Last week, I reviewed Hillsborough County Home Sales on a yearly and quarterly basis. This week I will focus on one of the Tampa areas most popular cities, Wesley Chapel, which is actually in Pasco County.
In Q4 of 2017, 72 more homes sold in Wesely Chapel than in the fourth quarter of 2016. In 2016, 758 homes sold compared to 830 in 2017. That was a jump of 9%. For the year, 1,551 homes sold in 2017 and 1,389 in 2016. So 11.66% more single-family homes changed hands year over year.
Housing Inventory, measured by Months Supply of Inventory, dropped 46% — from 3.9 months (December 2016) to 2.1 months (December 2017). The Average Days a Home Stayed on the Market also fell. In Q4 of 2016, it took 70 days on average to sell a home, but in Q4 of 2017, homes sold in 53 days, which is 24% faster. If you compare 4th quarter sales from 2016 (2.957 homes) and 2017 (3318 homes), the number of homes for sale climbed 12.2%, as 361 more homes were listed for sale. Even so, supply could still not keep up with demand.
The Bottom Line
The Wesley Chapel housing market outperformed the 2016 housing market on a quarterly and yearly basis. Prices and the number of homes sold both moved up solidly. These trends should continue into 2018. Consumer confidence is high and interest rates are still relatively low. So buyers should be motivated even though inventory is low. Also, the limited number of homes for sale offers sellers a prime opportunity to attract a lot of attention, especially those who list early in the year before the spring rush.
(Want a customized evaluation of your home and neighborhood, based on comparable homes that have sold recently? Call Annette Bohannon at 813-431-2840 and get a FREE detailed, market evaluation of your home.)
Now here are some of the most helpful and interesting blog posts, articles, and infographics we’ve run across this week. Enjoy!
From the Blog:
Over the next five years, home prices are expected to appreciate on average by 3.35% per year and to grow by 24.34% cumulatively, according to Pulsenomics’ most recent Home Price Expectation Survey.
So, what does this mean for homeowners and their equity position?
4 Reasons to Sell This Winter [INFOGRAPHIC]
Real Estate Trends
In 2017 Americans learned to expect the unexpected, whether it be politics, weather or housing. Driven by record low inventory, little about the housing market went as forecast last year. “We thought there would be some things to take the pressure off,” reflects Skylar Olsen, senior economist at home search site Zillow. Interest rates would rise. Construction would pick up. Price growth would moderate. “That did not happen at any impactful level.”
Instead the market got hotter: inventory tightened, prices rose, mortgage rates barely budged and, though new home construction picked up at the end of the year, it was not at the starter price points where new inventory is needed most. Like the soaring stock market, the housing market often seemed disconnected from the tumult in Washington and natural disasters elsewhere. Observes Javier Vivas, director of economic research for Realtor.com: “We saw the economic growth and the economic momentum function as an override for a lot of external forces.”
With few clear signs of supply relief and the impact of the new tax law still being digested, reading the housing tea leaves is particularly challenging this year, but here are six things experts expect to happen:
This year, designers are leaning into streamlined simplicity.
Looking for a fresh start for the new year? Consider upgrading your kitchen.
Those Shaker-style cabinets should be the first thing to go, and you’ll probably want to give the dramatic paint trend a try. Here are some trends professional designers say we’ll be seeing a lot of.
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 New Year!
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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!