Wesley Chapel Home Sales September 2018 – Tampa Market Monday

    Happy Monday, October 22, 2018

    In September 2018, the Wesley Chapel housing market did not favor sellers or buyers. It trended neutral.

    The number of homes sold rose 9.1% from September 2017 and dropped 10.8% from August 2018. The number of homes for sale leaped 21.6% from a year ago and increased 5% from a month ago. The number of homes under contract jumped 19.1% compared to September 2017, but dropped 27.7% compared to September 2017. The Months of Inventory (based on Closed Sales) came in at 3 months, up 11.1% from September of last year.

    The Average Sold Price per Square Footage decreased 1.5% compared to August 2018 and 2.4% compared to last year. The Average Sold Price declined 5.7% compared to last month. The Median Sold Price fell 1.8% from August 2018. So based on the 6-month trend, the Average Sold Price trend is “depreciating” and the Median Sold Price trend is “neutral.”

    The Average Days on Market showed a neutral trend, down 8.5% compared to September 2017. The ratio of Sold Price vs. Original List Price was 96%, a decrease of 1% from September 2017.

    Wesley Chapel

    Home Sales (Sold)
    In September 2018, 132 homes sold, a jump of 9.1% compared to September of 2017 when 121 sold. That was also 10.8% lower than the 148 sold in August 2018.

    Current Inventory of Homes (For Sale)
    The total number of homes for sale jumped by 71 units or 21.6% compared to a year ago. The amount of current inventory rose 5% compared to a month ago.

    Property Under Contract (Pended)
    Homes under contract (pending) decreased by 27.7% compared to last month, but climbed 19.1% compared to last year.

    The Average Sold Price per Square Footage shows the direction of property values. The “mix” of very expensive or very cheap homes sold can skew the Median Sold Price and Average Sold Price, but the Average Sold Price per Square Footage can provide a more normalized indicator of the direction of home values. In September 2018, the Average Sold Price per Square Footage was $129, down 1.5% from $131 in August 2018. That was up 2.4% from $126 in August 2017.

    The Days on Market Shows Neutral 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, while a downward trend indicates a move towards more of a Seller’s market. The DOM for September 2018 was 54, up 8% from 54 days last month and down 8.5% from 59 days in September of last year.

    The Sold/Original List Price Ratio Remains Steady

    The Sold Price vs. Original List Price reveals the average amount that sellers are decreasing 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. In September Sold Price vs. Original List Price fell 1% (from last month and last year) to 96%.

    The Average For Sale Price is Depreciating

    The Average For Sale Price in September 2018 of $362,000 fell 2.9% from $373,000 in September of 2017 and 2.2% from $370,000 in August 2018.

    The Average Sold Price is Depreciating 

    The Average Sold Price in September of $297,000 decreased 4.2% from $310,000 in September of 2017 and 5.7% from $315,000 last month.

    The Median Sold Price is Neutral

    The Median Sold Price in September was $275,000, down 2.1% from $281,000 in September of 2017 and 1.8% from $280,000 in August 2018.

    It’s 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

    The September 2018 Months of Inventory of 3 months increased 11.1% compared to last year and 15.6% compared to last month.

    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 September 2018 Absorption Rate was 33.1%. This was a 10.3% drop compared to September 2017 and 14.9% decrease compared to August 2018.

    Wesley Chapel:

    Pasco to promote itself as Florida’s Sports Coast

    Pasco County plans to secede from the Nature Coast. It no longer will be only natural, either.

    Visit Pasco, the county’s tourism agency, is poised to rebrand Pasco as Florida’s Sports Coast to capitalize on its sports facilities, outdoor adventure offerings and water activities along the coast.

    “Our goal is to find things that are most relevant about Pasco County and the things that are most different about Pasco County and package that to draw tourists,’’ said Andy Jorishie, managing director of the Zimmerman Agency in Tallahassee, which is leading the rebranding effort for $45,000 as part of a $326,000 contract with the county.

    The agency briefed the Tourist Development Council Wednesday, and the full county commission is expected to consider the branding and marketing plan next week.

    In prior years, the county’s tourism promotions included the slogan “It’s only natural’’ to capitalize on ecotourism in its parks and trails. Pasco also has been considered the southern portion of the Nature Coast, a tourist-friendly identity that includes Hernando and Citrus counties.

    But passive is making way for higher energy and a philosophy of “Let’s play.’’

    “Today’s leisure traveler is looking for active experiences,’’ said Jorishie. “…Life is meant to be enjoyed, so get out there.’’

    Which means, he said, Pasco should be the state’s destination for active families. Marketing itself as Florida’s Sports Coast is intended to draw the team and individual sports enthusiasts who will: use the $44 million indoor sports complex planned for Wiregrass Ranch, the privately owned Florida Hospital Center Ice, lacrosse fields at Wesley Chapel District Park, sand volleyball courts at Sunwest Park in Hudson and a network of biking and pedestrian trails; fish, boat and kayak in west Pasco; skydive in Zephyrhills; and zip line at Treehoppers, outside Dade City.

    Read More 

    From the Blog:

    20 Tips for Preparing Your House for Sale This Fall [INFOGRAPHIC] | Simplifying The Market

    Baby Boomers are Downsizing, Are You Ready to Move?

    For a while now baby boomers have been blamed for a portion of the housing market’s current lack of housing inventory, but should they really be getting the blame?

    Here’s what some of the experts have to say on the subject:

    Aaron Terrazas, Senior Economist at Zillow, says that “Boomers are healthier and working longer than previous generations, which means they aren’t yet ready to sell their homes.”

    According to a study by Realtor.com, 85% of baby boomers indicated they were not planning to sell their homes.

    It is true that baby boomers are healthier and are thus working and living longer, but are they also refusing to sell their homes? 

    Last month, Trulia looked at the housing situation of seniors (aged 65+) today compared to that of a decade ago. Trulia’sstudy revealed that:

    “Although seniors appear to be delaying downsizing until later in life, as a group, households 65 and over are still downsizing at roughly the same rate as in years past.”

    Trulia also explains that, 

    5.5% of households 65 and over moved, pretty evenly split between moves to single family (2.7%) and multifamily (2.4%) homes. In 2005these percentages were virtually the same, with 5.5% of senior households moving, including 2.5% into single family and 2.5% into multifamily homes.”

    So, if these percentages are the same, what is the challenge?

    Recent reports tell us that the older population grew from 3 million in 1900 to 47.8 million in 2017.

    In addition, the Census recently revised the numbers from their National Population Projections:

    “The aging of baby boomers means that within just a couple decades, older people are projected to outnumber children for the first time in U.S. history…By 2035, there will be 78.0 million people 65 years and older compared to 76.7 million under the age of 18.”

    Bottom Line

    If you are a baby boomer who is not sure whether you should downsize or move to a warmer climate (other people are doing it, why not you?), let’s get together so we can help you evaluate your options today!

    Read More

    Buy:

    Rising Mortgage Rates Impact Buying Power

    Rising mortgage rates impacting buying power isn’t a surprise in today’s market. Realtor.com  recently released new data showing how much actual monthly mortgage payments are rising around the country. “As we see rates rise this Fall, we do see them taking on a bigger role in affordability and constricting buying power in certain markets,” observes Javier Vivas, director of economic research for realtor.com.

    According to realtor.com, “the average U.S. monthly mortgage payment has jumped 15.8% percent, or $223 per month, since last year.” In September 2017, that number was $1,413, rising one year later to $1,636 based on a median price of $294,900. “In the top 20 largest markets combined, 68 percent of the incremental payment increase is now coming from a rise in rates,” Vivas explains. “This is a big shift from earlier this spring when rates accounted for just 36 percent of the payment increase,” he adds.

    Traveling around the country, that number has varying impacts market by market. All of realtor.com’s stats are from September 2017 to September 2018. The New York area took the hardest hit with a $545 hike in monthly mortgages, raising the monthly housing nut 18.7% or $3,463 on a median price of $529,900. The Seattle market with major price increases and inventory shortages followed New York with a $533 increase, to a median price of $550,045.

    Clearly, the monthly mortgage payment increase is related to a specific area’s housing prices. Heading to the Tampa-St. Petersburg area which holds the bottom spot on the list, the monthly payment difference is only $94. That’s up only 6.9% from $1,375 to $1,470 on a median price of $265,000. Mid-way on the list is the Atlanta-Sandy Springs area which comes in with a $250 monthly increase. That’s a 17% increase which also reflects rapidly rising area home prices, with a median price of $323,000 in September 2018.

    Read More 

    Click the graphic above to visit www.teambohannon.com

    Sell:

    Selling A House This Fall? Five Tips To Help Homeowners Close The Deal

    With fall upon us, temperatures are cooling off but the real estate market is heating up. For people hoping to sell their homes before the end of the year, the clock is ticking. That’s because the market slows down significantly after Thanksgiving due to the holidays. And in parts of the country where all four seasons exist, the winter weather can keep sellers on the sidelines until March.

    Faced with the short fall real estate season, there are steps sellers can take to increase their chances of closing the deal before December.

    Read More

    Home Loans

    Mortgage Rates Take a Breather

    October 18, 2018

    The modest decline in mortgage rates is a welcome respite from the rapid increase in rates the last few weeks. While the housing market has clearly softened in reaction to the rise in mortgage rates, the economy and consumer sentiment remain very robust and that will sustain purchase demand, particularly in affordable markets and neighborhoods.

    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!

    Annette Bohannon,
    Team Bohannon, Keller Williams, 813-431-2840
    www.teambohannon.com

    Search for Tampa Homes By Neighborhood

    Tampa

    Tampa, a beautiful, modern city located on the Gulf Coast of Florida, is bordered by Old Tampa Bay and Hillsborough Bay, which come together to make up Tampa Bay. It offers…
    View 3546 homes

    Apollo Beach

    Apollo Beach is a vibrant waterfront community, located in Hillsborough County in Tampa, FL. It features over 50 miles of interconnected canals that lead to Tampa Bay and the Gulf…
    View 325 homes

    Land O Lakes

    Land O’ Lakes, located in Pasco County, is north of downtown Tampa. It’s also part of the Tampa-St. Petersburg-Clearwater, Florida MSA. The population of the area is a little over…
    View 468 homes

    Lithia/Fishhawk

    FishHawk, Hillsborough County’s first “green community”, is made up of a variety of smaller communities located in Lithia, Florida. They including Starling at FishHawk, The Preserve, FishHawk Ranch and FishHawk…
    View 215 homes

    Lutz

    Lutz, which began as a small train depot on the Tampa North Railroad, now has about 20,000 residents. It was named for W. P. Lutz, who brought the railroad to…
    View 424 homes

    New Tampa

    New Tampa, Tampa Bay’s fastest growing community is located in the northern side of Tampa. New Tampa, well-known for its master-planned communities, features upscale residences surrounded by lakes, lush green…
    View 361 homes

    Carrollwood Area

    The Carrollwood area, about 7 miles northwest of Tampa includes two distinct communities — Carrollwood and Carrollwood Village. Both are located in Hillsborough County. Together, they have a population of…
    View 266 homes

    Odessa

    Odessa, located in Pasco County started as a community of open spaces that residents used for ranches and horse farms. But in more recent years, it has grown considerably due…
    View 271 homes

    Brandon

    Brandon is an appealing suburb, east of downtown Tampa, Florida. It offers residents a quieter, family-oriented lifestyle just outside of Tampa’s city center. Over 100,000 people call it home and…
    View 311 homes

    Riverview

    Riverview, Florida, located in Hillsborough County near Tampa has nearly 80,000 residents. The community saw its population increase close to 500 percent from 2000 to 2010 as new development occurred…
    View 703 homes

    South Tampa

    South Tampa, located on the Interbay Peninsula, includes areas of Tampa south of Kennedy Boulevard. Many of Tampa’s most unique and in-demand neighborhoods, Beach Park, Ballast Point, Bayshore Beautiful, Bayshore…
    View 1055 homes

    Ruskin

    Ruskin, located in Hillsborough County, Florida, near Tampa’s South shore has blossomed since the early 2000’s. It’s population, which doubled from 2000 to 2010 now tops 17,000 residents. Background The…
    View 297 homes

    Valrico

    Valrico, located east of Tampa, is home to more than 35,000 residents. The population has expanded over 400% since 2000, when only 6,500 residents lived there. The median house or…
    View 263 homes

    Wesley Chapel

    Wesley Chapel, in Pasco County, has been one of Tampa Bay’s fastest growing communities during the past 10 years. Currently, there are over 45,000 residents, 16,000 households and 12,000 families…
    View 502 homes

    Westchase

    Westchase, founded in 1991, is a luxurious planned community located between Tampa and Clearwaterin Hillsborough County. It has around 22,000 residents and is one of the most affluent subdivisions the…
    View 154 homes

    Luxury Homes

    Are you seeking a one-of-a-kind luxury home? You’ll discover many remarkable million-dollar-plus properties in the Tampa area. Whether you prefer living on the water with spectacular views, a Championship golf…
    View 3772 homes

    Golf Course Communities

    If you love golf, you’ll love the Tampa Bay area’s challenging and picturesque golf courses set in vibrant and beautiful communities on the Gulf Coast. You can enjoy a daily…
    View 6222 homes

    Waterfront Properties

    Living on the waterfront means a variety of things to different people. Some love the all-the-time access to sunshine, the beach and the ocean. For other it’s about a peaceful…
    View 13625 homes

    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!

    Annette Bohannon,
    Team Bohannon, Keller Williams, 813-431-2840
    www.teambohannon.com

    Trackback from your site.

    About our blog

    Ranked #1 Realtor in Tampa by U.S. News and World Report.

    Doug, Annette & Dale Bohannon

    Team Bohannon Real Estate Experts

    Keller Williams Tampa Properties
    Tampa, Florida

    (813) 979-4963

    If you're looking for a trusted partner who exceeds expectations, reduces stress, fulfills promises, and is on top of all the details, consider Tampa's Top Real Estate Team: Doug, Annette and Dale Bohannon when buying or selling your home, call us today at 813-979-4963

    Contact Us Now

    Any questions, comments, or feedback