Happy Monday, July 1, 2019
In June 2019, the single-family housing market in Wesley Chapel favored Sellers.
Homes Sold dropped 20.5% compared to June 2018 and 16.7% compared to May 2019. Homes for Sale climbed 9.4% from June of last year and 1.9% from the May of this year. Homes Under Contract fell 7.5% compared to May 2019 but rose 21.1% compared to June 2018.
The Months of Inventory increased 36.8% from June a year ago to 3 months.
The Average Sold Price per Square Footage declined 3.1% compared to May 2019 and 0.8% compared to June 2018. The Median Sold Price jumped 3.2% from May of this year. The Average Sold Price climbed 4.6% from May.
The Average Days on Market leaped 37% compared to June of last year. The ratio of Sold Price vs. Original List Price stayed the same as June 2018 at 97%.
Home Sales Homes (Sold)
In June 2019, 140 single-family homes sold in Wesley Chapel. That was 20.5% fewer than in June 2018 when 176 changed hands. Sales fell 16.7% from 168 homes sold in May 2019.
Current Inventory of Homes (For Sale)
In June 2019, 419 single-family homes were for sale. That was 16.7% more than June of last year when 350 were listed for sale. It was 1.9% more than May of this year.
Homes Under Contract (Pending)
In June 2019, 161 single-family homes were under contract, 7.5% less than the 174 in May 2019. June’s pending property sales were 21.1% higher than in June of 2018.
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 June 2019 Average Sold Price per Square Footage of $127 dropped 3.1% from $131 in May 2019 and 0.8% from $128 in June of last year.
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 June 2019 of 74 days was 5.7% more than the 70 days in May 2019. It rose 37% from 54 days in June of 2018.
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% ticked up 1% from last month but stayed the same as June of last year.
The Average For Sale Price is Appreciating
The Average For Sale Price in June was $358,000, down 2.7% from $368,000 in June of 2018 and up 0.8% from $355,000 from May 2019.
The Average Sold Price is Appreciating
The Average Sold Price in June was $321,000, up 2.6% from $313,000 in June of 2018 and 4.6% from $307,000 May 2019.
The Median Sold Price is Appreciating
The Median Sold Price in June was $291,000, up 3.2% from $282,000 in June of 2018 and 3.2% from $282,000 May of this year.
June was a Sellers 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
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 June 2019 Absorption Rate based on Closed Sales of 33.4 fell 27.4% compared to June 2018 and 18.3% compared to May 2019.
Independence Day: For firework fans, you can see the rockets’ red glare on Thursday in downtown St. Petersburg, Tampa, Clearwater, at Busch Gardens and at the Hernando County Fairgrounds, Avalon Park West in Wesley Chapel, in Land O’ Lakes, Temple Terrace, Plant City Stadium, Largo Central Park, St. Pete Beach, Safety Harbor, Fred Howard Park in Tarpon Springs, Madeira Beach and Treasure Island.
Tampa Bay Rays: The Yankees are in town and for Thursday’s game on Independence Day, the CENTCOM Rappel Team will rappel down from the A-ring catwalk at Tropicana Field to deliver the game ball. The Yankees play a four-game homestand against the Rays through Sunday.
Music: Abby Anderson opens for hitmaker Rob Thomas at St. Petersburg’s Mahaffey Theater on Friday ($64 and up), the same day guitarist Damon Fowler returns to the Palladium in St. Petersburg ($18-$22). The Wallflowers with Jakob Dylan play Friday at the Hard Rock Cafe in Tampa ( $50 and up). Get out your flannel on Saturday for Smells Like Teen Spirit: A WMNF Tribute to the 90s with local artists playing their favorite ‘90s classics at Ybor’s Crowbar ($13-$15). Grammy-winning classical guitarist Jason Vieaux performs at the Museum of Fine Arts in St. Petersburg on Sunday ($25). The legendary producer brings Jeff Lynne’s ELO to Amalie Arena on Sunday ($45.75). Hear loads of hits when Train and the Goo Goo Dolls play the MidFlorida Credit Union Amphitheatre in Tampa on Sunday ($29.50 and up). Grammy winner Stephen Marley returns for a hot reggae show on Sunday at Jannus Live in St. Petersburg ($30.50).
Red, White, and Sploosh: The Geekocracy meetup group is staging a giant water gun fight at from noon to 2 p.m. Saturday at Al Lopez Park, in Tampa. Free.
Sing-Along Grease: The top pick in this year’s poll of fans by Tampa Theatre, follow the lyrics on the screen in the historic movie house, and sing along to the 1978 classic. $13. 3 p.m. Sunday.
Etsy Craft Party: The online marketplace, gives a platform to artists, makers and sellers of vintage goods at the St. Petersburg Coliseum. 11:30 a.m.-4 p.m. Saturday.
Quilt show: You’ll find intricate contemporary art quilts and textiles in the Dunedin Fine Art Center’s set of shows on display through Aug. 18. $10, free for members and children 12 and younger. 10 a.m.-5 p.m. weekdays; 10 a.m.-2 p.m. Saturday and 1-4 p.m. Sunday. 1143 Michigan Blvd.
KIDS AND FAMILY
Melons For Moolah: The watermelon-themed festival to benefit the Safety Harbor Public Library Foundation returns on Saturday from 3-10 p.m. with water slides, contests, entertainment and ending with a screening of the summertime classic The Goonies in Safety Harbor Waterfront Park.
MORE TO EXPLORE
Find all the fireworks and July 4 parades and picnics in the area. tampabay.com/thingstodo.
In this day and age of being able to shop for anything anywhere, it is really important to know what you’re looking for when you start your home search.
If you’ve been thinking about buying a home of your own for some time now, you’ve probably come up with a list of things that you’d LOVE to have in your new home. Many new homebuyers fantasize about the amenities that they see on television or Pinterest, and start looking at the countless homes listed for sale through rose-colored glasses.
Do you really need that farmhouse sink in the kitchen to be happy with your home choice? Would a two-car garage be a convenience or a necessity? Could the “man cave” of your dreams be a future renovation project instead of a make-or-break right now?
The first step in your home buying process should be getting pre-approved for your mortgage. This allows you to know your budget before you fall in love with a home that is way outside of it.
The next step is to list all the features of a home that you would like, and to qualify them as follows:
- “Must-Haves” – if this property does not have these items, then it shouldn’t even be considered (ex: distance from work or family, number of bedrooms/bathrooms).
- “Should-Haves” – if the property hits all of the ‘must-haves’ and some of the ‘should-haves,’ it stays in contention but does not need to have all of these features.
- “Absolute-Wish List” – if we find a property in our budget that has all of the ‘must-haves,’ most of the ‘should-haves,’ and ANY of these, it’s the winner!
Having this list fleshed out before starting your search will save you time and frustration. It also lets your agent know what features are most important to you before they start showing you houses in your desired area.
Click the graphic above to visit www.teambohannon.com
In today’s fast-paced world where answers are a Google search away, there are some who may wonder what the benefits of hiring a real estate professional to help them in their home search are. The truth is, the addition of more information causes more confusion.
Shows like Property Brothers, Fixer Upper, and dozens more on HGTV have given many a false sense of what it’s like to buy and sell a home.
Now more than ever, you need an expert on your side who is going to guide you toward your dreams and not let anything get in the way of achieving them. Buying and/or selling a home is definitely not something you want to DIY (Do It Yourself)!
Here are just some of the reasons you need a real estate professional in your corner:
There’s more to real estate than finding a house you like online!
There are over 230 possible steps that need to take place during every successful real estate transaction. Don’t you want someone who has been there before, someone who knows what these actions are, to ensure you achieve your dream?
You Need a Skilled Negotiator
In today’s market, hiring a talented negotiator could save you thousands, perhaps tens of thousands of dollars. Each step of the way – from the original offer, to the possible renegotiation of that offer after a home inspection, to the possible cancellation of the deal based on a troubled appraisal – you need someone who can keep the deal together until it closes.
What is the home you’re buying or selling worth in today’s market?
There is so much information on the news and on the Internet about home sales, prices, and mortgage rates; how do you know what’s going on specifically in your area? Who do you turn to in order to competitively and correctly price your home at the beginning of the selling process? How do you know what to offer on your dream home without paying too much, or offending the seller with a lowball offer?
Dave Ramsey, the financial guru, advises:
“When getting help with money, whether it’s insurance, real estate or investments, you should always look for someone with the heart of a teacher, not the heart of a salesman.”
Hiring an agent who has his or her finger on the pulse of the market will make your buying or selling experience an educated one. You need someone who is going to tell you the truth, not just what they think you want to hear.
Today’s real estate market is highly competitive. Having a professional who’s been there before to guide you through the process is a simple step that will give you a huge advantage!
June 27, 2019
While the industrial and trade related economic data continues to dominate the news, the drop in mortgage rates over the last two months is already being felt in the housing market. Through late June, home purchase applications improved by five percentage points compared to the previous month. In the near-term, we expect the housing market to continue to improve from both a sales and price perspective.
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!
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!