Today, let’s see how the housing market in Wesley Chapel fared in April of 2017 compared to April of 2016.
Median Sold Price* held steady at $292,000, but the Number of Homes Sold jumped 21% as 98 homes sold or 17 more than in April a year ago. The Number of Homes for Sale in April dropped by 9 units or 2% compared to April 2016. The Number of New Properties was exactly the same — 117 units — as April one year ago.
The Average Number of Days a home stayed on the market fell 9% or 5 days. In April of 2016, homes sold in an average of 59 days, while in April 2017, they sold in 54 days. Housing inventory measured by Months of Supply plunged 30% — from 3.0 (April 2016) to 2.1 months (April 2017).
See charts below for a more detailed breakdown of the trends.
(MEDIAN 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.)
Prices are holding firm, but inventory is dropping fairly rapidly. Buyers face stiff competition for the available houses, so it’s important for buyers to have a savvy buyer’s agent who can find the best deals and negotiate in your favor.
Those who plan to sell should do so now rather than later. The combination of fewer homes available and the fact that we are in the peak real estate season should mean top prices and faster sales.
(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!
For first- time homebuyers, you can’t beat the Orlando and Tampa Bay areas.
Despite steadily rising prices, both are relatively affordable compared to the West Coast and Northeast at a time when nearly half of all buyers are first-timers, a new Zillow report says.
As millennials — those in the 18-34 age group — “reach the typical home buying age, they are coming into a tough housing market with low inventory and lots of competition,” said Svenja Gudell, Zillow’s chief economist. “More challenging metro areas aren’t out of reach for new buyers, but they should be prepared to face a more competitive buying environment.”
The latest ranking of the top magnet schools in the country by U.S. News & World Report includes 11 Tampa Bay schools. But only one local school, Robinson High School, was awarded the gold medal by the publication.
The gold medal indicates the top 500 schools based on highest college readiness.
From the Blog:
The real estate market is moving more and more into a complete recovery. Home values are up. Home sales are up. Distressed sales (foreclosures and short sales) have fallen dramatically. It seems that 2017 will be the year that the housing market races forward again.
However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. While buyer demand looks like it will remain strong throughout the summer, supply is not keeping up.
Here are the thoughts of a few industry experts on the subject:
Advice for Buyers:
Square footage: 2,963
Price per square foot: $135
Median home value: $216,000
Median price per square foot: $155
$300,000 buys you: 1,931 square feet
Advice for Sellers
The 10-year Treasury yield jumped 8 basis points this week while the 30-year mortgage rate rose 3 basis points to 4.05 percent. Mixed economic reports over the last few weeks have anchored the 30-year mortgage rate around the 4 percent mark.
- 30-year fixed-rate mortgage (FRM) averaged 4.05 percent with an average 0.5 point for the week ending May 11, 2017, up from last week when it averaged 4.02 percent. A year ago at this time, the 30-year FRM averaged 3.57 percent.
- 15-year FRM this week averaged 3.29 percent with an average 0.5 point, up from last week when it averaged 3.27 percent. A year ago at this time, the 15-year FRM averaged 2.81 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.14 percent this week with an average 0.5 point, up from last week when it averaged 3.13 percent. A year ago, the 5-year ARM averaged 2.78 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.
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!
Team Bohannon, Keller Williams, 813-431-2840
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