Provided By Annette Bohannon, Team Bohannon Real Estate Consultants, Keller Williams Tampa Properties
Today, we’re going to review the first quarter (January 1 – March 31) of the Tampa and Hillsborough County housing market compared to Q1 of 2015.
Overall, TAMPA REAL ESTATE continues to build momentum as inventory levels drop, interest rates remain at historic lows, and prices rise.
For the quarter, Greater Tampa SOLD DOLLAR VOLUME increased by 12.29% over Q1 of 2015, rising from $1,304,649,793 to $1,464,978,021. The total SOLD DOLLAR VOLUME in Hillsborough county increased by 15.68% from $999,168,835 in Q1 2015 to $1,155,877,205 in Q1 2016.
Tampa’s AVERAGE SOLD PRICE increased from$199,701 to 221,7978 from Q1 2015 to Q1 2016, which represented a 11.07% jump. The county AVERAGE SOLD PRICE climbed 13.62% — from $199,435 (Q1 2015) to $226,598 (Q1 OF 2016).
Tampa’s AVERAGE LIST PRICE rose 10.44%, while the MEDIAN SOLD PRICE gained 9.46%. Hillsborough grew even more, as the AVERAGE LIST PRICE jumped 12.8% and the MEDIAN SOLD PRICE leaped 15.63%.
The number of HOMES SOLD also ticked up 1.10% in the Tampa area — from 6,533 in Q1 of 2015 to 6,605 in Q1 of 2016. Hillsborough saw a 1.82%, increase from 5010 to 5101 homes sold.
As inventory continues to dwindle, AVERAGE DAYS ON THE MARKET has fallen 12.82%, from 78 (Q1 2015) to 68 days (Q1 2016). Hillsborough also decreased 10 days — from 75 to 65 — or 13.33%.
The RATIO OF AVERAGE SOLD PRICE TO AVERAGE ORIGINAL LIST PRICE increased by 1.58% in the first quarter of 2016 compared to the first quarter of 2015. In Q1 2015 homes SOLD at 93.2% of the original list price, but in Q1 of 2016 they sold for 94.7% of the original list price. The County RATIO OF AVERAGE SOLD PRICE TO AVERAGE ORIGINAL LIST PRICE rose from 93.2% to 95% from Q1 2015 to Q1 2016.
ACTIVE LISTINGS or homes for sale in the first quarter of 2015 stood at 8,161. But in Q1 of 2016 the inventory had dropped to 7,155. That’s 1005 or 12.33% fewer listings available for purchase. County Active Listings also trended down from 5,077 to 5,754, representing a decline of 11.77%.
To sum it up, the percentage of SOLD DOLLAR VOLUME is outpacing the percentage of homes sold, meaning prices are rising faster than the number of homes sold. As inventory continues to decline buyers will face more competition and sellers should see their selling prices continue to go up closer to 100% of the original list price.
Now more than ever, buyers need a REAL TIME EXPERT to keep them aware of NEW HOT LISTINGS and PRICE REDUCTIONS so they can act quickly. We keep you informed instantly, so you have an advantage in this highly competitive market. We also help you negotiate, which is extremely important in this type of market. Our experience and unparalleled client service is guaranteed to keep you happy throughout the buying process.
Now is the time, to list your home if you plan to sell in the next few months or years. It’s unlikely you will find a better combination of low inventory and rates with rising selling prices. Plus, historically speaking, Spring and Summer are the best times to sell your home.
(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 take a quick look at some of the interesting and helpful blog posts and articles about buying and selling a home and the trends in mortgage rates.
From the Blog:
The survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 36% think a 20% down payment is always required. In actuality, there are many loans written with a down payment of 3% or less.
Many renters may actually be able to enter the housing market sooner than they ever imagined with new programs that have emerged allowing less cash out of pocket.
In the latest Rent vs. Buy Report from Trulia, they explained that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States.
The updated numbers actually show that the range is an average of 5% less expensive in Orange County (CA) all the way up to 46% in Houston (TX), and 36% Nationwide!
Advice for Buyers:
Many wealthy homeowners hire traditional moving companies for household goods and retain specialty movers to handle things like rare paintings, antique furniture and other high-value items. These “white glove” services cost more because the items may need delicate wrapping, climate control and custom crates, for example.
Advice for Sellers
When you’re preparing to sell your home, consider small renovations, updates, cleaning and even some light staging. I’ve seen sellers make significant upgrades to their home before listing, leaving them to question if they actually want to move.
Today’s buyers look for move-in ready and turn-key homes. The more bells and whistles, the better.
To find out how things can go wildly off the rails in a home sale, we asked Realtors® for some horror stories. No, you’re probably not one of these self-sabotaging nightmare home sellers. But you can learn from their mistakes. Or, if you’d prefer, just revel in their craziness. Enjoy!
Mortgage rates posted their biggest weekly jump since November, pushing the average cost of a 30-year loan to 3.66 percent as the Federal Reserve wrapped up its April meeting.
While rates are at their highest since March, home loans are cheaper than they were at this time last year (3.68 percent) and have held at less than 4 percent all year, according to Freddie Mac’s weekly survey.
- 30-year fixed-rate mortgage (FRM) averaged 3.66 percent with an average 0.6 point for the week ending April 28, 2016, up from last week when they averaged 3.59 percent. A year ago at this time, the 30-year FRM averaged 3.68 percent.
- 15-year FRM this week averaged 2.89 percent with an average 0.6 point, up from last week when it averaged 2.85 percent. A year ago at this time, the 15-year FRM averaged 2.94 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.86 percent this week with an average 0.5 point, up from last week when it averaged 2.81 percent. A year ago, the 5-year ARM averaged 2.85 percent.
Have a Fantastic week!
–Annette Bohannon, Team Bohannon, Keller Williams, 813-431-2840 www.teambohannon.com