February Real Estate numbers are in the books now. Not much changed in the last month except for a little Russian led aggression against Ukraine, sending fuel prices soaring and such, but real estate transactions continued moving forward and upwards. Buyers seeking a new home purchase are mostly confronted with lack of inventory. This limited inventory results in a buying frenzy, multiple offers and a lot of rejection.
In light of this, it’s Strawberry Festival time, a time of year which makes Plant City’s citizens more anxious about what concert to attend, concessions to try, meeting up with old friends to share the festival excitement or what traffic routes to avoid. One of the many things that impresses on visitors wishing to make Plant City their home as well.
Our market area saw 71 homes sold this month, slightly down from the previous month with 75 homes sold. The average selling price for February was $358,895 or $189.95 per square foot as compared to $307,110 and $180.14 per square foot. The higher average selling price was skewed due to the $1.2 million property sold this month. In this case it’s better to look at the median price points, which were $319,425 in February versus $300,000 in January, that shows about a 6.5% percent increase month over month. We are trending about an 11 percent increase in median price average over last year’s year-to-date median average of $277,937.
One statistical number to watch is the DOM, or days on market for contract; in 2021 the Year-to-date average was 17.3 days, during the last two months we are averaging 19.3 days, a slight increase, but if this number extends into the mid 20’s or low 30’s it will help with the inventory supply. We are a long way from ample inventory supply, currently less than one month’s supply, but this will help improve the inventory level.
The market is sound and in good shape. We still have more buyers than sellers now. So, I still affirm that the market will continue to increase in value through 2022 and maybe 2023.
As always, if you are in the market to buy or sell your home… seek out an experienced professional realtor to assist you in this transaction process. There are too many pitfalls to go it alone without representation. If you have any questions, please reach out.
Sales Snapshot
The following properties were a sample listed as sold on the Greater Tampa Realtors Association MLS in Feb 2021.
The home at 602 E Calhoun St. sold Feb 2 for $192,000. Built in 1965, it has 3 bedrooms, 2 bath and 1444 square feet of living area.
The home at 3906 Sparky Ln sold Feb 4 for $200,000. Built in 1998, it has 4
bedrooms, 2 bath and 1643 square feet of living area.
The home at 2659 Eagle Greens Dr sold Feb 18 for $221,101. Built in 1999, it has 2 bedrooms, 2 bath and 1236 square feet of living area.
The home at 2329 Tanbark Ridge Pl sold Feb 23 for $245,000. Built in 2008 it has 2 bedrooms, 2 bath and 1185 square feet of living area.
The home at 1413 Sandalwood Dr sold Feb 10 for $290,000. Built in 1985, it has 3 bedrooms, 2 bath and 1856 square feet of living area.
The home at 308 Valencia Ct N sold Feb 23 for $294,000. Built in 1979, it has 2 bedrooms, 2 baths and 1581 square feet of living area.
The home at 2302 Sprucewood Ln sold Feb 3 for $307,500. Built in 1984, it has 3 bedrooms, 2 bath and 1885 square feet of living area.
The home at 3510 Coastal Dusk Dr sold Feb 28 for $315,525. Built in 2022, it has 4 bedrooms, 2 baths and 1936 square feet of living area.
The home at 3721 Crystal Dew St sold Feb 11 for $332,000. Built in 2008, it has 4 bedrooms, 2 baths and 1976 square feet of living area.
The home 2713 Savannah Dr sold Feb 24 for $340,000. Built in 1989, it has 3 bedrooms, 2 baths and 1702 square feet of living area.
The home at 3002 Magnolia Meadows Dr sold Feb 15 for $381,000. Built in 2007, it has 4 bedrooms, 2.5 baths and 2881 square feet of living area.
The home at 2206 Via Napoli St sold Feb 22 for $390,000. Built in 2012, it has 3 bedrooms, 2 baths and 2025 square feet of living area.
The home at 3037 Sutton Woods Dr sold Feb 10 for $445,000. Built in 1998, it has 3 bedrooms, 2 baths and 2120 square feet of living area.
The home at 3403 Walden Reserve Dr sold Feb 24 for $500,000. Built in 2006, it has 4 bedrooms, 4.5 baths and 3041 square feet of living area.
The home at 2822 Nesmith Estates Ln sold Feb 14 for $585,000. Built in 2007, it has 4 bedrooms, 3 baths and 2633 square feet of living area.
The home at 2202 Sparkman Rd sold Feb 24 for $650,000. Built in 2017, it has 4 bedrooms, 3 bath and 3429 square feet of living area.
The home at 3007 Country Breeze Dr sold Feb 25 for $1,200,000. Built in 2018, it has 5 bedrooms, 4.5 baths and 4341 square feet of living area.