Hair Styles and Real Estate … What do they have in common? Constant flux of change for one. Oh, let’s just look at the hair styles of the 80’s and 90’s versus today, I bet you can conjure up many images, but I would gander a guess that you would leave those styles in the past. On the contrary with real estate, those as buyers would all love to go back a couple of years, six months, even last month to change their contract offer price they missed out on. If we only knew the future. Change is inevitable and the real estate market continues to move upwards.
What does the future have in store for real estate? Low housing inventory levels. I believe I have dwelled on this facet for many months now. For the past 15 months we have had less than one month’s supply of inventory. Some experts don’t expect these levels to get back to normalcy (3+ months) until 2024, which means sellers will still have a slight upper hand for at least 12 to 15 months. As someone who continues to look at statistical data, the future is an educated guess considering the many variables, but the past is a certainty.
As we look at the Plant City housing data, we just concluded the first quarter for the year, Q1-2022. Our market area saw 105 homes sold this month, an increase from the previous month with 71 homes sold. The average selling price per square foot was $187.68 Q1, that’s a 27 percent increase over last year. The average selling price was $339,592 Q1 or a 24 percent increase over last year. When we look at the current Q1-2022 data compared to Q1-2019 before the pandemic, we are up 61 percent and 66 percent respectfully, that’s over a 20 percent increase annualized from 2019. While looking at the month over month data, March finished with a Median sales price of $336,000 or $196.40 per square foot which was a 5.2 percent increase over February and a 12 percent increase over January. Will the real estate values continue to rise? Yes, more likely than not at slower rising percentage rates.
There are many elements that influence into the potential buying/selling power of the consumer. I mentioned in the opening the low inventory levels, but other considerations like mortgage interest rates, inflation and general economy effect the overall data as well. Mortgage rates have climbed 50 percent in the last three months, cost of fuel escalated up 32 percent while the value of the stock market has decreased 5 percent in this quarter. Talks of recession and higher inflation are in the news, which may slow or depress market prices in the future, but we are a long way from ample inventory supply, and we still have more buyers than sellers.
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.
M Crawford
Crawford Group
Sales Snapshot
The following residential properties were a sample listed as sold on the Greater
Tampa Realtors Association MLS in Mar 2022 for the Plant City Market Area.
The home at 1604 N Ferrell St sold Mar 11 for $200,000. Built in 1950, it has 3 bedrooms, 2 bath and 1602 square feet of living area.
The home at 902 N Johnson St sold Mar 4 for $225,000. Built in 1937, it has 3 bedrooms, 2 bath and 1658 square feet of living area.
The home at 1902 Greenwood Valley Dr sold Mar 31 for $243,500. Built in 2014, it has 3 bedrooms, 2 bath and 1572 square feet of living area.
The home at 1907 Poplar Ct sold Mar 31 for $290,000. Built in 1977 it has 2 bedrooms, 2 bath and 1503 square feet of living area.
The home at 2716 Golf Lake Dr sold Mar 22 for $302,000. Built in 1996, it has 2 bedrooms, 2 bath and 1503 square feet of living area.
The home at 606 N Merrin St sold Mar 20 for $325,000. Built in 1900, it has 4 bedrooms, 3 baths and 2782 square feet of living area.
The home at 506 W Mahoney St sold Mar 15 for $330,000. Built in 1918, it has 3 bedrooms, 1.5 bath and 1706 square feet of living area.
The home at 3448 Silver Meadow Way sold Mar 7 for $335,000. Built in 1994, it has 3 bedrooms, 2 baths and 1899 square feet of living area.
The home at 7504 Kinard Rd sold Mar 4 for $350,000. Built in 1980, it has 3 bedrooms, 2 baths and 1508 square feet of living area.
The home 1101 N Clark St sold Mar 1 for $355,000. Built in 1919, it has 3 bedrooms, 2 baths and 1858 square feet of living area.
The home at 6906 Thonotosassa Rd sold Mar 1 for $385,000. Built in 1982, it has 3 bedrooms, 2 baths and 1623 square feet of living area.
The home at 1706 Mcleod Dr sold Mar 1 for $413,000. Built in 2005, it has 3 bedrooms, 2 baths and 2197 square feet of living area.
The home at 2102 Strawberry Dr sold Mar 31 for $445,000. Built in 1983, it has 3 bedrooms, 2 baths and 2197 square feet of living area.
The home at 4104 Concord Way sold Mar 21 for $475,000. Built in 1989, it has 4 bedrooms, 2 baths and 2350 square feet of living area.
The home at 2906 Clubhouse Dr sold Mar 31 for $500,000. Built in 1992, it has 4 bedrooms, 2 baths and 2490 square feet of living area.
The home at 3521 Sam Allen Oaks Cir sold Mar 31 for $610,000. Built in 2002, it has 4 bedrooms, 3 bath and 3021 square feet of living area.
The home at 3717 Quail Nesting Pl sold Mar 31 for $899,900. Built in 2004, it has 4 bedrooms, 5 baths and 3854 square feet of living area.