Home sales are cyclical, varying by season, depending on where the properties are located. Northwest Hillsborough is considered a suburb of Tampa and is defined by a short commute to the main business districts of Downtown Tampa and the Westshore/International Airport area. The market so far this year has been typical with the number of sales peaking in May and July and declining to their low point in January.
From contract to closing, this usually takes 30 – 45 days, which means these closings represent sales that were done in April and June. Many buyers have families and want to get settled in time for school, making this one of the driving forces for home sales.
The median price of homes in Northwest Hillsborough varied considerably by month. January was the low point with a median price of $295,000 and July the highest at $357,000. The trend, however, was upward for most of the year.
Cost per square foot of living area may be the most reliable indicator of general market conditions for the area. As can be seen from the graph above, the trend in C/F has been upward the entire year. As an example, a typical 2,000 sq. ft home last October would have sold for $307,000. As of the end of September 2019, that same house would be $326,000, an increase of $19,000 or a little over a 6% gain in value in the last year.
15118 Springview Tampa, FL 33624
2,056 sq. ft. | No pool
Previous sale: May 2014 price of $198,000
Closed: August 2019 price of $299,000 (8% year over year price increase)
Current inventory levels as of October are 705 total homes actively for sale and 334 under contract. The market remains very strong below $200,000 for single-family homes with only 16 active listings on the market and 21 under contract. In the $200-400k range, there are 299 active listings and 187 under contract. In the last 90 days, there were 520 closings in this price range, putting the monthly supply of homes at 2.8 months of supply in the $200-400k price range. Above $1 million there are 86 active homes on the market and 5 under contract.
If interest rates continue to remain low, the market should remain steady with a steady increase in sales price in Northwest Hillsborough. The amount of increase will vary considerably depending on the price range and the neighborhood.
Stress is one of the largest concerns when selling a home. Staging, managing finances and documents, and simultaneously juggling the rest of your life can be completely draining. However, one thing is certain about selling your home: it’s a lot easier when you have a solid real estate agent to handle it. Remember, No-One Works Harder to Sell your Home more than Joe! Contact Joe today by calling 813-908-7293 or visit https://josephlewkowicz.com/