Provided By Annette Bohannon, Team Bohannon Real Estate Consultants, Keller Williams Tampa Properties
Today, we’re going to review the second quarter (April 1 – June 30) of the Wesley Chapel housing market compared to Q2 of 2015. Overall, WESLEY CHAPEL REAL ESTATE continues to build momentum as prices rise, interest rates remain low, and days on the market drops significantly.
Wesley Chapel has 3 zip codes (33543, 33544, 33545) so we will break sales down by each zip.
In 33543, SOLD DOLLAR VOLUME increased by 7.64% over Q2 of 2015, rising from $64,294,824 to $69,205,965. Five fewer HOMES SOLD in Q2 (276) of 2016 compared to Q2 of 2015 (281), but the AVERAGE SOLD PRICE climbed 9.59% — from $228,807 (2015) to $250,746 (2016). AVERAGE LIST PRICE rose 9.12%, while the MEDIAN SOLD PRICE leaped 24.42%. AVERAGE DAYS ON THE MARKET fell 28.21% from 78 (Q2 2015) to 56 days (Q2 2016).
The SOLD DOLLAR VOLUME in 33544 declined 6.28% (Q2/2015) from $44,164,756 to $41,392,660 (Q2/2016). Twenty-one fewer HOMES SOLD in Q2 (163) of 2016 compared to Q2 of 2015 (184), but the AVERAGE SOLD PRICE increased from $240,026 (2015) to $253,943 — a 5.8% gain. (2016). AVERAGE LIST PRICE rose 4.49%, while the MEDIAN SOLD PRICE increased 6.73%. AVERAGE DAYS ON THE MARKET ticked down 1.52% from 66 (Q2 2015) to 65 days (Q2 2016).
In 33545, SOLD DOLLAR VOLUME jumped nearly 50% — from $18,914,001 in the second quarter of 2015 to $28,298,442 in the second quarter of 2016. The number of HOMES SOLD leaped 36.96%, as 126 home sold in Q2 2016 compared to 92 in Q2 2015. The AVERAGE SOLD PRICE rose 9.24% from $205,587 (2015) to $224,591 (2016). AVERAGE LIST PRICE went up 7.85% and the MEDIAN SOLD PRICE increased 7.47%. AVERAGE DAYS ON THE MARKET dropped 16.46% — from 79 (Q2 2015) to 66 days (Q2 2016).
Now more than ever, you need a REAL TIME EXPERT to keep you aware of NEW HOT LISTINGS and PRICE REDUCTIONS so you can act quickly. We keep you informed instantly, so you have an advantage in this highly competitive market. We also help you negotiate, which is extremely important in this type of market. Our experience and unparalleled client service is guaranteed to keep you happy throughout the buying process.
Now is the time, to list your home if you plan to sell in the next few months or years. It’s unlikely you will find a better combination of low inventory and rates with rising selling prices. Plus, historically speaking, Spring and Summer are the best times to sell your home and things begin to drop off somewhat as the year ends.
(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 or you can get a Free Market Report by following this link.)
Now let’s take a quick look at some of the more interesting and helpful blog posts and articles we’ve found this week on buying and selling a home and the trends in mortgage rates. Also, we’ll look at some Tampa area news.
A new ranking by the real estate site Zumper calls St. Petersburg the most pet friendly city in the country, with Tampa following closely behind.
The ranking calculated scores for 95 American cities in three categories: ease of owning a pet, places to play and the number of home rental listings that allow animals.
Ease was based on the number of pet stores, veterinarians and pet-friendly restaurants listed on Yelp, as well as the cost of pet insurance. Play scores were based on the number of dog parks per capita, the percentage of each city’s area set aside for parks in general, pleasant weather and a city’s walkability according to WalkScore.
Airport officials say the route is one of the most in-demand in the country and has been the airport’s top domestic priority for some time. Nearly 200 people pass through Tampa’s terminals daily en route to San Francisco, according to data collected by the airport. The new route is expected to boost business and tourist travel to Tampa Bay, and local tourism officials are exploring new avenues to market Tampa Bay’s beaches and attractions to West Coast travelers.
From the Blog:
The National Association of REALTORS’ (NAR) Chief Economist, Lawrence Yun recently commented on the inventory shortage:
“With demand holding firm and homes selling even faster than a year ago, the notable increase in closings in recent months took a dent out of what was available for sale. Realtors are acknowledging, with increasing frequency lately, that buyers continue to be frustrated by the tense competition and lack of affordable homes for sale in their market.”
Advice for Buyers:
Buying a house is one of life’s biggest moments, but that doesn’t mean it’s not a little scary. A recent Reddit chat asked first-time homeowners to reveal the one item that ended up being super useful to them in their new abode, and the answers were incredibly helpful.
No matter how carefully home buyers do their homework, certain tasks on the home-buying to-do list often fall through the cracks. And not tiny ones, either! We’re talking about oversights that can lead to major money down the drain, battles with local government or the homeowners association, and other regret-filled dramas that could have been easily avoided—that is, had home buyers known where these issues were hiding a bit earlier.
Advice for Sellers
Let us give you our own little piece of advice: Don’t take everyone’s advice! While friends, family, and the occasional stranger love to wax poetic on how to best sell a home, their 2 cents could end up costing you a bundle.
To make sure you sell your home without a hitch, we’ve compiled these examples of the worst home-selling advice you might hear, and why they could ruin your chances. Beware!
One of the best things a home seller can hear is that there are multiple offers on their home. However, choosing the highest bidder isn’t always the best move. There are other factors to consider before deciding to move forward with an offer, and different methods of deciding which offer to choose.
- The 10-year Treasury yield remained flat this week in anticipation of the Fed’s July policy meeting. Mortgage rates, on the other hand, rose another 3 basis points to 3.48 percent. Nonetheless, home sales continue to benefit from the persistently low mortgage rates with June’s new home sales coming in at an annualized rate of 592,000 homes – its fastest pace since 2008.
- 30-year fixed-rate mortgage (FRM) averaged 3.48 percent with an average 0.5 point for the week ending July 28, 2016, up from last week when it averaged 3.45 percent. A year ago at this time, the 30-year FRM averaged 3.98 percent.
- 15-year FRM this week averaged 2.78 percent with an average 0.5 point, up from last week when it averaged 2.75 percent. A year ago at this time, the 15-year FRM averaged 3.17 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.78 percent this week with an average 0.5 point, unchanged from last week. A year ago, the 5-year ARM averaged 2.95 percent.
Have a Fantastic week!
–Annette Bohannon, Team Bohannon, Keller Williams, 813-431-2840 www.teambohannon.com