“Love our interest rate, but this house doesn’t fit our needs anymore.”
Lifestyle changes are probably the highest motivation for considering any new real estate transaction. People worry about finding their next home, or rates remaining high. But there’s a price consequence to waiting. Today is the day to start the process. Sellers pay a price for waiting: the risk of an unexpected repair, increased competition from new construction homes, and increased competition from additional sellers listing their homes. Buyers pay a price for waiting: the median home prices are expected to rise in 2024, average renters pay a substantial portion of their income towards rent all while losing out on building equity and many buyers said they won’t wait for rates to drop, increasing buyer pool and competition for available homes.
The truth is, the real estate transaction will become even more important to have representation by a qualified Realtor®, experienced in the ever-changing market.
As we look at the Plant City housing data, April 2024, our market area had 125 homes sell, 245 under contract and 261 available for sale. One data point that has been increasing each month has been the units sold. We are up 35% year-to-date, compared to last year. New construction has contributed more than 50% of the units sold. We are carrying about 2.8 month’s supply housing inventory, a 12% increase over last month’s supply.
In April 2024, the average sold price was $381,723, or an average price per SF of $199.42 compared to the previous month, these data points are up 5.4% and flat respectively. New construction homes accounted for 70 units last month at an average price per SF of $179.07 discounted almost 20% compared to other sellers in the market. Looking at another perspective of the data, if you are planning to list and sell your home, you stand to gain 15-20% more than the new construction models.
The prevailing mortgage rates from Freddie Mac for the average 30-year-term loans have continued to inch higher the past few weeks. Your individual rate will depend on many parameters, like income, debt, credit score, etc. While we finished the year at 6.61%, the latest 4-week average was 7.09% and on an upward trend. At the last Fed meeting, the potential rate hike was tabled and decided to hold rates.
So, what about the coming months? People will be buying and selling homes, prices are slightly increasing. We are progressing into the spring/summer buying season, typically we have the strongest buying demand during this time, with inventories low and the current lending rates the new norm. The supply-demand models will dictate the new market levels.
I cannot express enough this importance, 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 experienced representation. Get the real scoop on our market. If you have any questions, want a market value analysis of your home, or see what’s available to purchase, 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 April 2023 for the Plant City Market Area.
The home at 2302 Maki Rd Unit 47 sold April 22 for $158,000. Built in 1987, it has 2 bedrooms, 1.5 bath and 896 square feet of living area.
The home at 4660 W Eastwind Dr sold April 17 for $255,000. Built in 1986 it has 2 bedrooms, 2 bath and 1038 square feet of living area.
The home at 304 Eunice Dr sold April 26 for $275,000. Built in 1966 it has 3 bedrooms, 2 bath and 1104 square feet of living area.
The home at 1506 N Bruton St sold April 1 for $299,900. Built in 1949, it has 3 bedrooms, 2 bath and 1313 square feet of living area.
The home at 1312 N Franklin St sold April 29 for $315,000. Built in 2003, it has 3 bedrooms, 2 bath and 1265 square feet of living area.
The home at 3108 Azalea Blossom Dr sold April 8 for $345,000. Built in 2007, it has 3 bedrooms, 2 bath and 1730 square feet of living area.
The home at 3620 Natural Trace St sold April 8 for $377,600. Built in 2024, it has 4 bedrooms, 2 bath and 1936 square feet of living area.
The home at 5453 Smith Ryals Rd sold April 22 for $400,000. Built in 1980, it has 2 bedrooms, 1 bath and 924 square feet of living area.
The home 2506 S Golfview Dr sold April 12 for $415,000. Built in 1986, it has 3 bedrooms, 2 bath and 1660 square feet of living area.
The home at 3207 Thackery Way sold April 5 for $430,000. Built in 1989, it has 4 bedrooms, 2 bath and 2175 square feet of living area.
The home at 3202 E Williams Rd sold April 23 for $450,000. Built in 1999, it has 2 bedrooms, 2 bath and 1134 square feet of living area.
The home at 5309 Varn Rd sold April 22 for $500,000. Built in 1998, it has 4 bedrooms, 2 bath and 1934 square feet of living area.
The home at 1922 Berry Rd sold April 23 for $549,900. Built in 2017, it has 4 bedrooms, 3 bath and 2304 square feet of living area.
The home at 3018 Forest Hammock Dr sold April 30 for $699,000. Built in 2000, it has 4 bedrooms, 3 bath and 2661 square feet of living area.
The home at 1748 Joe McIntosh Rd sold April 10 for $750,000. Built in 2008, it has 3 bedrooms, 2 bath and 2534 square feet of living area.
The home at 10629 Paul Buchman Hwy sold April 17 for $960,000. Built in 1960, it has 5 bedrooms, 4 bath and 3008 square feet of living area.