November 2024 Real Estate Transactions
Data pulled from GTAR MLS as of 12/7/24 for the Plant City market area.
Mortgage Data from Freddiemac.com
Home for the Holidays! … many of us are just trying to keep up with all the engagements for the season, office parties, relatives coming into to town, family dinners, decorating the home for the holidays and such … but there are some that need to process the possibility of a purchase or selling their home during this time. I like to say it’s the holiday homework for real estate clients.
Although the time of year can be very hectic, being prepared can smooth out awkward transitions and wasted time. This Spring is anticipated to be a competitive time in real estate – you don’t want to be left behind. As a potential buyer, start by reviewing your finances, get credit scores, speak with a couple of lenders for pre-approval. As a potential seller, start by decluttering the home, take inventory of the ages of the major appliances and roof (AC, water heater, stove etc.) then start a list of any repairs you think are needed. After which locate and hire an experienced professional Realtor® to assist you in this transaction process.
Why the anticipated competitive nature of the market in the Spring? Many of the major data indices point to positive momentum. The stock market is up over 18% YTD, and they are revising next years numbers up further. The Federal Reserve is tracking for additional rate cuts, which has a causation effect on the mortgage rates, which have been trending lower. The November’s avg Fannie Mae 30 yr rate is down over 8.8% vs Nov-2023 rate. New construction projects are providing new home units to the available supply. Buyers on the sidelines coming back into the market – we see mortgage applications increasing each time the mortgage rate dip lower.
All these data points, have either a direct or indirect correlation to the overall housing supply/demand pricing model. 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, November 2024, our market area had 92 homes sell, with new construction still contributing over 50% of the units sold. We had another 133 under contract and 268 available for sale. We are carrying about a 2.4 month’s supply housing inventory and our average days on market remains about 36 days. At this level we are still under a slight advantage to the sellers if they price accordingly to their market valuation.
In November 2024, the average sold price was $375,959 and the average price per SF was $189.23 compared to last month, these data points were relevantly the same from last month. The new construction average prices and price per SF are keeping the overall averages down, but just remember that a new construction buyer pays substantially more in back-end fees and closing costs which are added to your overall purchase price.
Looking at YTD (year to date) data, our Plant City market area has sold 1258 units compared to 946 during the same time periods last year, a 33% increase overall. Breaking down those additional units, new construction sales are up 166% (702 vs 264) and existing home sales are down 18% (556 vs 682). On the YTD average sold prices, we are down slightly 1.8% and YTD price per SF is down about 3.5%.
The Freddie Mac 30yr-term loan monthly average rate for November came in about 6.78% another increase from the October’s average of 6.43%, but in the last couple of weeks, the average loan rates have been trending lower. The FED is on course to make an additional rate cut this week.
Although I don’t have a crystal ball to predict the future, all the current data, policy changes, FED rate recalibration, supply and demand for our community appear to point to a very active and robust real estate market in 2025.
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 November 2024 for the Plant City Market Area.
The home at 907 W Warren St sold November 21 for $65,000. Built in 1950, it has 2 bedrooms, 1 bath and 784 square feet of living area.
The home at 8007 Shoupe Rd sold November 13 for $180,000. Built in 1999 it has 3 bedrooms, 2 bath and 1612 square feet of living area.
The home at 412 Sugar Creek Dr sold November 22 for $235,100. Built in 1998 it has 3 bedrooms, 2 bath and 1148 square feet of living area.
The home at 1319 E Calhoun St sold November 19 for $270,000. Built in 1997, it has 3 bedrooms, 2 bath and 1090 square feet of living area.
The home at 416 S Wiggins sold November 21 for $285,000. Built in 2016, it has 3 bedrooms, 2 bath and 1568 square feet of living area.
The home at 4720 Silkrun Ct sold November 4 for $299,000. Built in 1986, it has 3 bedrooms, 2 bath and 1292 square feet of living area.
The home at 2737 Idyll Lakes Cir sold November 27 for $319,590. Built in 2024, it has 3 bedrooms, 2.5 bath and 1884 square feet of living area.
The home at 3847 Crystal Dew St sold November 20 for $340,000. Built in 2015, it has 4 bedrooms, 2.5 bath and 2432 square feet of living area.
The home 603 W Tever St sold November 22 for $360,000. Built in 1946, it has 4 bedrooms, 2.5 bath and 2586 square feet of living area.
The home at 1910 W Knights Griffin Rd sold November 13 for $400,000. Built in 1954, it has 3 bedrooms, 2 bath and 1370 square feet of living area.
The home at 1604 N Johnson St sold November 1 for $455,000. Built in 2016, it has 4 bedrooms, 2 bath and 1952 square feet of living area.
The home at 1802 Williams Rd sold November 13 for $490,000. Built in 1989, it has 3 bedrooms, 2.5 bath and 2554 square feet of living area.
The home at 605 S Wiggins Rd sold November 14 for $535,000. Built in 1961, it has 4 bedrooms, 2 bath and 1811 square feet of living area.
The home at 3215 Baroness Ct sold November 20 for $700,000. Built in 2019, it has 3 bedrooms, 2 bath and 2010 square feet of living area.
The home at 1702 W State Road 60 sold November 15 for $1,000,000. Built in 1935, it has 5 bedrooms, 3 bath and 2176 square feet of living area.