even after that, then they have a proposal to begin a classroom wing within the 10-year capital plan as a Level 3 priority — behind air conditioning improvements, but ahead of renovating the cafeteria.
Contact Jeffrey S. Solochek at email@example.com. Follow @jeffsolochek.
On his personal website, self-made millionaire David Bach makes a striking statement:
“Not prioritizing homeownership is the single biggest mistake millennials are making.”
He further stated, “Buying a home is an escalator to wealth.”
“Young adults in particular aren’t hopping on this escalator, and it’s a costly mistake…If millennials don’t buy a home, their chances of actually having any wealth in this country are little to none.”
He then elaborates on the game of homeownership:
“Start by crunching the numbers…actually do the math…This way, you’re really clear on your goals and you won’t just say to yourself, ‘I’ll never afford this!’
A good rule of thumb is to make sure your total monthly housing payment doesn’t consume more than 30 percent of your take-home pay.”
Bach concludes by saying,
“Oftentimes, buying your first home means you’re not buying your dream home…You’re just getting into the market.”
Whenever a well-respected millionaire gives investment advice, listeners usually clamor to hear it. This millionaire shares some simple and straightforward insights: “The fact is, you aren’t really in the game of building wealth until you own some real estate.”
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As a homeowner, it’s always tempting to dream about the next big project you’re going to tackle. The possibilities are endless. Should I renovate? Should I refinance? Should I stay? Should I move? The list goes on and on.
In today’s housing market, it’s actually a great time to shift your thoughts toward selling your house and moving up into the home of your dreams. Here’s why:
Inventory is on the rise, but there’s still an overall shortage of houses for sale (less than a 6-month supply found in a more normal market), so homes are going under contract quickly. In fact, the National Association of Realtors (NAR) Realtors® Confidence Index Survey reports that right now homes are only staying on the market for an average of 27 days. That’s less than one month, an even more accelerated pace from the 36-day trend we saw last spring.The same report also indicates there are more interested buyers than active sellers today, which is one of the big factors driving home prices higher.
This power combination provides an ideal environment for sellers aiming to close a quick sale and earn a big return as we wrap up the summer season.
There’s still time to make a move before the school year starts and the fall weather sets in. Maybe it’s time to make a change. Let’s get together to determine if selling now is the right decision for your family.
August 1, 2019
Mortgage rates have essentially stabilized over the last two months, which reflects the recovery and improvement in the economy from the malaise earlier in the year. Going forward, the combination of low mortgage rates, tight labor market and high consumer confidence should set up the housing market for continued improvement in home sales heading into the late summer and early fall.
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!
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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!