Happy Wednesday, September 4, 2019
The Wesley Chapel housing market did not favor sellers or buyers in August. It was neutral.
In August 2019, Homes for Sale rose 7.4% from August 2018 but fell 4% from July 2019. Homes Sold dropped 12.2% from August a year ago and 27.8% from July of this year. Homes Under Contract climbed 13% compared to July 2019 and 3.3% compared to August 2018.
The Months of Inventory came in at 3.1 months, up 19.5% from the August 2018.
The Average Sold Price per Square Footage decreased 1.5% compared to July of this year and 0.8% compared to August of last year. The Median Sold Price fell 1.4% and the the Average Sold Price declined 0.6% from July.
The Average Days on Market increased 20% compared to August 2018. The ratio of Sold Price vs. Original List Price was 96%, a decrease of 1% compared to August of last year.
Current Inventory of Homes (For Sale)
In August 2019, 28 more homes were for sale than in August 2018, a jump of 7.4%. The current inventory of homes for sale fell 4% compared to July 2019.
Homes Under Contract (Pending)
In August 2019, Homes Under Contract climbed 13% to 156 properties. In July 2019, 138 homes were under contract. In August of last year, homes under contract stood 3.3% lower than August 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 August 2019 Average Sold Price per Square Footage of $130 declined 1.5% from $132 in July 2019 and 0.8% from $131 in August 2018.
The Days on Market Shows a Downward 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 August 2019 of 60 days decreased 10.4% from 67 days in July of this year and 20% from 50 days in August 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. The August 2019 Sold Price vs. Original List Price of 96% fell 1% from July 2019 and 1% from August 2018.
The Average For Sale Price is Neutral
The Average For Sale Price in August was $358,000, down 3.2% from $370,000 in August of 2018 and 1.1% from $362,000 in July.
The Average Sold Price is Neutral
The Average Sold Price in August was $313,000, down 0.6% from $315,000 in August of 2018 and 0.6% from $315,000 in July.
The Median Sold Price is Neutral
The Median Sold Price in August was $282,000, up 0.7% from $280,000 in August of 2018 and down 1.4% from $286,000 July.
August 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
he August 2019 Months of Inventory came in at 3.1 months, an increase of 19.5% compared to August 2018 year and 29.6% compared to July.
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 August 2019 Absorption Rate dropped 18% to 31.9 compared to August of last year and 24.8% compared to July of this year.
ST. PETERSBURG, Fla. — Residents in the direct path of Major Hurricane Dorian will likely be in dire need of food and supplies after the storm passes.
Several local businesses and nonprofits are collecting donations for people in the Bahamas after Hurricane Dorian ravaged the islands.
HOW TO HELP: http://salvationarmybahamas.org/
Rescue efforts are underway. Bahamians are using jet skis and boats, risking their own lives, trying to save people from the dangerous flood waters.
The US Coast Guard and Britain’s Royal Navy are helping, too. Still, the Prime Minister said he expects the death toll to climb significantly over the next few days.
Hurricane Dorian was the most powerful storm to ever hit the Bahamas. One man whose wife drowned in the flood waters said he’s never seen anything like it. “”It came over the roof. I imagine 21 feet at the least. We were doing alright until the water kept coming up and all the appliances were going around the house like a washer machine. That’s probably, I got hit with something in there. My poor little wife got hypothermia and she was standing on top of the kitchen cabinets until they disintegrated and I kept with her and she just drowned on me,” said Howard Armstrong.
Many organizations are collecting both monetary donations and items like water, non-perishable food, and baby supplies.
Here is a continually-updated list of Bay-area organizations, businesses, and groups that are collecting relief supplies, hygiene items, and services for those affected by the hurricane.
Check back as we add to this list.
Habitat for Humanity of Pinellas County is collecting items for those impacted by the hurricane. Donations can be dropped off at either of their two locations:
- 13355 49th Street N, Suite B, Clearwater, FL
- 1350 22nd Street S., St. Petersburg, FL
The Florida Dream Center in St. Petersburg put out a call on Facebook for donations of bottle water and canned meals to help with Hurricane Dorian aid. For more info, call 727-851-9074.
Bay area pilots are collecting donations and supplies to bring to the Bahamas once the storm passes. A GoFundMe has been created to raise funds. (Spectrum News is not affiliated with nor does it endorse any personal online fundraising pages.) Go to the group’s website to get information about what to donate and where to bring it. They’re looking for: tarps, batteries, generators, nonperishable food items, diapers, baby formula, personal water filtration devices, tools, and cleaning supplies.
CASA St. Pete is collecting donations for survivors of domestic violence from the East Coast who are now staying at its shelter in St. Petersburg. They need everything from clothes to personal hygiene items and toys for children.
Donations can be dropped off at CASA’s Thrift Shop, located at 1011 1st Avenue North in St. Petersburg. Currently, they have about 140 people staying in their shelter. Half of their residents are children.
According to CASA’s CEO, they used their hurricane supplies to support the 19 people who came over from the east coast ahead of the storm. They need donations to replenish that, and also continue supporting their residents.
Maker 1 Marina in Dunedin is collecting supplies to send to hurricane victims in the Bahamas. Items needed include water, non-perishable food, tarps, baby supplies, flash lights, lanterns and first aid kits. Donations can be dropped off at 343 Causeway Boulevard, Dunedin, Florida 34698. For more information, call 727-470-7171.
Ellenton Urgent Care will collect supplies to donate to the Bahamas. Supplies being collected include water, nonperishable food, flashlights, batteries, first aid items, sanitation/personal hygiene products, baby formula, baby food, diapers, insect repellent, and sunscreen. The clinic will be collecting donations Monday through Friday from 8 a.m.-8 p.m. and Saturday and Sunday from 9 a.m.-6 p.m. Location: 4015 U.S. 301 N, Ellenton. Call (941) 531-2800 for information.
West Pasco Habitat for Humanity is collecting donations for those impacted by Hurricane Dorian. Donations can be dropped off at their New Port Richey location at 4131 Madison Street.
Donations are being collected in Lakeland. They’ll be brought to the Bahamas next week. Food and supplies can be dropped off at Maurice’s Auto Repair & Towing at 3025 Drane Field Road in Lakeland.
When buying a home, taxes are one of the expenses that can make a significant difference in your monthly payment. Do you know how much you might pay for property taxes in your state or local area?
When applying for a mortgage, you’ll see one of two acronyms in your paperwork – P&I or PITI – depending on how you’re including your taxes in your mortgage payment.
P&I stand for Principal and Interest, and both are parts of your monthly mortgage payment that go toward paying off the loan you borrow. PITI stands for Principal, Interest, Taxes, and Insurance, and they’re all important factors to calculate when you want to determine exactly what the cost of your new home will be.
TaxRates.org defines property taxes as,
“A municipal tax levied by counties, cities, or special tax districts on most types of real estate – including homes, businesses, and parcels of land. The amount of property tax owed depends on the appraised fair market value of the property, as determined by the property tax assessor.”
This organization also provides a map showing annual property taxes by state (including the District of Columbia), from lowest to highest, as a percentage of median home value.The top 5 states with the highest median property taxes are New Jersey, New Hampshire, Texas, Nebraska, and Wisconsin. The states with the lowest median property taxes are Louisiana, Hawaii, Alabama, and Delaware, followed by the District of Columbia.
Depending on where you live, property taxes can have a big impact on your monthly payment. To make sure your estimated taxes will fall within your desired budget, let’s get together today to determine how the neighborhood or area you choose can make a difference in your overall costs when buying a home.
Click the graphic above to visit www.teambohannon.com
Below are 5 compelling reasons listing your home for sale this fall makes sense.
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
Housing inventory is still under the 6-month supply that is needed for a normal market. This means that in the majority of the country, there are not enough homes for sale to satisfy the number of buyers.
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 years, for fear that they would not find a home to move to. 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. The Process Will Be Quicker
Today’s competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and simpler, as buyers know exactly what they can afford before shopping for a home. According to Ellie Mae’s latest Origination Insights Report, the time needed to close a loan is 43 days.
4. There Will Never Be a Better Time to Move Up
If your next move will be into a premium or luxury home, 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 in the luxury or premium market.
According to CoreLogic, prices are projected to appreciate by 5.2% over the next year. If you’re moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and 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 is worth waiting. Is money more important than being with family? Is money more important than having the freedom 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. Perhaps the time has come for you and your family to move on and start living the life you desire.
August 29, 2019
Mortgage rates inched up slightly this week, closing the month with the 30-year fixed-rate mortgage rate averaging 3.6 percent – almost a full percent lower from the same time last year. Low mortgage rates along with a strong labor market are fueling the consumer-driven economy by boosting their purchasing power, which will certainly support housing market activity in the coming 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!