New Tampa Home Sales June 2017 – Tampa Market Monday

Happy Monday!

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.)

Bottom Line

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!

Tampa:

Here’s which restaurant won the bid to open in Curtis Hixon Waterfront Park in downtown Tampa (Renderings)

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.

Read More  

From the Blog:

Median Days on the Market Drops to 27!

Read More

Your Opportunity to Achieve the American Dream Keeps Getting Better!

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.

Read More

Buyers:

Two major lending changes mean it’s suddenly easier to get a mortgage

 

  • The nation’s three major credit rating agencies, EquifaxTransUnion 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.

Read More

6 Surprising Reasons to Go to an Open House—Even If You’re Not Buying

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.

Read More

Search Tampa Homes for Sale

 Sellers

Staging secrets that will help your home sell for more $$$

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.

Watch Video

Mortgage Rates

Mortgage Rates Jump

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.

PMMS Chart

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!

Annette Bohannon,
Team Bohannon, Keller Williams, 813-431-2840
www.teambohannon.com

 

Search for Tampa Homes By Neighborhood

Tampa

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

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

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

Lithia/Fishhawk

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

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

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

Carrollwood Area

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

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

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

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

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

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

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

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

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

Luxury 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

Golf Course Communities

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

Waterfront Properties

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

July 11th, 2017 by