Happy Monday, February 19, 2018
Last week, I reviewed how homes sales were going in New Tampa. This week, I’ll look at another one of the Tampa area’s most popular homebuying locations — Wesley Chapel.
In January of 2018, the exact same number of homes sold (90) as in January 2017. The number of homes for sale declined 6% or 32 homes from 523 (January 2017) to 491 (January 2018). But, the number of New Properties listed for sale rose 7% from 152 in the first month of 2017 to 163 the first month of this year.
Months Supply of Inventory decreased 16% from 2.8 to 2.3 months. This measure shows how long it will take the current supply of homes to run out if homes sell at the same pace as they have been selling. The Average Days a Home Stayed on the Market fell 7% or 4 days. In 2017, homes stayed on the market an average of 62 days, but this January homes averaged 58 days on the market.
Median Sold Price, which shows the price half the homes sold for, climbed 15% or $38,330 — from $257,065 in January 2017 to $295,395 in January 2018. The Median For Sale Price of homes increased 8% or $26,110. In January of 2017, the median for sale price stood at $283,790 but by January 2018 it had jumped to $309,900.
Similar to New Tampa homes sell fast in Wesley Chapel, but lack of inventory is a problem for buyers. The fact that 7% more homes came on the market compared to January 2017 is a welcome sign, but supply was still down 6% in January 2018. The good news is there is still plenty of room for more sellers to jump into the market now. With interest rates expected to rise as the year goes on, buyers have ample motivation to buy sooner rather than later. Plus, sellers who list now will face less competition from the majority of sellers who wait until Spring.
Here’s some useful and interesting information we’ve run across this week. There’s something for everyone so be sure to check it out.
10. Tampa, Florida
The final city on this list is another one located in western Florida. This city has seen a large influx new residents, equal to almost 2% of the population. The unemployment rate is also low, and continues to fall, probably a large reason for why people are coming to this boomtown. Overall our data shows the economy here grew by 4.2%.
From the Blog:
According to CoreLogic’s latest Home Price Index, prices appreciated by 6.9% year-over-year from December 2016 to December 2017 on a national level. This marks the fifth month in a row with at least a 6.9% increase.
Dr. Frank Nothaft, Chief Economist for CoreLogic, gave insight into the reason behind the large appreciation,
“The number of homes for sale has remained very low. Job growth lowered the unemployment rate to 4.1 percent by year’s end, the lowest level in 17 years. Rising income and consumer confidence has increased the number of prospective homebuyers. The net result of rising demand and limited for-sale inventory is a continued appreciation in home prices.”
This is great news for homeowners who have gained nearly $15,000 in equity (on average) in their homes over the last year! Those homeowners who had been on the fence as to whether or not to sell will be pleasantly surprised to find out that they now have an even larger profit to help cover a down payment on their dream homes.
As we near the traditionally busy spring buyers season, there is still hope for buyers as mortgage rates remain low compared to recent decades. The report also predicted that home price appreciation will slow slightly, rising by 4.3% by this time next year.
If you are looking to enter the housing market, as either a buyer or a seller, let’s get together to go over exactly what’s going on in our neighborhood and discuss your options!
Money issues often stand in the way of homeownership. A survey by rental service Apartment List found that 80 percent of millennial renters want to buy a home, but most say they can’t afford to.
What you may not realize is that many first-time homebuyer programs and grants offer financial help, and you may be eligible for various types of assistance.
Here are nine first-time homebuyer programs and grants designed to help you land a great mortgage and get a place of your own.
If you haven’t given much thought to selling your home this year, you might want to think again.
Real estate information company Trulia commissioned a survey of more than 2,000 U.S. adults, conducted by Harris Poll, to get a feel for expectations and plans for housing and homeownership in 2018. The survey results show 31 percent of respondents expect 2018 to be a better year for selling a home than 2017 – and just 14 percent expect it to be worse.
Despite the enthusiasm, only 6 percent of homeowners surveyed plan to sell their home in 2018.
Wednesday’s Consumer Price Index report showed higher-than-expected inflation; headline consumer price inflation was 2.1 percent year-over-year in January two tenths of a percentage point higher than the consensus forecast. Inflation measures were broad-based, cementing expectations that the Federal Reserve will go forward with monetary tightening later this year. Following this news, the 10-year Treasury reached its highest level since January 2014, climbing above 2.90 percent. Mortgage rates have also surged. After jumping 10 basis points last week, the 30-year fixed-rate mortgage rose 6 basis points to 4.38 percent, its highest level since April 2014.
Have a Fantastic Week!
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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!