Before we jump into this week’s Tampa Market Monday, I want to say that I hope that you all are safe and came through Irma with minimal damage. It appears the storm could have been much worse on Tampa, but I know many of you still face hardships and days or weeks of clean up and repairs. Our thoughts and prayers are with you during this challenging time.
Now, let’s take a look at how the New Tampa real estate market performed in August of 2017.
New Tampa’s Median Sold Price jumped 7% to $304,900 in August of 2017. In August of 2016, the median price stood at $284,900. The Numbers of Homes Sold in August 2017 bested last August sales by 10%, as 109 homes sold compared to 99 in August 2016. The Number of Homes for Sale dropped 20%, as 97 fewer homes (386 vs. 483) were available compared to August of 2016. The Number of New Properties ticked up 1% as 100 new homes came on the market in August 2017. In August 2016, 99 new properties were listed for sale.
(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? It is not affected by “outliers” or homes sold at an extremely high or low price, like the $800,000 home in our example.)
See charts below for a detailed breakdown of the data during the last 12 months:
Months of Supply, which measures housing inventory plunged 45% — from 5.2 months (July 2016) to 2.8 months (August 2017). The Average Number of Days a home stayed on the market also fell — from an average of 68 days in August 2016 to 54 days this August.
(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 let’s look at some of the most informative blog posts, articles and infographics we’ve read this week. Enjoy!
Get the information you need to navigate the aftermath of Irma. Articles range from where you can get food over the next few days to how waste pick up will be handled.Read More
From the Blog:
Over the next five years, home prices are expected to appreciate 3.64% per year on average and to grow by 18.4% cumulatively, according to Pulsenomics’ most recent Home Price Expectation Survey.
So, what does this mean for homeowners and their equity position?
As an example, let’s assume a young couple purchased and closed on a $250,000 home in January. If we look at only the projected increase in the price of that home, how much equity will they earn over the next 5 years?
About 60 percent of home buyers put 6 percent or less down on their home purchase, according to data from the National Association of REALTORS®. Considering the median existing-home price is $258,300, a 6 percent down payment would be $15,498.
Some aspiring buyers may be unsure of how to come up with that amount. But there are plenty of seemingly simple things they can do to start saving. NAR offers the following infographic.
Pricing your own home is hard, what with all the history and hopes this magic number entails. Of course, you want to make a profit. Of course, all that money you spent installing a swimming pool or a half-bath will be recouped, because you’re leaving your digs in better shape than when you bought it, right? Right?
Well, not necessarily. Too many home sellers fall prey to myths about home pricing that seem to make sense at first, but don’t jibe with the reality of real estate markets today. To make sure you haven’t bought into any of this malarkey—since the buyers you’re trying to woo sure haven’t—here are some common pricing myths you’ll want to rinse from your brain so you kick off your home-selling venture with realistic expectations. It’s time to get real, folks!
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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