September marked the end of the third quarter of 2017. So it is a great time to breakdown how the Wesley Chapel housing market performed on a quarterly basis compared to 2016. Let’s start by looking at single family housing data from each of Wesley Chapel’s three zip codes. I’ll review Closed Sales, Median Sold Prices, Active Listings and Supply and Demand.
In Q3 of 2017, 246 home sold in the 33543 zip code. That was a jump of 7% or 16 more homes than in Q3 of 2016. The increase likely would have been more dramatic, but the weather put a damper on more sales. Median Prices climbed 9.7% to $283,481. In the third quarter of 2016, it stood at $258,249. So homes that sold continued to see solid price gains.
The Number of Homes for Sale (Active Listings) dropped 6.1% from Q3 2016 to Q3 2017. This brought the Months of Supply of housing inventory down to 2.28 months, an 18.8% decline from Q3 of 2016. Again, Hurricane Irma probably pushed some who planned to sell into October, but the low inventory continues to hamper buyers.
In Q3 of 2017, 100 single-family homes sold in 33544. That was 22 fewer homes or 18.1% less than in Q3 of 2016. The drop-off appears to be the result of two things. First, inventories have steadily declined over the last year, so buyers have less to choose from. Secondly, as I mentioned earlier, the weather put a damper on September home sales, and by extension quarterly results. However, Median Sold Prices continued their ascent, climbing to $300,000. This was a rise of $32,200 or 12% compared to the third quarter of 2016.
The Number of Homes for Sale stood at 88 for Q3 2017, a plunge of 21.4% or 24 homes in Q3 2016. This put the Months of Supply of homes at 2.32 months or 25.6% lower than in the third quarter of last year.
One hundred and twenty one, Homes Sold in the 33545 zip code during the third quarter of 2017. This was 10.4% or 14 units less than in the same quarter in 2016. On the other hand, Median Sold Prices rose 6.8% to $235,000. In Q3 of 2016, the Median Price was $15,000 lower at $220,000.
But there were 94 homes listed for sale. That represented a leap of 22.1% compared to 2016, when only 77 homes were on the market in the third quarter. So this is the one area within Wesley Chapel where Housing Inventory has gone up. It stood at 2.47 months or 18.9% higher than in the third quarter of 2016.
It is hard to quantify exactly how much the weather impacted Q3 sales, but it is likely that Q3 will pick up some of the sales that were delayed. But one thing is certain, the Wesley Chapel real estate market has made solid strides in 2017. The market should remain strong going into 2018. It is still a great time to buy or sell as the economy is strong and mortgage rates, though rising some, are still at close to historic lows.
(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!
At today’s NFL Fall League Meeting in New York City, NFL owners officially awarded Super Bowl LV in 2021 to Tampa. In May, it was announced that Tampa had been offered the Super Bowl on the condition that the city meet certain requirements related to its bid. With today’s announcement, the city now turns its focus to preparing to host the league’s premier event for the fifth time.
“The final approval of Super Bowl LV is a great source of pride for the Glazer family, the Buccaneers organization and the entire Tampa Bay region,” Buccaneers Co-Chairman Bryan Glazer said. “We have made substantial improvements in recent years to ensure that Raymond James Stadium could ultimately host the game for a third time and we appreciate that our fellow owners have recognized the stadium and our area’s long and distinguished history as a world-class host city.”
From the Blog:
In the latest Rent vs. Buy Report from Trulia, they explained that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States.
The updated numbers show that the range is an average of 3.5% less expensive in San Jose (CA), all the way up to 50.1% less expensive in Baton Rouge (LA), and 33.1% nationwide!
A study by GoBankingRates looked at the cost of renting vs. owning a home at the state level and concluded that in 39 states, it is actually ‘a little’ or ‘a lot’ cheaper to own (represented by the two shades of blue in the map below).
That headline might be a little aggressive; however, as August 2017’s housing market data begins to roll in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME TODAY!
In a recent article by CBS News, they explained that the number of existing home sales is shrinking, and Lawrence Yun, Chief Economist for the National Association of Realtors, said:
“There should be 3 million homes on the market right now…Yet, there are only 1.9 million.”
And this situation will be affected greatly by recent natural disasters. Yun continued by saying:
“Before the hurricanes I would have predicted 1.35 million in new-home construction in 2018…I’ll have to scale that down now.”
NAR, in their August 2017 Realtors® Confidence Index, indicated that:
“Amid sustained job creation and sustained historically low mortgage rates, REALTORS® reported…that buyer demand is stronger compared to conditions one year ago… and that fifty percent of properties were on the market for less than one month when sold.”
Everyone knows the three main rules of house buying – location, location, location. Add to that a newer mantra of timing, timing, timing and you may have the perfect equation to get the best deal on the best home in your price range.
Increasingly, fall is emerging as the besttime to buy a house. A real estate data firm analyzed more than 32 million home sales since 2000 and found buyers get the very best price in October. The average sales price among those closings is 2.6 percent below the average full market value of the home. Among 109 metro areas studied in the survey, September, October or November emerged as the best time of the year for home buyers in about one-third of the areas studied.
Here are prime reasons fall is a rising star for home buying:
No matter how gorgeous your home is, it could contain an item or two that happens to scare the pants off anyone who walks through your door. That might not be a problem if you don’t like guests, but it could very well be a big problem if you’re trying to sell your place!
The reality is that it doesn’t take much to scare off home buyers—with so much on the line, even the smallest detail can give them a shiver or icky feeling they can’t shake. So, in case you want to make 100% sure your home-selling efforts aren’t getting tripped up on some freaky feature you overlooked, check out these things home buyers and their agents have come across during their house hunt that made them get out. Quickly.
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!
Search for Tampa Homes By Neighborhood
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 makeup Tampa Bay. It offers…
View 3546 homes
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, 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
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, 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, 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
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, 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 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, 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, 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, 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, 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, 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, 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
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
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
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