In this week’s Market Monday, I’ll take a look at how the Wesley Chapel real estate market performed in June of 2017.
First, let’s review the Median Sold Price* for each zip code within Wesley Chapel. Wesley Chapel (33543) rose 3.3% to $235,950, Wesley Chapel (33544) jumped 8.3% to $258,490 and Wesley Chapel (33545) gained 8.1% as the median sold price hit $226,250.
The following graphs show the Average Sale Price compared to the Original List Price. In Wesley Chapel (33543), sellers received an average of 97.8% of their original asking price, while in Wesley Chapel (33544) the ratio stood at 96.3% of original list price. The 33545 zip code in Wesley Chapel had the highest ratio. In those neighborhoods, homes sold for 98.3% of their original list price, on average.
Number of Properties Sold, For Sale, and New to the Market
The Numbers of Homes Sold continued to outpace last year’s numbers, as 180 homes sold compared to 167 in June of 2016. That’s an increase of 8%. The Number of Homes for Sale fell 2%, as there were 9 fewer homes for sale than in June of 2016. The Number of New Properties saw a 3% increase as 216 homes came on the market versus 201 in June of last year.
Months of Supply, which measures housing inventory, dropped 24% — from 2.9 months (June 2016) to 2.3 months (June 2017). But the Average Number of Days a home stayed on the market plunged 34%, as homes sold in an average of 29 days. That’s 19 days faster, on average than in June 2016.
Home sales and prices in Wesley Chapel continued for June 2017 outperformed June 2016 numbers. The question now is will the pace of sales and the drop in inventory slow things down. Also, keep your eye on mortgage rates as they inch upwards. With the economy performing well, there’s a good chance more interest rate hikes will occur this year. But even with these unknowns, selling your home or buying — sooner rather than later — is the best plan of action. We’re unlikely to see rates this low and demand for homes this high over the next few years.
(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!
(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.)
From the Blog:
Recently, Freddie Macreported on the benefits of homeownership. According to their report, here are the five benefits that “should be at the top of everyone’s list.”
- Homeownership can help you build equity over time.
- Your monthly payments will remain stable.
- You may have some tax benefits.
- You can take pride in ownership.
- Homeownership improves your community.
Let’s expand on each of Freddie Mac’s points:
Real estate professionals see a lot of dumb reasons why home buyers ultimately end up losing out on a deal. Practitioners recently shared some of the more common mistakes with realtor.com®, including ways to correct the situation:
Advice for Sellers
Owning a home and making mortgage payments is like putting money in the bank. Barring a market reversal, that nest egg of equity in your home will grow and grow. And for most homeowners, their house is their largest asset—which means there’s a lot of money at stake when it comes time to sell.
Want to get as much money back as possible from this big-ticket investment? Of course you do! So avoid doing these nine things when you put your home on the market.
Certain paint colors can lift your spirits, make a room seem larger or smaller, and even — much to the chagrin of homeowners or real-estate agents — drag out the sale of a property.
These days, you can’t go wrong with shades of white and off white, according to Jody Finglas of Finglas Painting in Ossining, N.Y.
“What was very in vogue 10 years ago, like faux and decorative painting, funky wallpapers and dark accent walls, has changed,” he said. “Now it’s all about less is more. We’re seeing a lot of requests for lighter, brighter colors.”
Add color with furniture and accessories, Finglas said. They can be switched out easily depending on your mood or the season.
After fully absorbing the sharp increases in Treasury yields over the past couple of weeks, the 30-year mortgage rate has cleared the psychologically important 4 percent mark for the first time since May. Today’s survey rate stands at 4.03 percent, up 7 basis points from last week.
- 30-year fixed-rate mortgage (FRM) averaged 4.03 percent with an average 0.5 point for the week ending July 13, 2017, up from last week when it averaged 3.96 percent. A year ago at this time, the 30-year FRM averaged 3.42 percent.
- 15-year FRM this week averaged 3.29 percent with an average 0.5 point, up from last week when it averaged 3.22 percent. A year ago at this time, the 15-year FRM averaged 2.72 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.28 percent this week with an average 0.5 point, up from last week when it averaged 3.21 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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