September 2024 Real Estate Transactions
Data pulled from GTAR MLS as of 10/3/24 for the Plant City market area.
Mortgage Data from Freddiemac.com
Be Safe out there … as I pen this article for circulation our central Florida coast is preparing for Hurricane Milton’s landfall. At the moment, the cone of landfall ranges from Ft Myers to Crystal River with a high probability of the center coming through the Tampa Bay area. Its highly likely to have major power outages throughout the area. Please be on the lookout for down power lines and be very cautious if driving around that traffic signals may not be working. After the storm has passed through, please check on your neighbors to make sure all is good. I apologize for the repeat of the following article, prepping for the storm but if you encounter damage to your property after the storm, please be aware of potential scammers, they come in all sorts.
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, September 2024, our market area had 95 homes sell, with new construction still contributing over 50% of the units sold. We had another 188 under contract and 257 available for sale. We are carrying about a 2 month’s supply housing inventory and our average days on market increased this month to about 44 days. At this level we are still under a slight advantage to the sellers if they price accordingly to their market valuation.
In September 2024, the average sold price was $357,001 and the average price per SF was $203.44 compared to last month, these data points were down 6.5% in average price and up 1.2% in price per SF. Looking at YTD (year to date) data, we have sold 1048 units compared to 784, an 34% increase. The additional units are mainly due to new construction. On the YTD average sold prices, we are down slightly 2.2% and YTD price per SF is down about 3.3%.
The prevailing average mortgage rates from Freddie Mac for the 30yr-term loans continue to decline, September’s monthly average came in at 6.18%, down from August’s avg of 6.50%. The FED made its first rate cut, 50 basis point, most of the reduction had been priced into the current rates but anticipates 1-2 more cuts before the end of the year. 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 sample listed as sold on the Greater Tampa Realtors Association MLS in September 2024 for the Plant City Market Area.
The home at 712 E Madison St sold September 13 for $145,000. Built in 1962, it has 3 bedrooms, 2 bath and 1272 square feet of living area.
The home at 503 Scarlet Maple Ct sold September 20 for $254,950. Built in 2002 it has 3 bedrooms, 2 bath and 1293 square feet of living area.
The home at 2711 Sawmill Rd sold September 24 for $295,000. Built in 1979 it has 2 bedrooms, 2 bath and 1230 square feet of living area.
The home at 503 W Dixie St sold September 11 for $297,000. Built in 1948, it has 3 bedrooms, 2 bath and 1240 square feet of living area.
The home at 3525 Radiant Mountain Dr sold September 18 for $309,990. Built in 2024, it has 3 bedrooms, 2 bath and 1461 square feet of living area.
The home at 3434 Ivy Hollow Dr sold September 11 for $335,215. Built in 2024, it has 3 bedrooms, 2 bath and 1672 square feet of living area.
The home at 2237 Moriczville Ln sold September 12 for $350,000. Built in 1960, it has 3 bedrooms, 1.5 bath and 1138 square feet of living area.
The home at 2310 Village Green Blvd sold September 12 for $368,000. Built in 1984, it has 4 bedrooms, 3 bath and 2400 square feet of living area.
The home 2211 Tomberlin Grove Ln sold September 4 for $389,000. Built in 2010, it has 4 bedrooms, 2 bath and 2280 square feet of living area.
The home at 2207 Via Napoli St sold September 9 for $400,000. Built in 2013, it has 3 bedrooms, 2 bath and 2023 square feet of living area.
The home at 7724 Shoupe Rd sold September 12 for $439,000. Built in 1988, it has 3 bedrooms, 1.5 bath and 1200 square feet of living area.
The home at 914 N Collins St sold September 5 for $467,500. Built in 1917, it has 4 bedrooms, 2 bath and 1624 square feet of living area.
The home at 3020 Leila Estrelle Dr sold September 9 for $545,000. Built in 1996, it has 3 bedrooms, 3 bath and 2656 square feet of living area.
The home at 673 Half Mile Rd sold September 8 for $685,000. Built in 2005, it has 3 bedrooms, 2 bath and 1506 square feet of living area.
The home at 2707 Aston Ave sold September 12 for $735,000. Built in 1993, it has 4 bedrooms, 4 bath and 3746 square feet of living area.