In his latest study, Northwest Tampa realtor Joe Lewkowicz uncovers the difference just two years made for the market’s top neighborhoods. Comparing periods in 2014 with the same in 2016, Joe delivers a detailed look at the improvements made in total sales, sales within certain price brackets, cost per square foot, and more.
Joe tracked several Northwest Tampa neighborhoods to give some idea of how the entire real estate market is doing. The neighborhoods included are Northdale, Villarosa, Heritage Harbor, Carrollwood Village, Original Carrollwood, and Westchase. For comparisons, a six-month period of March 1 to Sept. 1, which is usually the most active time for the real estate market on this side of town, was used.
In 2014 Northdale boasted 52 total sales, of which 16 were either a short sale or an REO sale. This equaled 30.8 percent of the market in that period. There were just two sales above $300,000. For comparison, in 2016 total sales increased to 68, lender-related sales decreased to just four, and there were eight sales above $300,000 in Northdale. Median cost per square foot in the 2016 period was $124. Northdale homes have an average age of 37 years.
For Villarosa in 2014, there were 25 total sales. The median cost was $131 per square foot, and there were 14 sales above $300,000. In 2016, total sales jumped to 36, cost per square foot increased to $137, and there were 21 sales above $300,000. Homes in Villarosa are, on average, 19-years-old.
In Heritage Harbor, where homes are an average 15-years-old, there were 21 total sales in 2014. In that same period, cost per square foot was $107 and there were five sales above $300,000. In 2016, all these values increased; total sales rose to 25, cost per square foot to $112, and sales above $300,000 to 14.
Original Carrollwood is the oldest area in Northwest Tampa. On average, homes in the area are 52-years-old. Neither 2014 nor 2016 had many bank-related sales, with just one in 2014 and none in 2016. In the 2014 period there were 17 total sales, median cost per foot was $140, and there were six sales above $300,000. In the 2016 period there were 27 total sales, median cost per square foot rose to $155, and there were 20 sales above $300,000.
In 2014, total sales for Carrollwood Village were at 40 and there were four bank-related sales. Median cost per square foot was $128 and there were 20 sales above $300,000. In 2016, the bank-related sales were at seven, a slight increase. However, total sales increased to 54, median cost rose to $142 per square foot, and there were 39 sales above $300,000. 2016 also saw five sales in the above $500,000 bracket, which compares to none in 2014. Carrollwood Village homes, on average, are 38-years-old.
In Westchase, where homes are an average 20-years-old, 2014 brought about 129 total sales. Sixteen of these were short or REO sales, accounting for 12.4 percent of the market. In 2016, this number decreased to five and was just four percent of the entire market. Median price per square foot in 2014 was $164, which increased to $174 in 2016. In 2014 there were 52 sales above $400,000; in 2016 there were 126 total sales and 63 above $400,000, with 28 of those above $500,000.
Every neighborhood studied seemed to produce the same results. There was a gain in total sales in every subdivision in 2016 compared to 2014. The median cost per square foot also increased in every area. The percentage of bank-owned or short sales, as compared to total sales, decreased significantly in every area. And lastly, the numbers of higher-end sales increased in every neighborhood. This trend looks to continue in 2017 and almost all areas of Northwest Tampa will follow these same trends.
With over 40+ years of experience in the real estate industry, Joe has learned the importance of studying market trends. Understanding how the market works is crucial information not just for realtors, but for clients aiming to buy or sell, too. To learn more about Northwest Tampa and the acclaimed services Joe delivers to clients in the area, visit https://josephlewkowicz.com/ or call 813-908-7293 today!