What’s in shorter supply than the housing inventory? Appraisers. As we have mentioned in previous articles; there are many aspects to a real estate transaction. Once a contract is accepted by the parties, inspections completed, the lender orders the appraisal from a third-party service. This keeps all parties at an arm’s length distance with the appraiser. This was one of the corrective actions that resulted from the financial meltdown in the early 2000’s.
In our current market conditions, the real estate transactions are competing with customers just wanting to refinance their mortgage loans to lower rates. This activity has created a bottleneck of sorts. The appraiser is in high demand and with such, can increase their fees, gain longer time periods to complete the accepted orders. On the real estate transaction, the contract dictates time frames for completion but now the appraiser has the upper hand and may cause delays in the contract process and closing, which are out of the hands of the parties to the contract. This is another reason why the buyers and sellers should have representation with an experienced realtor in the transaction. An experienced realtor and/or lender may offer insights to keep the transaction on course.
Plant City’s current market trends.
The market continues to move higher with limited housing inventory. We are still running less than one month’s supply of available homes to purchase. Last month the area sold another 91 properties bringing the year-to-date total to 1001 properties, a 13 percent increase over the same time period last year. This month’s average selling price was $317,581 vs $295,480 last month, a 7.5 percent price increase over the prior month and 22 percent increase over November 2020. The average days to contract have increased to 20.9 days in November, slightly higher than the year-to-date average of 17.05 days. The average price per square foot increased this month to $178.89 bringing the year-to-date average in at $161.58 per square foot. I believe we will finish the year out with an overall increase in average sold price and average price per square foot at 20-21 percent.
We will continue to have a sellers’ market in real estate for the next 12-24 months or until we reach three or more month’s inventory supply. If you’re in the market to buy, waiting is not on your side. Also remember, if you are in the market to buy or sell, these are statistical averages meant to be a gauge to the market. There are many aspects to pricing; condition, location, updates, etc and your professional representation will be able to give you a more accurate representation of your property.
Sales Snapshot
The following properties were a sample listed as sold on the Greater Tampa Realtors Association MLS in Nov. 2021.
The home at 1003 Valencia Road sold Nov 1st for $135,000. Built in 1953, it has 3 bedrooms, 1 bath and 846 square feet of living area.
The home at 1102 W Ball St sold Nov 19 for $175,000. Built in 1985, it has 3 bedrooms, 1 bath and 1000 square feet of living area.
The home at 802 W Mclendon St sold Nov 19 for $201,000. Built in 1915, it has 3 bedrooms, 2 bath and 1358 square feet of living area.
The home at 710 Knight St sold Nov 19 for $215,000. Built in 1924 it has 3 bedrooms, 1 bath and 1236 square feet of living area.
The home at 1109 E Knights Griffin sold Nov 1 for $250,000. Built in 1961, it has 4 bedrooms, 2 bath and 1890 square feet of living area.
The home at 3606 Harvest Orchard Dr sold Nov 12 for $266,000. Built in 2006, it has 3 bedrooms, 2 baths and 1491 square feet of living area.
The home at 1105 Monroe St sold Nov 9 for $290,000. Built in 1958, it has 3 bedrooms, 2 bath and 1537 square feet of living area.
The home at 1418 Sandalwood Dr sold Nov 5 for $305,500. Built in 1987, it has 3 bedrooms, 2 baths and 1587 square feet of living area.
The home at 4504 Tina Lane sold Nov 17 for $340,000. Built in 2004, it has 3 bedrooms, 2.5 baths and 1800 square feet of living area.
The home 3418 Sam Astin Road sold Nov 16 for $353,750. Built in 1994, it has 4 bedrooms, 3 baths and 2100 square feet of living area.
The home at 2807 Spring Meadow Dr sold Nov 19 for $411,900. Built in 2000, it has 3 bedrooms, 2 baths and 2055 square feet of living area.
The home at 1310 Little Alafia Dr sold Nov 19 for $465,000. Built in 2005, it has 4 bedrooms, 3 baths and 2645 square feet of living area.
The home at 2817 Jim Johnson Road sold Nov 12 for $510,000. Built in 1952, it has 4 bedrooms, 2 baths and 2902 square feet of living area.
The home at 605 Graceful Oak Ct sold Nov 12 for $560,000. Built in 2009, it has 4 bedrooms, 3 baths and 3060 square feet of living area.
The home at 5716 Bob Head Road sold Nov 5 for $1,000,000. Built in 2007, it has 5 bedrooms, 4.5 baths and 4353 square feet of living area.