In welcoming the new year, real estate veteran and Northwest Tampa market expert, Joe Lewkowicz, reflects on the positives 2016 brought to the Tampa Bay area. This year’s continued increase in the number of sales and home prices, coupled with a significant decrease in the number of bank-owned homes, puts Northwest Tampa in position for another great year.
Comparing sales in all price ranges for the last two months of 2016 to the same time period in 2015, there was a 5 percent increase in sales, with 401 homes sold in 2016 compared to 384 in 2015. Both median price and cost per square foot increased since last year. The median priced home in this area in 2015 was $265,000 compared to 2016 when the median price was $281,000: a 6% increase. Median cost per foot increased to $138/ft. in 2016 a 5.34 percent increase over 2015. Median days on the market decreased from 42 days in 2015 to 33 days in 2016.
Inexpensive homes were much harder to find in 2016. There were only 12 homes sold for less than $100,000 this year. Four years ago, this number was double at 25 homes sold. The big change in values this year was between the $200-300K range, which saw 22 fewer sales this year compared to last year. The $300-500k range saw an increase of 32 sales, a 31 percent increase in the number of sales in this price range compared to 2015 and double the number four years ago. In the $500K-1M range, there were 34 sales this year with a median cost of $188/ft.; this represented four more sales than 2015 with the same cost per square foot. There were seven sales in the $1M+ range the last two months, compared to three in 2015.
The numbers of bank owned and short sales decreased dramatically between 2016 and 2015. There were 70 bank owned sales in this period in 2015 compared to 37 this year. In the same time period, there were 22 short sales in 2015 compared to just eight in 2016.
In both 2015 and 2016, the average home sold within 98% of the final asking price. In the last 60 days 150 homes came off the market without being sold. However, with 401 homes sold, 251 pending, and just 243 new homes put on the market, the inventory levels are still declining overall, making way for upward price pressure for the area in the upcoming months.
If these trends continue, prices will most likely climb another 5% for 2017. The demand appears to be strong and the inventory may not be keeping pace. If mortgage rates rise only slightly, look for this upcoming year to be a continuation of the strong market we have experienced for the last several years.
Remember, no-one works harder to sell your home! Joe Lewkowicz will continue to provide exceptional service, helpful insights on the North Tampa market, and unique web tools in 2017. For more information on his real estate services, insight, or expertise, visit https://josephlewkowicz.com or call 813-908-7293 today!