October 2013: Zip Code 33629 contrasted to South Tampa Real Estate Market

The real estate market is fluid, contextual, and varies from neighborhood to neighborhood. The overall real estate market is impacted by macroeconomic forces such as employment levels and income, credit availability, and interest rates. Some of the local influences include schools, job locations and transportation. With the dynamics influencing the real estate market it is important to consult with a Realtor.

The overall trend in the Tampa Bay area and South Tampa has been for a sense of slowed growth from the fast paced spring and summer months. Over the next few months we will be able to see the results of either a “normal” fall dip in activity, or we will see a market slowing to a balance. The market slow down would have many facets, from the minor increase in the historically low interest rates, the reaction to flood insurance changes, or the dynamics of housing affordability as related to income. Naturally, if there was a crystal ball to predict timing and the cause of trends in the market….

Getting ready for a listing appointment in the 33629 section of South Tampa has given me the opportunity to review information for South Tampa and for the zip code. I will save the in depth analysis for the seller, but the overview is something others may benefit from. For the parameters of this report I used the Multiple Listing Service with a search set by zip code, single family residence, sold in the last 90 days from 11/10/13, and active on the market as of the same date. I compared this zip code information with very similar parameters for the geographic area of South Tampa between Gandy and Kennedy to include Davis Island and Harbor Island. The date of that report is 11/11/13.

Sold property: last 90 days analysis from 11/10/13: zip code 33629
Sold bedroom bath square feet sold price sold per sq ft sp/sq ft ratio days to contract
High 6 7 6699 $3,220,000 $545.63 149 738
Low 2 1 869 $154,000 $119.76 84 0
Average 4 3 2490 $563,095 $218.29 98 65
Median 4 2 2134 $470,000 $209.42 98 25
total units 113

Great news for sellers in the zip code is that the median time on the market remains favorable at 25 days: half the homes sold were under contract in less than 25 days, the remaining went under contract beyond 25 days. The first four weeks remain decisive on knowing if your house is winning the beauty contest of marketing, and if your house is priced correctly to sell. Taking a look at South Tampa numbers below, 33629 does have lower median days on market compared to South Tampa, along with slightly lower average and median prices. The average and median size of the house is also smaller for 33629.

Sold Data for South Tampa Incl Davis Isle. and Harbor Isle. in last 90 days from date
Sold bedroom bath square feet sold price sold per sq ft sp/list price ratio days to contract
High 6 7 6699 $3,220,000 $591.98 171 738
Low 2 1 869 $111,044 $86.70 76 0
Average 4 3 2551 $589,020 $217.88 98 70
Median 4 2 2270 $499,950 $210.82 98 33
total units 212

An interesting note in looking at the graphs below is the contrast and change in overall “inventory”.

 

Months on Hand by Price for South Tampa, 11/11/13
Price Active 90 days of Sold Months on hand
$49,999 or under 0 0 0.00
$50,000 – $99,999 0 0 0.00
$100,000 – $149,999 4 6 2.00
$150,000 – $199,999 9 6 4.50
$200,000 – $249,999 15 23 1.96
$250,000 – $299,999 19 14 4.07
$300,000 – $349,999 9 21 1.29
$350,000 – $399,999 27 15 5.40
$400,000 – $499,999 30 21 4.29
$500,000 – $599,999 38 27 4.22
$600,000 – $699,999 42 22 5.73
$700,000 – $799,999 22 12 5.50
$800,000 – $899,999 23 17 4.06
$900,000 – $999,999 13 9 4.33
$1,000,000 or over 83 19 13.11
total 334 212 4.73
Months on Hand by Price for 33629, 11/11/13
Price Active 90 days of Sold Months on hand
$49,999 or under 0 ` 0.00
$50,000 – $99,999 0 0 0.00
$100,000 – $149,999 0 0 0.00
$150,000 – $199,999 6 1 18.00
$200,000 – $249,999 8 12 2.00
$250,000 – $299,999 7 10 2.10
$300,000 – $349,999 6 14 1.29
$350,000 – $399,999 18 10 5.40
$400,000 – $499,999 15 13 3.46
$500,000 – $599,999 17 15 3.40
$600,000 – $699,999 23 10 6.90
$700,000 – $799,999 9 8 3.38
$800,000 – $899,999 12 10 3.60
$900,000 – $999,999 4 4 3.00
$1,000,000 or over 25 6 12.50
total 150 113 3.98

More good news for home sellers in zip code 33629 is the stronger trend for a seller’s market as expressed with 3.98 months of inventory relative to the South Tampa inventory measure of 4.73 months of inventory.  One noteworthy number is the inventory in 33629 of homes less than $200,000. The average days on the market for the active homes are 62, which is very close to the average for the overall 33629 market. Time will tell if this is a fluke in the numbers or if this is a trend. While the numbers are not presented, the reported downward trend in the pending sales index both nationally and in the Tampa Bay area is pushing the market toward a balance between buyers and sellers.  This is not quite as pronounced in the specific zip code 33629 with its lower inventory, especially in the $200,000-$350,000 price range of homes.

The interesting aspect of looking at correlations is the numbers emphasized can develop the message. Developing the right message in the context of the individual need is one of the many talents of a real estate agent. These numbers presented relate more to an area than a house: if you want your house evaluated relative to the trends, give me a call or send me an e-mail!

For this report, here are some definitions and explanations for the charts. I’ll post this separately and link back to it on future reports.

Style of reporting and definitions-

Average verses mean: Using the mean tends to diminish the numerical effect of houses sold at the extreme of a measure; an example of extremes is measuring days on market with properties that have sold in 0 days or in more than 700 days.  Think of it this way: in 10 sales with 9 going into contract in around 10 days and one, possibly overpriced for its condition, going under contract in 700 days. Average days on market become 79, and the mean is 10. I would think the mean is more relevant to a seller or a buyer in this case and many others. The focus on the mean number verses the average number will also depends on the subject house, and understanding the source of any extremes reported.

Inventory is an expression to measure the velocity of sales relative to the houses available. First, calculate velocity by restating the number of units sold to a number per month that sell. For example, if 9 homes sold in the last 3 months, 3 homes per month is the velocity of the market.  The next measure is of the houses available for sale at that point in time. Using the assumption for measurement purposes that there will be no new houses listed, and the only exit for the currently available houses is a sale, develop a number that represents how long in months at the current rate of sales will it take to sell the current market to 0. Using the same 9 houses sold in 3 months example: if on the reported date there are 12 houses available for sale, 12 would be divided by 3 to equal 4 months of inventory, or restated in the lingo: there are 4 months of inventory, or a seller’s market.

Interpretations of inventory as it relates to a seller’s market, a buyer’s market and balanced market. In the real estate world, markets are very local. To bring real estate to a conversational level, various statistically derived numbers are characterized and labeled in order to have an intelligent conversation about real estate. Inventory, and the buyer’s market, seller’s market and balanced market terms all stem from this desire to measure and converse about real estate.  For conversations, a buyer’s market begins when there is an inventory measure of greater than 6 months, usually starting around 7 months. A seller’s market is lower than 6 months, usually starting at 5 months or less.  Why not 6 months even? Well, that is a precise number: granted, if you are reporting numbers that are rounded to the whole number that would make sense.  In my reporting, trends are discovered by looking at numbers to the tenths or hundredths place, especially for comparison purposes.

Market analysis 33629 and South Tampa

Great Investment for developer, fix and hold in Seffner, FL

202 East Old Hillsborough Ave., Seffner, FL, 33584

From the street view of 202 E Old Hillsborough Ave, Seffner, FL

This is one of my listings, and it has a house, a barn and 3 acres MOL. The house is about 1566 square feet and needs some minor repair work. The inside has a lot of character, with 3 bedrooms and 2 bathroom, lots of knotty pine for wall covering and vaulted ceilings. There is an unfinished addition to the back of the house: the addition’s exterior walls are not complete so repair or replacement of that section would be necessary. The barn roof and some windows need work, but the barn is rather large. There is a post and rail fence, with a horse workout area near the road frontage. The fence is near the property borders and would need extensive repair or replacing. A survey is not available for the actual property lines. The current zoning for the land allows for 4 single family residences per acre, but setbacks, private road and drainage would provide enough land for 5-7 houses. There are some oak trees on the land, plus some first growth pines. There is 198 feet of frontage on Old Hillsborough, and the depth is 660 feet. The house has well water (250 feet deep well) with a second well available for the barn. There is s septic field: city utilities are available for future hook up through the back of the property where there is a small subdivision.

Just behind the house is a large barn, currently used to store a boat and trailer

From the back of the house, view of the barn leading toward the clearing

Large clearing behind the barn, with the fence line beyond the trees
Cleared section ready for horses or for development.

Home Owner’s guide to service providers in the Tampa Bay area

As an active real estate agent in the Tampa Bay area, I receive a lot of requests for information on plumbers, yard care specialists, general repair specialists, general contractors, movers, painters, and even window washers! As a long time home owner in South Tampa, I have established good relationships with some of the folks who offer services to homeowners, and as a real estate agent I have plentiful resources in a few other areas. Naturally, if you are someone who provides service related to houses, or related to real estate, read through to the last few paragraphs.

Listed in my website are folks who have helped my clients or me with their house or the transaction related to their house. On the website, click on the tab “about the area” and “service providers”. There is an alphabetized listing of categories with as much information about the service provider as I know. Some of the vendors listed do not cross the bridge to other counties.

My brokerage has a fairly comprehensive list that includes anything a real estate agent or home owner/buyer might need in the way of home related services. The agents in my office or their clients have used most, if not all the vendors on the list. Feel free to send me an e-mail, or comment on this post, requesting information.

Within my Listingbook website under the services tab, there are three categories. The first category provides a very robust list of vendors for home services. I really like this list as it covers a broad spectrum of categories and compiles many real estate agent’s choices. Drawbacks to the list: being on the list is based on the networking capability of the vendor, and not all the service providers are known to me. Read through the third tab titled “consumer information” for tips and questions to ask of those that you contemplate hiring. If you are curious about why I have few “preferred” providers, feel free to read the section below, or maybe you are a service provider interested in expanding your network.

If you are a service provider for real estate, either to agents or homeowners, feel free to get in touch with me. I recognize each relationship is important, and positive relationships lead to business growth. Some of the web sites, such as Zillow or Listingbook, allow for referral placement. Those sites do require that we have an e-mail correspondence and invitation process, and this may allow those organizations to  ask your company for paid subscriptions and placement. Feel free to discuss this further with me if this sounds good. If you don’t know me and want to  discuss your products/services that could help homeowners, I’d like to meet with you. Once I have seen examples of your work and attention to client service, then I will consider your information for my website and for submission to my office’s list of service providers.

Thank you for your time in reading this: if you are a home owner, or a service provider in the Tampa, Clearwater, Seminole, Hillsborough county or Pinellas county area, or are seeking home ownership in this area, subscribe to or follow my blog. I provide detailed and helpful tips to all things real estate, including local analysis on select areas.

The Who, Why and Where of this blog

 

All About Real Estate with a local focus of the Tampa Bay Area

Welcome to the world of real estate, and thank you for taking a look! I focus my efforts on helping people figure out their real estate goals and needs and how to carry out them. So, if you are thinking of buying or selling a house or condo, or if you are simply curious then you are in the right place. I love to help folks that are navigating a property search or trying to get their home or investment property ready for sale. I do tend to write about questions or situations I have encountered “in the field”. I am in the process of organizing my archive, and my current thought is to label it by buyer, seller, vendors, and neighborhood. I will include resources and their benefits including websites and contact information so folks can get to the information that they need. I do tend to get detailed, and will try to give an overview in the first couple of paragraphs of a post. Naturally, feel free to comment or contact me if there is clarity needed on a post.

Following this site will give you information on buying or selling a home, condo or investment property in the Tampa Bay, FL area. Each situation is different, so if something resonates still ask a professional at some point. By the way, I am not an attorney, nor am I a CPA so don’t think of anything you read as legal advice or tax advice; see the appropriate specialist for those areas. I will be reporting on market trends in the area, and will occasionally post on a specific neighborhood where I have some business.  I am interactive and respect the contact information of those who contact me, so if you want me to cover an area or topic without having me contact you directly, feel free to let me know.

My experience is with both buyers and sellers, and I am knowledgeable on short sales and foreclosures. I do offer service to clients after the sale is complete, in fact a recent client commented on that service: “You’re awesome Robert.  Thanks for being the person you are.” (real estate client comment, September 2012).

I am a Floridian, born in Sarasota, raised in Seminole and residing in South Tampa. I have worked in many areas of the Tampa Bay, and will communicate my familiarity with any area to clients. Naturally, in real estate, agents are “on” all the time. I do things to balance work with family such as turn off the phone and computer for a couple of hours so I can have time with my wife and daughter whether it is to have a family meal, visit with my wife or help with homework.

Follow my blog with the link on the side! Check out my websites, explore, have fun looking around. Feeling lost in your quest for answers? Contact me directly!

 

Tampa Bay real estate search tips: Lifestyle search on MLS

Your home search from afar is daunting. If you don’t know the area, then finding that perfect place to move requires research and information. In the Tampa and St Petersburg, FL area, our regional Multiple Listing Service  (MLS) provider recently added some helpful tools which I will elaborate on here. One tool aids in a general area search that includes calibrated importance of lifestyle elements and a second tool provides localized information.  The service areas for the MLS provider include Hillsborough and Pinellas county, plus various areas in central Florida.

The area search tool incorporates normal search fields such as number of bedrooms and price. Using the information you offer for basic and advanced search boxes, plus information from the questions and answers that are in the “lifestyle” tab, search results will display eligible areas and houses most likely to meet your criteria. Here is some of the detail to navigate to the lifestyle search: From the main page, drill down through the property search tab along the top row and expand the advanced search tab and the lifestyle tab. Fill in only the essential information in the top two sections. Once the regular and advanced search criteria have some information, answer as completely as possible the lifestyle questions and click on the search button. From those results, feel free to adjust the answers and hit the search again until you have a comfortable grouping of homes and locations to begin a more concise search. You could even save the search! I have played around with the tools and found the search is quickly executed. One tip for your search criteria: when I set the basic and advanced questions too narrow, the results reflected very few options.

The second tool presents localized information located near a displayed listing. From an individual listing for sale, within the detail page there are more web links that bring information to you on what the area is like. Here is how to get access to the information: Select a listing from your search and activate the detail page by clicking on its address.  Off to the right is a section titled Neighborhood Research Options. The section is half way down and to the right with my browser settings, so you may need to scroll down. Within the section called Neighborhood Research Options there are three links: community information, school information and nearby establishments. Each link has a plethora of information and it is worth getting familiar with. The information, or sections of it that matter to you, might offer some useful insights to help contrast divergent areas in your home shopping search, whether the home is a vacation home, 2nd home, rental or investment property, or a home for relocating to from another area!

Hopefully this information proves useful in the future, let me know of any questions or concerns!

If this kind of information is useful to you, please “follow” this blog! If you have a topic you would like me to cover, send me an e-mail. If you are ready to buy or sell a house, give me a call!

Lifestyle searches on the MLS for Tampa and St Petersburg, FL