Today, let’s examine how the the Greater Tampa housing market has trended over the last few years.
The Number of Single-Family Homes Sold hit 2,633 in July of 2017, which was 7.7% higher than in July of 2016. If you look at Quarterly Chart below, you’ll notice that Q2 2017 sales (through June) beat Q2 2016 sales by 7.3% as nearly 8,000 homes sold from April through June of this year. This suggests that July is just the beginning of a solid Q3 of sales.
The Median Sale Price has also increased during the last two years. In August of 2015, it stood at $199,000. Since then the Median Price has jumped $38,000 or 19%. That’s also 7.7% higher than in July of 2016.
(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.)
The Average Number of Days a home stayed on the market fell to 47 days, 19% lower than July of 2016. Two years ago, it took 68 days on average to sell a Tampa home, which is 68% longer than it did in July 2017. Months of Supply, which measures housing inventory, has dropped from 2.97 months in August 2015 to 2.57 months as of July 2017. A year ago, this market indicator stood at 2.87 months.
The trends show that the Greater Tampa housing market is maintaining its strong performance during 2017. Year over year increases in number of sales and prices, along with decreases in housing inventory and days on the market, suggest that demand should continue to outpace supply. But that’s great news for those who plan to sell their homes before the end of 2017.
(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!
Strategic Property Partners has revealed the conceptual design of the first phase of its mixed-use district — and it’s essentially a new, tree-lined city between the Channel district waterfront and the central business district.
SPP, the real estate holding company controlled by Tampa Bay Lightning owner Jeff Vinik and Cascade Investment LLC, on Tuesday rolled out a fly-through video and conceptual images of Water Street, which is slated to break ground in early 2018.
View Renderings Here.
From the Blog:
We previously informed you about a study conducted by TransUnion titled, “The Bubble, the Burst and Now – What Happened to the Consumer?” The study revealed that 1.5 million homeowners who were negatively impacted by the housing crisis could re-enter the housing market between 2016-2019.
Recently, HousingWire analyzed data from the US Bankruptcy Courts and revealed that 6 million Americans will have their bankruptcies disappear off their credit reports over the next five years and that this could “possibly send a flood of more homebuyers into the housing market.”
The results of countless studies have shown that potential home buyers, and even current homeowners, have an inflated view of what is really required to qualify for a mortgage in today’s market.
One such study by the Wharton School of Business at the University of Pennsylvania revealed that many millennials have not yet considered purchasing homes simply because they don’t believe they can qualify for a mortgage.
A recent article about millennials by Realtor.com explained that:
“About 72% of aspiring millennial buyers said they’re waiting because they can’t afford to buy…”
The article also explained that 29% of millennials believe their credit scores are too low to buy.The problem here is the fact that they think they will be denied a mortgage is keeping them from even attempting to apply.
Ellie Mae’s Vice President Jonas Moe encouraged buyers to know their options before assuming that they won’t qualify for a mortgage:
“Many potential home buyers are ‘disqualifying’ themselves. You don’t need a 750 FICO® Score and a 20% down payment to buy.”
Millennials are finally starting their own baby boom and heading for the suburbs in big sport utility vehicles, much like their parents did.
Americans aged about 18 to 34 have become the largest group of homebuyers, and almost half live in the suburbs, according to Zillow Group data. As they shop for bigger homes to accommodate growing families, they’re upsizing their vehicles to match. U.S. industry sales of large SUVs have jumped 11 percent in the first half of the year, Ford Motor Co. estimates, compared with increases of 9 percent for midsize and 4 percent for small SUVs.
“We do see that demographic group driving larger sport utility sales as they acquire homes, create families and gain some wealth,” said Michelle Krebs, an analyst at car-shopping website Autotrader. “They started with compact sport utilities and now, with families, they’re moving up.”
Determining a price for your home can be stressful, especially if you don’t know how to prepare for an appraisal. If the home’s appraised value is too far from the listing price, it can make or break the deal. Plus, even though appraisers are subject to strict regulations, much of their job is subjective, which means it’s crucial for your home to make a good impression on them.
Luckily, there’s a lot you can do to help present your home at its best.
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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