How much did homes go up in Northwest Tampa in the last three years? When were the most sales made? How long did it take to sell a home in the area? How are bank owned and other distressed properties still affecting the value of my home? The answers with some explanations are in this article.
Northwest Tampa is loosely defined as Busch Blvd and I-275, west to Pinellas County and North to Pasco County. In this area there were 13, 615 single family homes sold since Sept of 2013. Median price in the area increased an astounding 41% in this period, an average of 13% per year. The median price in the first market half of 2014 was $156,000 and the period just ending it was $219,900.
In this three year period the spring half of the year produced more sales and price increases than the fall-winter half. In the period from 9/1/2015 to 2/28/2016 there were 2,133 homes sold. For the spring-summer half which is 3/1/2016- 8/31/2016 there were 2,629 homes sold, a 23% increase in sales in spring/summer versus fall/winter. Median price also increased this past sales year from $191,200 to $219,900 a 15% increase in that time frame.
The median days to a contract for most years was 30-40 days. This last selling cycle the days to contract dropped to just 23 days for all homes sold. Cost per foot, which is often the best indicator of value, increased from a median cost in 2013 of $97/foot to $125/foot in spring of 2016. That is an average increase of 29% for the whole time period or 9.6% per year.
Bank owned and short sale properties were almost 24% of the market for the last 3 years. However that number has continued to drop due to homes being sold and interest rates being so low for a significant period of time. Of the 4,070 sales made in the 2013/2014 selling season, 1,292 were either bank owned or a short sale. This represented 31% of the market. That percentage, while still high, has dropped to only 12% this last selling cycle.
Many factors affect the resale market in Northwest Tampa. Job growth, interest rates and the general economy, just to name a few. The market while still not as strong as the peak year of 2005, is getting back to a normal. In this same area in 2005-2006 cycle there were 4,004 single family homes sold in this area. The median price was $244,000 and the median $cost/foot was $152. That cycle there were only 15 bank owned homes sold. As the number of distressed properties continue to decline, look to see home values continue to rise as they no longer have to compete with discounted properties.
It is my hope in the next few weeks to break these analysis of home sales into useful information for each zip code of Northwest Tampa and even further to several subdivisions that I track. If you would like more information about your area, feel free to contact me and I will be glad to help. For more information visit, https://josephlewkowicz.com/