Happy Monday, December 2, 2019
The Wesley Chapel housing market favored sellers in November 2019.
Homes for Sale fell 14.7% from November 2018 and 11.6% from October 2019. Home Sold stayed flat compared to November a year ago but increased 20.2% compared to October of this year. Under Contract Homes dropped 8.3% compared to October 2019 but climbed 35.8% compared to November of 2018.
The Months of Inventory based on Closed Sales was 2.8 months, down 15.1% from November 2018.
The Average Sold Price per Square Footage rose 0.8% compared to November of last year and 1.5% compared to October of this year. The Median Sold Price jumped 8.5% from October 2019. The Average Sold Price held steady over the same time period.
Home Sales (Sold)
In November 2019, 119 single-family homes sold in Wesley Chapel. That was equal to November 2018 and 20.2% higher than the 99 sales in October 2019.
Current Inventory of Homes (For Sale)
In November 2019, Versus last year, 58 fewer homes were listed for sale. That’s 14.7% less than in November of last year. Curren inventory fell 11.6% compared to this October.
The Average Sold Price per Square Footage indicates which direction home prices are headed. Median Sold Price and Average Sold Price can sometimes be skewed by outliers that sell for a really high or low price. So the Average Sold Price per Square Footage is a more normalized indicator of home values. The November 2019 Average Sold Price per Square Footage of $133 rose 0.8% from $132 in October 2019 and 1.5% from $131 in November 2018.
The Days on Market Shows 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 November 2019 of 80 days dropped 10.1% from 89 days in october of this year but climbed 19.4% from 67 days in November of last year.
The Sold/Original List Price Ratio Remains Steady
The Sold Price vs. Original List Price reveals the average amount that sellers are agreeing to decrease 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. November’s Sold Price vs. Original List Price of 96% was 1.1% higher than October 2019 and 1.1% % higher than in November 2018.
The Average Sold Price is Neutral
The Average Sold Price in November 2019 was $309,000, down 3.4% from $320,000 in November 2018 and the same as October 2019.
November was a Seller’s 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
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 November 2019 Absorption Rate based on Closed Sales of 35.4 jumped 17.2% compared to November 2018 and 35.7% compared to October 2019.
Let it snow: Florida kids will have snow to play in this week when the popular Snowfest returns to Straub Park with giant toboggan slides and activities of all kinds for families. $5 wristbands. 9 a.m. Saturday. Beach Drive and Fifth Avenue NE, St. Petersburg. There’s Snow Place Like Tarpon Springs has a free snow play area, a boat parade and more. Free. 5-10 p.m. Friday. Tarpon Avenue between Spring Boulevard and Ring Avenue. And Miracle on Cleveland Street is back with falling snow, ice skating, photos with Santa and a free concert by the Romantics. Ride wristband $8. 5-10 p.m. Saturday. 400 block of Cleveland Street, Clearwater.
Boat parades: Another oh-so-Florida tradition of lighted boat parades gets sailing this week with parades beginning about 5 p.m. Saturday at the Riverview Civic Center, 11020 Park Drive; the Merry Pier, 801 Pass-a-Grille Way, St. Petersburg; and Dunedin’s Edgewater Park, 51 Main St.
Harlem Globetrotters: The iconic team of entertainers brings Big Easy Lofton, Ant Atkinson and other court jesters. They are joined by female stars TNT Lister, Hoops Green, Torch George and Swish Young for trick shots and comedy. Stick around after the show for autographs and photos with the stars. $20-$115. 4 p.m. Saturday. Yuengling Center, 4202 E Fowler Ave., Tampa. (813) 974-3111. yuenglingcenter.com.
Straight Up with Stassi Live: Vanderpump Rules star Stassi Schroeder brings her podcast with special guests Beau Clark and Taylor Strecker to talk pop culture and “next level basic.” $29.50-$203. 8 p.m. Thursday. David A. Straz Jr. Center for the Performing Arts, 1010 N MacInnes Place, Tampa. (813) 229-7827. strazcenter.org.
Gilbert Gottfried: The comedian’s long stage, film and television career has included stints on Saturday Night Live, memorable scenes in Beverly Hills Cop II and playing the wisecracking parrot Iago in Disney’s Aladdin. He’s one of the most recognizable voice-over talents, but as a comic, he loves a really filthy joke. So brace yourself. $20-$25. Thursday through Saturday. Side Splitters Comedy Club, 12938 N Dale Mabry Highway, Tampa. (813) 960-1197. For showtimes, visit sidesplitterscomedy.com.
13 Ugly Sweaters: The charitable 13 Ugly Men party with a purpose benefits the Skills Center, an athletics mentoring program. Grab your ugliest sweater for indoor and outdoor games. $20-$40. 8 p.m. Friday. Park and Rec Tampa, 290 S Meridian Ave. 13uglymen.com.
St. Petersburg Power and Sailboat Show: The 42nd annual show brings hundreds of power and sailboats and boating gear on land and in the water to the yacht basin in downtown St. Petersburg. The show includes a 40,000-square-foot tent. $19, 15 and younger free. Opens at 10 a.m. Thursday and runs through Sunday. 107 Eighth Ave. SE. (954) 463-6762. stpeteboatshow.com.
Mystery Science Theater 3000: Joel Hodgson, the original host of the movie-riffing cult TV series, returns with his robot sidekicks to mock a terrible movie in what he says is his last tour. $39.50-$59.50. 7:30 p.m. Tuesday. Straz Center.
Tampa Bay Underground Film Festival: The sixth annual festival features more than 200 movies in a variety of genres from filmmakers you may have never heard of. It includes educational panels, an awards ceremony and after-parties. $10, $15 day pass, $25 VIP. Tuesday through Sunday. Britton 8, 3938 S Dale Mabry Highway, Tampa. Find a schedule at tbuff.org.
Death by Chocolate: What a way to go. Check out the lights in Largo Central Park as you enjoy live entertainment, auctions, dessert samples from area restaurants and free Champagne. Benefits the Rotary Club of Largo. $20. 7 p.m. Friday. Central Park Performing Arts Center, 105 Central Park Drive. (727) 587-6793.
Tony Bennett: The 19-time Grammy-winning crooner’s career spans over six decades and his voice is still a technical marvel. $70-$120. 7:30 p.m. Thursday. Mahaffey Theater, 400 First St. S, St. Petersburg. (727) 490-9835. themahaffey.com.
Dave Koz and Friends Christmas Tour: The sax master is back with a holiday show featuring singer-guitarist Jonathan Butler, saxophonist Michael Lington, drummer Chris Wallace and singer Melissa Manchester. $37 and up. 7:30 p.m. Tuesday. Ruth Eckerd Hall, 1111 N McMullen-Booth Road, Clearwater. (727) 791-7400. rutheckerdhall.com.
Trisha Yearwood: The Grammy- and CMA Award-winning country music singer, bestselling cookbook author and Food Network star returns for the first time in half a decade. $43.25 and up. 7:30 p.m. Friday. Ruth Eckerd Hall.
Florida Orchestra does Mozart & Tchaikovsky: Michael Francis conducts with Natalie Hoe on clarinet. Don’t miss the preconcert conversation one hour before the performance. $18-$48, free for kids and teens. 8 p.m. Friday at the Straz Center, 8 p.m. Saturday at the Mahaffey Theater and 7:30 p.m. Sunday at Ruth Eckerd Hall. (727) 892-3337. floridaorchestra.org. As a bonus, Francis blends humor, smart analysis and live orchestra demos to take you on a journey through Tchaikovsky’s Pathetique ending with a full performance. Admission is pay what you can. 7:30 p.m. Thursday. Gibbs High School, 850 34th St. S, St. Petersburg.
Stephen Marley: The reggae great returns to Tampa with rapper Bleve Brown. $26.50 and up. 7:30 p.m. Wednesday. Ritz Ybor, 1503 E Seventh Ave., Tampa. (813) 248-4050. theritzybor.com.
Celtic Angels Christmas: The show encompasses vocal and instrumental seasonal favorites alongside Irish, contemporary and original Christmas themes, all with a Celtic twist and world champion dancers. $20-$55. 7 p.m. Thursday. Nancy and David Bilheimer Capitol Theatre, 405 Cleveland St., Clearwater. (727) 791-7400. atthecap.com.
Nghtmre: The Los Angeles DJ and producer has collaborated with Zeds Dead, Dillon Francis, PnB Rock, Wiz Khalifa and Flux Pavilion. $25-$30. 10 p.m. Thursday. Ritz Ybor.
Keith Harkin: The singer-songwriter from the Irish music group Celtic Thunder is now touring on his own. $35-$75. 8 p.m. Thursday. The Attic, 1510 E Eighth Ave., Tampa. (828) 773-9481. theatticyborcity.com.
John Prine: His 2018 The Tree of Forgiveness received widespread acclaim and debuted at No. 5, leading to Prine, 73, getting his own signature festival, last month’s All the Best Fest in the Dominican Republic. Kentucky singer-songwriter Kelsey Waldon opens. $77 and up. 8 p.m. Saturday. Ruth Eckerd Hall.
We the Kings: The Bradenton-born band with the platinum single Check Yes Juliet performs. $22. 7 p.m. Friday. Crowbar, 1812 N 17th St., Tampa.
Sutton Foster: The multiple Tony Award winner and lead star of Darren Star’s hit TV Land series Younger will perform songs from three of her hit albums. $45-$65. 8 p.m. Friday. Bilheimer Capitol Theatre.
Il Divo: A Holiday Song Celebration: The group that pioneered an entirely new musical genre brings their take on classic Christmas songs. $49.50-$138. 8 p.m. Friday. Mahaffey Theater.
An Evening With Patterson Hood of Drive-By Truckers: It’s actually two evenings with the prolific writer and performer, whose character-driven stories are packed with political subtext. $45-$75. 8 p.m. Friday and Saturday. The Attic.
Angelus Music Fest: Eddie Montgomery of Montgomery Gentry and Confederate Railroad will headline this fundraiser for the Hudson-based Angelus, a home for severely handicapped people. $20-$45. 6 p.m. Saturday. Seminole Hard Rock Hotel and Casino, 5223 Orient Road, Tampa. Toll-free 1-866-388-4263. seminolehardrocktampa.com.
Honeymoon Island Bluegrass Festival: There will be six hours of traditional bluegrass music from national and local bands, plus food vendors. Children are welcome. Bring a lawn chair. $10 covers admission and parking. 11 a.m. Saturday. Honeymoon Island State Park, 1 Causeway Blvd., Dunedin. (727) 276-4024. eventbrite.com.
KIDS AND FAMILY
Children’s Board Free Tuesday: The hands-on museum and the Children’s Board of Hillsborough County join to offer free admission. Noon to 6 p.m. Tuesday. Glazer Children’s Museum, 110 W Gasparilla Plaza, Tampa. (813) 443-3861. glazermuseum.org.
Museum Family Day: The Tampa Museum of Art will host a “pay as you will” Family Day with family-friendly activities inspired by its current exhibitions, such as make-and-take art projects. There will also be refreshments and live holiday music. At 1, 2 and 3 p.m., there will be tours of the centennial exhibition “The Making of a Museum: 100 Years, 100 Works.” 11 a.m.- 4 p.m. Saturday. 120 Gasparilla Plaza, Tampa. (813) 274-8130. tampamuseum.org.
MORE TO EXPLORE
Find date night ideas and things to do with kids at tampabay.com/things-to-do.
There are great advantages to owning a home, yet many people continue to rent. The financial benefits are just some of the reasons why homeownership has been a part of the long-standing American dream.
Realtor.com reported that:
“Buying remains the more attractive option in the long term – that remains the American dream, and it’s true in many markets where renting has become really the shortsighted option…as people get more savings in their pockets, buying becomes the better option.”
Why is owning a home financially better than renting?
Here are the top 5 financial benefits of homeownership:
- Homeownership is a form of forced savings.
- Homeownership provides tax savings.
- Homeownership allows you to lock in your monthly housing cost.
- Buying a home is less expensive than renting.
- No other investment lets you live inside of it.
Studies have also shown that a homeowner’s net worth is 44x greater than that of a renter.
A family that purchased a median-priced home at the start of 2019 would build more than
$37,750 in family wealth over the next five years with projected price appreciation alone.
Some argue that renting eliminates the cost of taxes and home repairs, but every potential renter must realize that all the expenses the landlord incurs are already baked into the rent payment – along with a profit margin!
Owning a home has many social and financial benefits that cannot be achieved by renting. Let’s connect to determine if buying a home is your best move.
Click the graphic above to visit www.teambohannon.com
1. Demand Is Strong
The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains strong throughout the vast majority of the country. These buyers are ready, willing, and able to purchase, and are in the market right now. More often than not, in many areas of the country, multiple buyers are competing with each other to buy the same home.
Take advantage of the buyer activity currently in the market.
2. There Is Less Competition Now
Inventory is still under the 6-month supply needed for a normal housing market. This means in the majority of the country, there are not enough homes for sale to satisfy the number of buyers in the market.
Historically, a homeowner would stay an average of six years in his or her home. Since 2011, that number has hovered between nine and ten years. There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years due to a negative equity situation. As home values continue to appreciate, more and more homeowners will be given the freedom to move.
Many homeowners were reluctant to list their homes over the last couple of years, for fear they would not find a home to move into. That is all changing now as more homes come to market at the higher end. The choices buyers have will continue to increase. Don’t wait until additional inventory comes to market before you decide to sell.
3. Buyers Are Serious at This Time of Year
Traditionally, homeowners think about spring as a great time to list their homes, when more buyer traffic may be out there actively searching. In the winter, however, the buyers who are seeking a home – whether for relocation or otherwise – are serious ones. They’re ready to make offers and they’re eager to move, often quickly. Your house may be exactly what they’re looking for, so listing when other potential sellers are holding off may be your best opportunity to shine.
4. There Will Never Be a Better Time to Move Up
If your next move will be into the premium or luxury market, now is the time to move up. There is currently ample inventory for sale at higher price ranges. This means if you’re planning on selling a starter or trade-up home and moving into your dream home, you’ll be able to do that now. Demand for your entry-level home is high, and inventory in the luxury or premium market is too.
According to CoreLogic, prices are projected to appreciate by 5.6% over the next year. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and in your mortgage) if you wait.
5. It’s Time to Move On With Your Life
Look at the reason you decided to sell in the first place and determine whether it’s worth waiting. Is money more important than being with family? Are you ready to go on with your life the way you think you should?
Only you know the answers to these questions. You have the power to take control of the situation by putting your home on the market this winter. Perhaps the time has come for you and your family to move on and start living the life you desire.
That is what is truly important.
November 27, 2019
Following a decline in the first nine months of 2019, mortgage rates have traded narrower during the last two months with a modest drift upward due to an improved economic outlook. While there has been a lag in the housing market’s response to lower rates, real estate volumes have clearly shifted into a higher gear. Moreover, the recent improvement in the cyclical segments of the economy and easing financial conditions will provide a gentle tailwind to the real estate market rebound over the next few months.
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!