In this week’s Market Monday, let’s review how New Tampa (33647) real estate performed in June of 2017.
The Numbers of Homes Sold fell 2%, as 109 homes changed hands. That was two less than sold in June of 2016. But prices rose 6%, as the Median Sold Price* stood at $307,000 compared to $290,000 in June a year ago. The Number of Homes for Sale dropped by 8%, as 35 fewer homes were on the market compared to June of 2016. The Number of New Properties ticked up 2% or 3 more units than during the same time last year.
Months of Supply, which measures housing inventory, dropped 31% — from 3.7 months (June 2016) to 2.5 months (June 2017). The Average Number of Days a home stayed on the market plunged 27%, as homes sold 19 days faster, on average than in June of 2016.
For a visual breakdown of the trends over the past 12 months, see the charts below.
(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, the 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? It is not affected by “outliers” or homes sold at an extremely high or low price, like the $800,000 home in our example.)
In June, fewer New Tampa homes sold, but the ones that did sell, sold at a higher price than in June of 2016. But the big story continues to be the lack of housing inventory. New Tampa is seeing homes sell in less than 2 months, on average. Plus, there are just 2.5 months of supply of homes for sale. Supply and demand suggest that prices will stay strong due to the dwindling inventory of homes for sale. This trend should keep sellers and those who want to sell happy through the rest of the summer.
(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 look at some of the most informative blog posts, articles and infographics we’ve read this week. Enjoy!
An iconic Irish pub has won the bid to place a restaurant in a city-owned space in downtown Tampa’s Curtis Hixon Waterfront Park.
Four Green Fields will begin construction on the $680,000 buildout of the 2,568-square-foot space in mid-August, a process that’s expected to take 16 weeks, the city said Tuesday. It will include a raw bar and offer inside and outside seating.
From the Blog:
Forbes.com recently released the latest results of their American Dream Index, in which they measure “the prosperity of the middle class, and…examine which states best support the American Dream.”
The monthly index measures several different economic factors, including goods-producing employment, personal and commercial bankruptcies, building permits, startup activity, unemployment insurance claims, labor force participation, and layoffs.
The national index score was rounded out to 100.0 in January as a baseline for comparison and it rose the fourth straight month in a row to 101.8.
- The nation’s three major credit rating agencies, Equifax, TransUnion and Experian, will drop tax liens and civil judgments from some consumers’ profiles if the information isn’t complete.
- Mortgage giants Fannie Mae and Freddie Mac are allowing borrowers to have higher levels of debt and still qualify for a home loan.
- These changes come at a time when lenders are competing for a shrinking market of borrowers.
Perusing online real estate listings can be nothing less than addictive. We’ve all spent time scouring the internet, ogling homes for sale that we don’t intend—or can’t afford—to buy. Because it’s fun!
But would you ever hop in the car and go look at a house in person, even if you’re not at all ready to make an offer?
Before you dismiss the idea, consider what you stand to gain by turning house hunting into an extracurricular activity.
Home staging, the fine art of making your residence attractive to potential buyers, can increase its sale price by 7 percent and help it sell an average of 100 days sooner. Expert Geoffrey Walsky, who works with Ryan Serhant of “Million Dollar Listing New York,” works his magic on a New York apartment and offers tips.
Global interest rates turned up sharply over the last week. The 10-year Treasury yield was no exception, increasing 10 basis points in a holiday-shortened week. The 30-year mortgage rate followed suit, rising 8 basis points to 3.96 percent.
- 30-year fixed-rate mortgage (FRM) averaged 3.96 percent with an average 0.6 point for the week ending July 6, 2017, up from last week when it averaged 3.88 percent. A year ago at this time, the 30-year FRM averaged 3.41 percent.
- 15-year FRM this week averaged 3.22 percent with an average 0.5 point, up from last week when it averaged 3.17 percent. A year ago at this time, the 15-year FRM averaged 2.74 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.21 percent this week with an average 0.5 point, up from last week when it averaged 3.17 percent. A year ago at this time, the 5-year ARM averaged 2.68 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. If you want help buying or selling your home, please get in touch. We have sold over 4,600 homes in the Tampa area and our mission is “to elevate the practice of real estate to an art form — and to deliver a real estate experience that is re-imagined and extraordinary!
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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