“Traffic back to normal”… The Strawberry Festival has concluded another successful event in our community. One of the many reasons our community loves this town and others want to move here. Our festival brings people from all over the state to experience this which then has them thinking of different life experiences, living in a small vibrant community. In real estate terms, people move to be near family, friends, and lifestyle. Our community provides that to many who have already made the move and many more wishing to find a home here.
As we look at the Plant City housing data, February 2024, our market area had 107 homes sell, 235 under contract, and 250 available for sale. These numbers are better than year-over-year numbers, YOY, and in line for a good start for the year. The housing inventory is running about 3 month’s supply, a 14% increase over last month’s 2.63 supply. Our inventory is starting to increase, which is greatly needed. New construction homes contributed about 60% of the homes sold last month. Our average days on market has slowed to 52 days compared to 46.6 days in the previous month.
In February 2024, the average sold price was $355,892, or an average price per SF of $182.01 compared to previous month, these data points are down 5% and 8% respectively. Although February was down in price, looking at the year-over-year (YOY) numbers we are up 6% in average selling price, and the average price per SF basically flat in growth. New construction homes accounted for 60 units last month at an average price per SF of $171.51 discounted due to Buyer’s having to pay for all or the majority of closing costs in the transaction. As we look around our community, more and more new construction is being built and will become a bigger part in filling the inventory shortages in the near future.
The prevailing mortgage rates from Freddie Mac for the average 30-year-term loans have bounced around 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%, January ticked up to 6.64% and February finished the month averaging 6.77% but is still trending slightly higher, basically due to opposing views of the Fed, Treasury rates, and Stock market opinions. These fluctuating rates will stabilize soon and then proceed lower towards the end of the year.
Many assume that sellers are not willing to trade in their sub-4 mortgage rates for a higher rate, but that’s not the reason why they sell. Life situations change, they want to be closer to family, need more space or time to downsize, want a better neighborhood, job change/relocation, or want to tap into built-up equity are reasons that outweigh the rate.
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 Feb 2023 for the Plant City Market Area.
The home at 805 King St sold Feb 26 for $130,000. Built in 1953, it has 3 bedrooms, 1 bath and 1008 square feet of living area.
The home at 4475 Shepherd Rd sold Feb 6 for $200,000. Built in 1988 it has 3 bedrooms, 2 bath and 1564 square feet of living area.
The home at 1702 W Lowry Ave sold Feb 28 for $280,000. Built in 1988 it has 3 bedrooms, 1 bath and 1428 square feet of living area.
The home at 2219 S Preservation Dr sold Feb 14 for $290,000. Built in 1992, it has 2 bedrooms, 2 bath and 1488 square feet of living area.
The home at 4001 Cork Rd sold Feb 2 for $305,000. Built in 1988, it has 2 bedrooms, 1 bath and 948 square feet of living area.
The home at 1407 Oakwood Ln sold Feb 29 for $330,000. Built in 1985, it has 3 bedrooms, 2 bath and 2284 square feet of living area.
The home at 3317 Silvermoon Dr sold Feb 28 for $375,000. Built in 1994, it has 3 bedrooms, 2 bath and 1664 square feet of living area.
The home at 3703 Crystal Dew St sold Feb 29 for $385,000. Built in 2007, it has 4 bedrooms, 2 bath and 1936 square feet of living area.
The home 805 N Evers St sold Feb 23 for $390,000. Built in 1910, it has 3 bedrooms, 1.5 bath and 1582 square feet of living area.
The home at 3318 Steinbeck Pl sold Feb 5 for $412,500. Built in 1998, it has 3 bedrooms, 2 bath and 1836 square feet of living area.
The home at 1204 Wild Daisy Dr sold Feb 1 for $429,000. Built in 2019, it has 3 bedrooms, 2 bath and 1958 square feet of living area.
The home at 4046 Capri Coast Dr sold Feb 9 for $440,645. Built in 2024, it has 4 bedrooms, 3 bath and 2575 square feet of living area.
The home at 4037 Capri Coast Dr sold Feb 27 for $475,290. Built in 2024, it has 5 bedrooms, 4 bath and 3354 square feet of living area.
The home at 3904 Executive Cir sold Feb 29 for $533,500. Built in 1992, it has 4 bedrooms, 3 bath and 2715 square feet of living area.
The home at 2604 Lakeview Way sold Feb 16 for $549,000. Built in 1990, it has 4 bedrooms, 2 bath and 2321 square feet of living area.
The home at 2407 E Trapnell Rd sold Feb 6 for $750,000. Built in 1984, it has 3 bedrooms, 2 bath and 2724 square feet of living area.