Thursday , October 22 2020

Health of the Market Report with Toni Hedstrom

Home Solutions Real Estate Team
Health of the Market Report  with Toni Hedstrom Tampa Top Performers
When analyzing the median sold price by zip code, this year to date and compared to last year, some areas truly stand out with incredible growth. Although not all areas of Tampa have been so lucky , and some have an interesting story.
In First Place: Tampa 33619
In 33619 it had median sold price increase of 19.2% June 2019 vs. June 2018 and an overall year to date increase of 20.9%.
Touchstone, a Lennar community, accounts for nearly all new construction sales in this zip code for 2019. Lennar had an impact on 2018 sales for this zip code as well but, an increase in their pricing along with increased inventory has them dominating the 33619 markets in 2019.
In Second Place: Tampa 33605
In 33605 it had median sold price decrease of 0.8% in June 2019 vs. June 2018 but a whopping overall year to date increase of 20.2%.
In 2018, only 9 of the 257 sold properties in this zip code were new construction. This year, there is 23 new construction sales year to date. This area of Tampa appears to be one of the only affordable places for housing left in the entire Tampa Market and buyers are eating it up.
In Third Place: Tampa 33609
In 33609 it had a median sold price increase of 34.3% in June 2019 vs. June 2018 and an overall year to date increase of 15.7%.
This area of Tampa includes popular South Tampa neighborhoods such as Palma Ceia and Beach Park which have skyrocketed off the charts. Influenced by new construction, which accounted for 60 out of the 290 properties that have sold this year to date, this zip code, is clearly in high demand.
Tampa Low Performers
When analyzing the Tampa Market, there are clear winners for value growth. But there are also those areas that have not performed well.
Coming in Last Tampa 33604
In 33604 it had a median sold price decrease of 16.3% in June 2019 vs. June 2018 and an overall year to date loss of 1.4%.
It’s kind of like a hit song by a new band: When you have an incredible growth year, it is difficult to maintain. 33604 was all the rage in 2018 thanks to its proximity to Seminole Heights.
While the market has cooled slightly in this zip code, it has managed to maintain its value somewhat.
Areas of Interest
Tampa 33618 and 33624
There are two sought after areas of Tampa that show interesting results; 33618 and 33624. Both of these zip codes, that include the Greater Carrollwood area along with other popular neighborhoods took a slight hit. The most obvious reason is the area’s lack of new construction. In 2018 only 41 of the 1208 sales on record consisted of new construction properties. Both zip codes show a slight dip this June over last June but are hanging in there for an overall year to date value.
Tampa 33613
This zip code has had an astonishing increase in median sold price this June compared to June 2018: a whopping 66% growth and an overall year to date increase of 13%.
Where new construction is the biggest impactor in almost every other case, that cannot be said for this area of Tampa. What could be driving the growth in 33613? In 2019, 52 of the 167 sales on record have been condominiums with an average price less than 100k. Townhome sales have also been within the median sales price for Tampa. Both of these factors prove that the demand for affordable housing is at a maximum level. If you have a property that is 200k or less, you will likely have a hundred people who need to buy it.
Greater Tampa
Tampa is comprised of many zip codes that offer every lifestyle you can imagine. With suburban Carrollwood to fast-paced downtown – there is somewhere to love for everyone. As a whole, Tampa has grown substantially over the past five years. The local economy has been good, and job growth has continued to fuel large movement in the housing market. As of June 2019, the Tampa housing market has cooled but maintains a measure of growth at 1.5% over last year. This is a significant change from recent years.
Median Sold Price 2011 – 2018
We came out of the dark ages with a bang in 2012, where the median sold price increased by 28.67% from 2011. Growth for Tampa median sold prices grew again in 2013 at 24.22%, followed by an average increase of 10% per year for the next five years. Now, in 2019, we are showing only a 1.5% increase in the median sold price for this year so far.
This isn’t really bad news. Continued high pace growth in median sold price can result in that ever feared and discussed ‘bubble’ we all want to avoid. Prices had to stabilize at some point.
Now, as property owners, we should all hope for a natural appreciation of 3%-6% per year moving forward.
Home Solutions Real Estate Team

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