In this week’s Market Monday, I’ll review the performance of the Wesley Chapel real estate market for July 2017.
First, let’s look at the Median Sold Price* for each Wesley Chapel zip code. Compared to July 2016, Wesley Chapel (33543) climbed 8.7% to $249,000, Wesley Chapel (33544) declined 4.3% to $255,000 and Wesley Chapel (33545) jumped 13.4% as the median sold price hit $232,500.
(MEDIAN SOLD PRICE – Median means “in the middle,” meaning that half of the homes sold above the Median Sold Price and half sold below it. For example, if 5 homes sold in a zip code for $200,000, $250,000, $300,000, $400,000 and $800,000, the Median Price would be the one in the middle. In this case, that would be the $300,000 home. In contrast, average selling price would just be the sum of the selling prices of the 5 homes divided by 5, or $330,000. Many real estate statisticians prefer median price as a better indicator of the “typical” price within an area or zip code. Why? It is not affected by “outliers” or homes sold at an extremely high or low price, like the $800,000 home in our example.)
The following graphs show the Average Sale Price compared to the Original List Price. In Wesley Chapel (33543), sellers sold for an average of 97.1% of their original asking price, while in Wesley Chapel (33544) they received stood at 96.3% of original list price. The ratio for the 33545 zip code in Wesley Chapel came in at 96.5% of original list price, on average.
Number of Properties Sold, For Sale, and New to the Market
The Numbers of Homes Sold declined compared to July 2016. Only 144 homes sold for the month, 10 fewer than in July of last year. That represented a drop of 6%. The Number of Homes for Sale declined by 3%, as 17 fewer homes were for sale than in July of 2016. But, 20 more properties came onto the market, as the Number of New Properties leaped 13% higher than in July of last year.
Months of Supply, which measures housing inventory, ticked up slightly to 2.7 months from 2.6 months in July 2016. However, the Average Number of Days a home stayed on the market plunged 37% to 40 days, as homes sold an average of 23 days faster than in July 2016.
The key issue at the moment is the inventory of homes for sale. The market is very tight for buyers, but it is a good sign that the number of new properties coming to the market increased substantially in July. The drop in sales was likely due to buyers having a tough time finding what they wanted with so few homes for sale. So even though, things typically start to taper off this time of year, it is still a great time to sell. Many buyer who haven’t found what they’re looking for are still looking and ready to buy.
(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 let’s look at some of the most informative blog posts, articles and infographics we’ve read this week. Enjoy!
First-time homebuyers are flocking to the real estate market by the thousands to find their dream homes in order to make their dreams of homeownership a reality. Unfortunately for many, the inventory of starter and trade-up homes in the US has struggled to keep up with demand!
According to the National Association of Realtors (NAR), the inventory of homes for sale dropped 7.1% year-over-year to a 4.3-month supply and is down for the 25th consecutive month.
The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report, which revealed that homes were on the market for an average of 28 days in June. This is a slight increase from the 27 days reported in May, but down from 34 days reported a year ago.
54% of homes across the country were on the market for less than a month in June!
If you’re considering buying a home, ask any real estate agent worth their salt and they’ll tell you: NOW is the time to do it.
The real estate market is seemingly changing by the day, and if you want to get a great home for a great price, making a move now is in your best interest; conditions a year from now (or even six months from now) aren’t likely to be as hospitable.
And why is that? Why shouldn’t you, if you’re interested in buying a home, wait? Why is NOW the time to make a move?
The real estate business is booming, and with a scarce supply of starter homes on the market, competition between buyers is fierce. To get loans quickly, potential homebuyers need to keep an eye on their finances and credit.
Below, you will find nine general tips that will help ease the process of acquiring a home loan by improving credit scores.
Going the “For Sale by Owner” route is a tempting alternative to hiring a real estate agent to sell your home. After all, listing agents charge a commission for their work that can eat into your own profits. So why not try to save money by selling your home yourself?
Here’s why: There are some major risks with going FSBO, from a lower sales price to landing in legal hot water. So before you pursue this DIY route, here’s a warning of some of the bad things you might encounter when you attempt a FSBO arrangement.
Following a mild decline last week, the 10-year Treasury yield rose 1 basis point this week. The 30-year mortgage rate similarly remained relatively flat, falling just 1 basis point to 3.89 percent. Mortgage rates are continuing to hold at low levels amidst ongoing economic uncertainty.
- 30-year fixed-rate mortgage (FRM) averaged 3.89 percent with an average 0.4 point for the week ending August 17, 2017, down from last week when it averaged 3.90 percent. A year ago at this time, the 30-year FRM averaged 3.43 percent.
- 15-year FRM this week averaged 3.16 percent with an average 0.5 point, down from last week when it averaged 3.18 percent. A year ago at this time, the 15-year FRM averaged 2.74 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.16 percent this week with an average 0.4 point, up from last week when it averaged 3.14 percent. A year ago at this time, the 5-year ARM averaged 2.76 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.
Thanks for reading Tampa Market Monday. If you want help buying or selling your home, please get in touch. We have sold over 4,600 homes in the Tampa area and our mission is “to elevate the practice of real estate to an art form — and to deliver a real estate experience that is re-imagined and extraordinary!”
Have a Fantastic week!
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