Happy Monday, June 29!
It’s been an interesting year to say the least. Due to COVID-19, the economy and real estate market have faced some unprecedented challenges. So let’s review how Wesley Chapel’s housing market has performed so far in 2020 compared to the first five months of 2019.
Through May 2020, Sold Dollar Volume climbed 6.93%. Average Sold Price and Median Sold Price also rose 3.58% and 4.24% respectively. The Average Sold Price for detached homes (single-family homes and villas) increased 3.44%.
The Number of Homes Sold climbed by 3.23% and Homes Stayed on the Market an average of 9.68% longer than in 2019. The Number of Single-Family Homes and Villas Sold fell 2%.
The Average List Price for Sold Homes rose 3.12%. Average Sold Price to Original List Price ticked up 1.3%.
So in spite of the challenges, Wesley Chapel real estate is outpacing 2019.
(See more details in the tables below.)
In the next table, you’ll see how many detached and attached homes sold at various price points. After that, you’ll find a table of all active listings (homes for sale) in each price band.
Finally, here’s a quick snapshot of financing methods used for purchases, as well as a review of how many homes sold in specific day ranges.
One of the biggest questions on everyone’s minds these days is: What’s going to happen to the housing market in the second half of the year? Based on recent data on the economy, unemployment, real estate, and more, many economists are revising their forecasts for the remainder of 2020 – and the outlook is extremely encouraging. Here’s a look at what some experts have to say about key areas that will power the industry and the economy forward this year.
Mortgage Purchase Originations: Joel Kan, Associate Vice President of Economic and Industry Forecasting, Mortgage Bankers Association
“The recovery in housing is happening faster than expected. We anticipated a drop off in Q3. But, we don’t think that’s the case anymore. We revised our Q3 numbers higher. Before, we predicted a 2 percent decline in purchase originations in 2020, now we think there will be 2 percent growth this year.”
“Sales completed in May reflect contract signings in March and April – during the strictest times of the pandemic lock down and hence the cyclical low point…Home sales will surely rise in the upcoming months with the economy reopening, and could even surpass one-year-ago figures in the second half of the year.”
Inventory: George Ratiu, Senior Economist, realtor.com
“We can project that the next few months will see a slow-yet-steady improvement in new inventory…we projected a stepped improvement for the May through August months, followed by a return to historical trend for the September through December time frame.”
Mortgage Rates: Freddie Mac
“Going forward, we forecast the 30-year fixed-rate mortgage to remain low, falling to a yearly average of 3.4% in 2020 and 3.2% in 2021.”
New Construction: Doug Duncan, Chief Economist, Fannie Mae
“The weaker-than-expected single-family starts number may be a matter of timing, as single-family permits jumped by a stronger 11.9 percent. In addition, the number of authorized single-family units not yet started rose 5.4 percent to the second-highest level since 2008. This suggests that a significant acceleration in new construction will likely occur.”
The experts are optimistic about the second half of the year. If you paused your 2020 real estate plans this spring, let’s connect today to determine how you can re-engage in the process.
June 25, 2020
After the Great Recession, it took more than ten years for purchase demand to rebound to pre-recession levels, but in this crisis, it took less than ten weeks. The rebound in purchase demand partly reflects deferred sales as well as continued interest from prospective buyers looking to take advantage of the low mortgage rate environment.
Thanks for reading Tampa Market Monday. If you want help buying or selling your home, please get in touch. We have sold over 5,000 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!
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