August 2024 Real Estate Transactions
Data pulled from GTAR MLS as of 9/4/24 for the Plant City market area.
Mortgage Data from Freddiemac.com
As a local Realtor® in the Plant City area, I’ve witnessed firsthand how the real estate market is evolving. Recent shifts — such as rising interest rates, fluctuating inventory, and changes in buyer demand — have created a more complex environment for both buyers and sellers. It’s no longer the fast-paced, highly competitive market it once was. While opportunities remain, navigating this landscape now requires a thoughtful and strategic approach.
For sellers, pricing your home correctly is more critical than ever. Gone are the days when homes would sell in a matter of hours above asking price. Buyers are becoming more discerning, and ensuring your home stands out requires targeted marketing and a deep understanding of current market trends.
This is why choosing the right Realtor® is essential. It’s not enough to hire someone simply because they hold a license. Experience truly matters in today’s market. You need a full-time professional who dedicates themselves to staying ahead of the trends and has a proven track record of success. An experienced Realtor® knows how to position your home to attract the right buyers and negotiate on your behalf to get the best possible outcome.
Additionally, working with a Realtor® who has a dedicated marketing team and the backing of a major or international brokerage can provide your property with the exposure it needs. A strong marketing plan that includes professional photography, targeted digital campaigns, and access to a global network can make a huge difference in today’s competitive market.
Ultimately, the real estate process is one of the most significant financial transactions most people will ever experience. It’s important to trust this journey to someone who is not only qualified but also fully committed to your success. The changing market requires a Realtor® who has the expertise, resources, and dedication to guide you every step of the way.
As we look at the Plant City housing data, August 2024, our market area had 133 homes sell, with new construction still contributing over 50% of the units sold. We are currently on trend to sell more than 1425 homes this year, more than a 38% increase over previous years. We had another 175 under contract and 244 available for sale. We are carrying less than a 2 month’s supply housing inventory and our average days on market increased this month to about 39 days. At this level we are still under a slight advantage to the sellers if they price accordingly to their market valuation.
In August 2024, the average sold price was $381,906 or an average price per SF of $200.94 compared to last month, these data points were up 3.3% in average price and up 6.7% in price per SF. At the present time our market is selling at about a 9% discount to the heights of the market back in May/June 2022, depending on the FED’s actions for the remainder of the year, we may surpass those previous levels in the next 3-6 months.
The prevailing average mortgage rates from Freddie Mac for the 30yr-term loans continue to decline, August’s monthly average came in at 6.50%, down from July’s avg of 6.85%. The first week of September the average rate was down even more to 6.35%. The FED is planning its first rate cut in the coming weeks, some two and half years since they started the rate hikes back in 2022. Some commentators are saying we may get a total of three rate declines before the end of the year for about a 1% decline. Then an additional three to six cuts in 2025. These rate cuts will greatly enhance the buyer’s purchasing power and increase the demand on the limited housing inventory.
So, what about the coming months? People will be buying and selling homes, circumstances are always changing, job location changes, family size changes, life in general changes, mortgage rates will be changing … so wherever you are on this spectrum, seek out an experienced Realtor® to get your questions answered. The supply-demand models will dictate the new market levels, but interest rates will recede, increasing demand on the limited supply and prices will rise.
As always, 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, rules and statues are changing, going it alone without proper experienced representation will likely have you leaving money on the table. 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 The following residential properties were a sample listed as sold on the Greater Tampa Realtors Association MLS in August 2024 for the Plant City Market Area.
The home at 5209 Herman Shepherd Tr sold August 29 for $155,000. Built in 1997, it has 3 bedrooms, 2 bath and 1296 square feet of living area.
The home at 1006 Jesscott Dr sold August 7 for $212,500. Built in 1987 it has 2 bedrooms, 2 bath and 784 square feet of living area.
The home at 404 E Calhoun St sold August 15 for $280,000. Built in 1947 it has 3 bedrooms, 1 bath and 1297 square feet of living area.
The home at 1802 Paddock Dr sold August 8 for $315,000. Built in 1990, it has 3 bedrooms, 2 bath and 1590 square feet of living area.
The home at 1008 N Bracewell Dr sold August 28 for $325,000. Built in 1968, it has 3 bedrooms, 2 bath and 1213 square feet of living area.
The home at 3818 Sunny Spring St sold August 28 for $334,990. Built in 2024, it has 3 bedrooms, 2 bath and 1672 square feet of living area.
The home at 3109 Emerson Pl sold August 7 for $355,000. Built in 1991, it has 3 bedrooms, 2 bath and 1414 square feet of living area.
The home at 3510 Radiant Mountain Dr sold August 27 for $364,900. Built in 2024, it has 5 bedrooms, 2.5 bath and 2389 square feet of living area.
The home at 3406 Silverstone Ct sold August 23 for $370,000. Built in 1996, it has 3 bedrooms, 2 bath and 1850 square feet of living area.
The home at 2888 Hammock Dr sold August 12 for $385,000. Built in 1987, it has 3 bedrooms, 2 bath and 2218 square feet of living area.
The home at 1715 Oakwood Estates Dr sold August 8 for $420,000. Built in 2005, it has 3 bedrooms, 2 bath and 2163 square feet of living area.
The home at 2701 Spring Meadow Dr sold August 5 for $450,000. Built in 1999, it has 3 bedrooms, 2 bath and 2334 square feet of living area.
The home at 1903 Masters Way sold August 30 for $536,000. Built in 1988, it has 4 bedrooms, 2.5 bath and 3216 square feet of living area.
The home at 3431 Clemons Rd sold August 16 for $600,000. Built in 2004, it has 5 bedrooms, 3 bath and 2699 square feet of living area.
The home at 3303 E Merrin Rd sold August 29 for $790,000. Built in 1980, it has 4 bedrooms, 3 bath and 2858 square feet of living area.
The home at 3711 E Trapnell Rd sold August 28 for $1,800,000. Built in 1983, it has 4 bedrooms, 3 bath and 3752 square feet of living area.