Local February 2023 sales and trend information courtesy of The Crawford Group.
“I’m not selling for that … I know what my home is worth.”
As Realtors we hear this a lot lately, when we press the seller for more information as to why, it’s always the same, so and so sold their home last year for much more than we are asking. Why is my home still on the market? The issue exists that your determination of worth, sweat equity and memories of your home do not always extrapolate into market valuation of the property in the buyer’s eyes.
Markets are ever changing and have cooled since the peak last year. There are several considerations in factoring home values, in this commentary we are basically reviewing inventory, overall sale prices, price per square foot and days on market for comparison models, but as a Realtor® listing your home we look at condition, location and time constraints as well to determine the current valuation and market its highest and best use.
As we look at the Plant City housing data, February 2023, our market area sold 63 homes for the month substantially lower than last year’s average of 82.4 per month. The housing inventory has increased slightly in months’ supply from 2.12 to 2.15, still considerably less than the 3-4 months average supply needed for a normal market time period. The ADOM, average days on market, was 48.2 but that number should decrease somewhat over the next prevailing months but will be higher than last year’s ADOM of 23 days. Sellers will need to get accustomed to longer days on market and reduced price per SF points before an executed contract agreement.
February’s average price of homes was $335,904 a decline from the previous year of $358,895 which amounts to a 6.4 percent decrease, but that figure is about 12 percent below the peak of May/Jun 2022. To put that decrease into perspective of the seller mentioned at the beginning of the article, their neighbors selling a $400,000 home the year before would mean the same property style home would be worth about $50,000 less given similar circumstances today. The average selling price per SF was $182.48 in February compared to YTD (year to date) average of $187 per square foot. Comparing the Median prices month over month data, last month finished with a median sales price of $329,990, which was four percent lower than in January.
So, what about the coming year. Pricing should stabilize in the next few months, multiple offer situations will be an uncommon occurrence, sellers may start providing concessions while the inventory supply increases. Mortgage and insurance rates will limit the buyer’s purchasing power which will lead to increased days on market, (List date to contract to closing). The housing market is sound. I heard the other day from an insurance representative that over the next couple of years, statistically there will be more people retiring from the job force in recorded history, which suggests that many of them may be downsizing in home size. This may be the next real estate boom.
If you are in the market to buy or sell your home, please seek an experienced professional Realtor® to assist you in this transaction process. There are too many consequences, going it alone without proper representation. If you have any questions, want a market value analysis of your home, or see what’s available to purchase, please reach out.
The following residential properties were a sample listed as sold on the Greater Tampa Realtors Association MLS in February 2022 for the Plant City Market Area.
The home at 1808 N Franklin St sold February 21 for $150,000. Built in 1948, it has 3 bedrooms, 2 bath and 1492 square feet of living area.
The home at 6313 Red Hawk Ln sold February 24 for $210,000. Built in 1972 it has 2 bedrooms, 2 bath and 1640 square feet of living area.
The home at 1101 N Park Rd sold February 13 for $235,000. Built in 1969, it has 3 bedrooms, 2 bath and 1016 square feet of living area.
The home at 107 S Forest St sold February 28 for $275,000. Built in 2008, it has 3 bedrooms, 2.5 bath and 1558 square feet of living area.
The home at 508 W Garden St sold February 13 for $299,900. Built in 1940, it has 3 bedrooms, 2 bath and 1332 square feet of living area.
The home at 3231 Alcott Ave sold February 23 for $315,000. Built in 1995, it has 3 bedrooms, 2 bath and 2045 square feet of living area.
The home at 3110 Magnolia Garden Dr sold February 16 for $328,000. Built in 2007, it has 3 bedrooms, 2 bath and 1583 square feet of living area.
The home at 111 Citrus Landing Dr sold February 3 for $338,000. Built in 2005, it has 3 bedrooms, 2.5 bath and 1483 square feet of living area.
The home 1448 Tahitian Sunrise Dr sold February 27 for $359,900. Built in 2022, it has 4 bedrooms, 2.5 bath and 2584 square feet of living area.
The home at 8712 Turkey Creek Rd sold February 16 for $375,000. Built in 1988, it has 4 bedrooms, 2 bath and 1731 square feet of living area.
The home at 3216 S Northview Rd sold February 16 for $405,000. Built in 2018, it has 5 bedrooms, 3 bath and 2674 square feet of living area.
The home at 2905 Spring Hammock Dr sold February 14 for $429,000. Built in 1999, it has 4 bedrooms, 3 bath and 2229 square feet of living area.
The home at 1002 Crocker Ln sold February 28 for $485,000. Built in 1977, it has 3 bedrooms, 2.5 bath and 3735 square feet of living area.
The home at 1129 Cowart Rd sold February 7 for $575,000. Built in 2003, it has 4 bedrooms, 3 bath and 2812 square feet of living area.
The home at 4906 Thonotosassa Rd sold February 24 for $755,000. Built in 1986, it has 7 bedrooms, 5 bath and 4244 square feet of living area.