Happy Monday, March 4, 2019
In February 2019, the Wesley Chapel housing market trended neutral. So neither buyers nor sellers had the advantage.
In February 2019, sold single-family homes fell 5.8% compared to February 2018 but climbed 34.1% from January 2019. Homes for sale jumped 28% from February 2018 but dropped 3.1% from the previous month. Homes under contract increased 9.2% compared to January 2019 but ticked down 1.4% compared to the previous February.
Months of Inventory came in at 3.6 months, up 38.1% from February 2018. The Average Sold Price per Square Footage rose 0.8% compared to January 2019 but declined 1.5% compared to last February. The Median Sold Price increased 19.2% from last month. The Average Sold Price climbed 12.8% from January 2019.
The Average Days on Market jumped 32.8% compared to February a year ago. The ratio of Sold Price vs. Original List Price was 96%, a decrease of 1% compared to the previous February.
Current Inventory of Homes (For Sale)
In February 2019, 89 or 28% more homes were for sale than in February 2018. There were 3.1% fewer homes for sale than in January 2019.
Homes Under Contract (Pending)
There were 9.2% more homes for sale in February 2019 than in January 2019. (142 versus 130). Homes under contract fell 1.4% from February 2018.
The Average Sold Price per Square Footage indicates the direction of homes values. The ‘mix’ of high or low-end properties in the market can sometimes skew the Median Sold Price and Average Sold Price. So the Average Sold Price per Square Footage is a more normalized indicator on the trend of property values. The February 2019 Average Sold Price per Square Footage of $128 was 0.8% higher than the $127 last month and 1.5% lower than the $130 in February 2018.
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, a downward trend indicates a move towards more of a Seller’s market. The DOM for February 2019 was 77, up 11.6% from 69 days last month and 32.8% from 58 days in February of last year.
The Sold/Original List Price Ratio Remains Steady
The Sold Price vs. Original List Price reveals the average amount that sellers agree to come down from 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. This month Sold Price vs. Original List Price of 96% is up 1.1% from last month and down from 1% in February 2018.
The Average For Sale Price is Neutral
The Average For Sale Price in February was $354,000, down 5.3% from
$374,000 in February 2018 but up 0.9% from $351,000 last month.
The Average Sold Price is Neutral
The Average Sold Price in February was $327,000, up 2.5% from $319,000 in February 2018 but up 12.8% from $290,000 last month.
The Median Sold Price is Neutral
The Median Sold Price in February of $304,000 was the same as in February 2018 and up 19.2% from $255,000 January 2019.
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
In February 2019 Months of Inventory came in at 3.6 months, an increase of 38.1% compared to last February but down 26.3% compared to January 2019. 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
In February 2019, the Absorption Rate was 28, a decrease of 26.5% compared to last February but an increase of 38.5% compared to last month.
Fresh tastes and tantalizing dishes from an amazing array of New Tampa and Wesley Chapel foodie favorites await you at the Taste of New Tampa and Wesley Chapel. Thousands have attended this event since 1993 tasting samples of signature dishes, delicious desserts, and diverse offerings from local restaurants, cafes, and shops.
- Sunday, March 24, 2019 – Noon to 4 p.m.
- AdventHealth (Florida Hospital) Center Ice
- 3173 Cypress Ridge Blvd. Wesley Chapel, FL 33544
- For tickets and more information: https://www.tasteofnewtampa.org/
Proceeds benefit the Rotary Club of New Tampa’s signature project with Feeding America Tampa Bay and other nonprofits. The Wesley Chapel Chamber of Commerce supports scholarships for area high school students.
Every family has a list of important dates. We celebrate birthdays, anniversaries, pet adoptions…and the list goes on. For 64.4 percent of households in the United States, this list includes the day they became a homeowner for the first time!
Why is this date important? Homeownership is not just a roof over your head! It represents shelter, stability, wealth, and pride! For decades, homeownership has been an important part of the American Dream!
However, many question if the next generations see the same benefits of homeownership as their predecessors.
In case we have forgotten, some of those benefits are:
- Educational Achievement: Homeownership has a positive impact on academic achievement, including reading and math performance in children 3-12 years old.
- Civic Participation: “Owning a home means owning a part of the neighborhood.” Homeowners have a stronger connection to their neighborhood and are more committed to volunteer.
- Health Benefits: Adjusting for a range of demographic, socioeconomic and housing-related characteristics, homeowners have a substantial health advantage over renters.
- Public Assistance: The report shows 47% of homeowners use their home equity credit lines to help pay other debts, diminishing their need for public assistance.
- Property Maintenance and Improvement: A well-maintained home not only generates benefits through consumption and safety, but a high-quality structure also raises mental health.
- Pride of Ownership: This place is uniquely “yours.” You can customize it according to your likes and personality.
In addition to financial benefits, homeownership also brings significant social benefits. These not only pertain to the family, but extend to the communities, the state, and the country!
Buying a home is an investment in your future!
- Appreciation: On average, home prices are appreciating annually at a rate of 3.6%. This helps to create a safety net.
- Forced Savings: Your mortgage is like a forced savings plan! With each payment, you are reducing the principal of your loan.
- Home Equity: Homeownership builds equity every single month. You can later use that equity to start a business, send your children to college, etc.
- Net Worth: A homeowners’ net worth is 44x greater than renters! This gives you the financial freedom to invest.
- Stability: Rent prices increase 4% annually! A fixed mortgage payment allows you to save for future projects and guard against inflation.
- Tax Benefits: The government has created tax benefits to encourage customers to purchase. (Talk to your CPA to see which benefits apply to you).
Homeownership is and will always be part of the American Dream! There are many financial and non-financial benefits to take advantage of when owning a home. If owning a home is part of your dream, let’s get together to help you with the process!
Click the graphic above to visit www.teambohannon.com
Just like our clocks this weekend, in the majority of the country, the housing market will soon “spring forward!” Similar to tension in a spring, the lack of inventory available for sale has been holding back the market.
Many potential sellers believe that waiting until Spring is in their best interest. Traditionally, they would have been right.
Buyer demand has seasonality to it. Usually, this falls off in the winter months, especially in areas of the country impacted by arctic conditions.
That hasn’t happened this year.
Demand for housing has remained strong as mortgage rates have remained near historic lows. Even with an increase in rates forecasted for 2019, buyers are still able to lock in an affordable monthly payment. Buyers are increasingly jumping off the fence and into the market to secure a lower rate.
The National Association of Realtors (NAR) recently reported that in 2018 the top 10 dates sellers listed their homes all fell in April, May, or June.
Those who act quickly and list now, before a flood of increased competition, will benefit from additional exposure to buyers.
If you are planning on selling your home in 2019, let’s get together to evaluate the opportunities in our market.
February 28, 2019
Mortgage rates remained mostly unchanged this week, while mortgage applications rose 5.3 percent from the previous week. The general decline in rates we have seen recently, combined with rebounding pending home sales, hint at a strong spring homebuying season.
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!
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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!