Hope you had a wonderful Thanksgiving Holiday with family and friends.
As November ends, I thought it would be a good idea to look back and overview how the Wesley Chapel housing market has performed so far in 2017. We’ll look at each of the three zip codes that make up one of Tampa’s most popular places to live.
Homes Sold and Prices Year-to-Date 33543
Sold Dollar Volume (or the total dollar value of all homes sold) stood at $270,788,706 through October 31. That was 25.09% more than the dollar volume during that same time period in 2016. The Average Sold Price* rose to $274,355, an 8.24% increase over 2016, while the Median Sold Price* jumped 11.11% from $225,000 to $250,000. Through October 2107 987 Homes Sold compared to 854 in 2016. That’s a rise of 15.57% or 133 homes.
*(What’s the difference between MEDIAN and AVERAGE 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? “Outliers” or homes sold at an extremely high or low price — like the $800,000 home in our example — do not affect it as much.)
As of the end of October 2017 , there were 42 fewer homes for sale than in October 2016, a decline of 16.94%. But, the number of New Listings from January-October 2017 climbed 7.29% compared to the same time period in 2016. The Average Number of Days Home Stayed on the Market also dropped 11.11% — from 63 to 56 days. (See the table below for a more detailed breakdown of how many homes sold in specific timeframes.)
Homes Sold and Prices Year-to-Date 33544
In Wesley Chapel (33544), Sold Dollar Volume climbed to $130,512,137 as of October 31, an increase of from January-October 2016. The Average Sold Price* rose to $261,024 or 3.4% more than 2016. The Median Sold Price* held steady at $235,000. Also, 500 Homes Sold in 2017 compared to 505 in 2016, a less than 1% decrease.
Housing Inventory in 33544 fell 8.26% as 9 fewer homes were for sale compared to October 2016. The number of New Listings from January-October 2017 also ticked down 1.14% (or 7 homes) compared to the same time in 2016. The Average Number of Days Home Stayed on the Market plunged 28.57% — from 63 to 45 Days.
Homes Sold and Prices Year-to-Date 33545
Sold Dollar Volume in 33545 increased to $99,039,619 through October 31, 2017, which was 14.91% higher than the volume during the same date range in 2016. The Average Sold Price* climbed to $237,505, an 6.09% increase over 2016. The Median Sold Price* jumped 7.14% from $210,000 to $225,000. As of the end of October 2017, 417 Homes Sold compared to 385 in 2016 — an increase of 8.31%.
Through October, there were 32 fewer homes for sale than in through October of 2016, a leap of 44.44%. The number of New Listings also declined 28.71% during that period compared to 2016. The Average Number of Days Home Stayed on the Market dropped from 62 to 41 days or 18.03%.
As a whole Wesley Chapel produced $500,340,462 in Sold Dollar Volume through the end of October 31, 2017. At this point in 2016, Sold Dollar Volume stood at $430,150,141, so the $70,190,321 increase shows a 16.3% jump in dollar volume. Sold Homes also climbed 8.9% from 1744 (2016) to 1904 (2017) across all zip codes. The number of Homes for Sale only fell 19 units or 4.4% thanks to the huge leap in active listings that took place in 33545. In 2016, 429 homes were listed for sale, but at the end of this October 410 were on the market.
(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 here’s an overview of some of the most helpful and interesting blog posts, articles, and infographics we’ve read this week. Enjoy!
In a little more than a year, KidsPark Tampa (located just off of S.R. 56, east of I-75, in Wesley Chapel) has registered nearly 1,500 families — totaling 2,800 kids — looking for the support and flexibility that no-reservation, drop-in childcare gives them.
“The numbers here have blown away all the other KidsPark centers,” says Amanda Justus, the owner of KidsPark Tampa. “In May, we received the ‘Shooting Star’ award for fastest growth within a year among Kids Park centers nationally.”
KidsPark also has been nominated for the 2017 Wesley Chapel Chamber of Commerce New Business of the Year.
From the Blog:
There is little doubt that it is easier to get a home mortgage today than it was last year. The Mortgage Credit Availability Index (MCAI), published by the Mortgage Bankers Association, shows that mortgage credit has become more available in each of the last several years. In fact, in just the last year:
- More buyers are putting less than 20% down to purchase a home
- The average credit score on closed mortgages is lower
- More low-down-payment programs have been introduced
This has some people worrying that we are returning to the lax lending standards which led to the boom and bust that real estate experienced ten years ago. Let’s alleviate some of that concern.
Real estate is a great investment for many reasons. You can enjoy an excellent rate of returns, amazing tax advantages and leverage real estate to build your wealth. Here are the top five reasons why real estate is a great investment.
The holidays are officially here—and while merrymaking and gift shopping are likely top of mind, you may have to keep some of those celebratory urges in check if you’re planning to sell your home next year. Why? Because many holiday season activities can come back to haunt you when your house is on the market, even if it’s months later.
Don’t believe us? Here are five holiday splurges to avoid if you hope to have a smooth home-selling process next year. It’s our gift to you! (You’ll thank us later.)
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 week!
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