Residential Market Insights: October 2016

Lennar model home backyard

HOME SALES

The National Association of REALTORS® reported home sales at a seasonally adjusted annual rate of 5.33 million homes during the month of August. This was a decrease of 0.9 percent from July, and an increase of 0.8 percent from August of last year.

HOME PRICE

The median home price decreased to $240,200 in August, which was down 1.3 percent from July and up 5.1 percent from August of last year. The median home price has increased by nearly $11,700 in the past year alone.

INVENTORY – MONTH’S SUPPLY

There was a 4.6-month supply of housing inventory in August, which was a 2.1 percent decrease from July. The total number of homes for sale decreased by 9.8 percent compared to August of last year.  It is still a seller’s market.

Months of supply is the measure of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales. Months of supply is a good indicator of whether a particular real estate market is favoring buyers or sellers. Typically, a market that favors sellers has less than 6 months of supply, while more than 6 months of supply indicates an excess of homes for sale that favors buyers.

The current market for mortgage rates is as follows:

Mortgage Type Interest Rate
30-Year Fixed 3.48%
15-Year Fixed 2.76%
5/1-year ARM 2.80%
Historical average 8.90%

 

Thinking of buying or selling real estate?

KW1784102f20KW_thumb.jpgYou should consider using a realtor.  If you are interested in buying real estate (new home, existing home, or commercial property), please contact me (Alan Lane with Keller Williams Realty at 2119 W Brandon Blvd, Brandon, Florida  33511).  As a life long resident of Central Florida, I can help you find the right property for you whether it is in Lakeland or as far south as Sarasota.  The Keller Williams offices of  ”Suburban Tampa” include the offices in Brandon, Plant City, Fishhawk Ranch, and our newest office in Valrico.  My email address is alanlane66@gmail.com, or call me at 813.205.9280.  If you are just starting your search, you can search the MLS for real estate opportunities on my website at this link.

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Enclave at Boyette Creek

The Enclave at Boyette features single-family homes located on the east side of Boyette Road, just north of Rhodine Road in Riverview (located in eastern Hillsborough County).  HOA is $88.27 per month with no CDD Fee.  The entire development is gated and features a park.  Some of the highlights include the following:

  • Pricing from $227,490s – $315,490s
  • Square footage from 1,738 to 3,777
  • Bedrooms from 3 to 5
  • Bathrooms from 2 to 3

According to Lennar, the schools for Enclave at Boyette are as follows:

  • Stowers Elementary School
  • Barrington Middle School
  • Newsome High School

There are four spec homes available (North Carolina, Rhode Island, Vermont and Virginia models).  Spec homes are homes built without a buyer and usually offer better than average deals as the builder/developer does not want to keep them for very long.

The North Carolina in Enclave at Boyette

North Carolina Model – a 2,065SF, 4 BR/3 BA, Home – One available at $250,490

The Rhode Island in Enclave at Boyette

Rhode Island Model – a 2,533SF, 4 BR/2.5 BA, Home – One available at $274,990

The Vermont in Enclave at Boyette

Vermont  Model – a 3,288SF, 5 BR/3 BA, Home – One available at $303,990

The Virginia in Enclave at Boyette

Virginia Model – a 3,777SF, 5 BR/3.5 BA, Home – One available at $324,490

Thinking of buying or selling real estate?

KW1784102f20KW_thumb.jpgYou should consider using a realtor.  If you are interested in buying real estate (new home, existing home, or commercial property), please contact me (Alan Lane with Keller Williams Realty at 2119 W Brandon Blvd, Brandon, Florida  33511).  As a life long resident of Central Florida, I can help you find the right property for you whether it is in Lakeland or as far south as Sarasota.  The Keller Williams offices of  ”Suburban Tampa” include the offices in Brandon, Plant City, Fishhawk Ranch, and our newest office in Valrico.  My email address is alanlane66@gmail.com, or call me at 813.205.9280.  If you are just starting your search, you can search the MLS for real estate opportunities on my website at this link.

Elevations were provided by Lennar Homes.

 

Residential Market Insights: May 2016

cropped-lido-waterfront-home_thumb.jpgHOME SALES

The median home price was $222,700 in March, which was up 5 percent from February and up 5.7 percent from last year. The median home price has increased by approximately $12,000 in the past year alone.

HOME PRICE

The National Association of REALTORS® reported home sales at a seasonally adjusted annual rate of 5.3 million homes during the month of March. This was an increase of 5.1 percent from February, and an increase of 1.5 percent from March of last year. Currently, 2016 is projected to outpace 2015 by approximately 720,000 total home sales.

INVENTORY – MONTH’S SUPPLY

There was a 4.5-month supply of housing inventory in March, up from 4.4 months in February. The total number of homes for sale in March increased by 2.3 percent to 1.98 million homes nationwide, but that was still 30,000 fewer listings than March of last year.

CURRENT MORTGAGE RATES

The following is a summary of the current mortgage rates:

May 2016 Mortgage Rates

Source: This Month in Real Estate

Thinking of buying or selling real estate?

KW1784102f20KWYou should consider using a realtor.  If you are interested in buying real estate (new home, existing home, or commercial property), please contact me (Alan Lane with Keller Williams Realty at 2119 W Brandon Blvd, Brandon, Florida  33511).  As a life long resident of Central Florida, I can help you find the right property for you whether it is in Lakeland or as far south as Sarasota.  The Keller Williams offices of  ”Suburban Tampa” include the offices in Brandon, Plant City, Fishhawk Ranch, and our newest office in Valrico.  My email address is alanlane66@gmail.com, or call me at 813.205.9280.  If you are just starting your search, you can search the MLS for real estate opportunities on my website at this link.

Available Homes Within Enclave at Boyette

Lido Beach MorningEnclave at Boyette is located on Boyette Road, just north of Rhodine Road in Riverview, Florida.  This location is just southwest of Fishhawk Ranch.  Amenities include a gated entrance and a dog park.  There are no CDD Fees.  The community features A variety of single family homes:

  • Pricing from $229,990s to $305,990s
  • Square footage from 1,971 to 3,777
  • Bedrooms from 3 to 5
  • Bathrooms from 2 to 3.5

This area is known is for some of the better schools in Hillsborough County.  Currently, the schools include the following:

  • Stowers Elementary School
  • Barrington Middle School
  • Newsome High School

Although the above schools are the currently assigned to the subject development, I would suggest that a potential buyer check the Hillsborough County website to verify the schools and more information (school grades, school calendar, etc.). If you are relocating to Hillsborough County, you can find your school at click here as well as the school calendar at click here.

There are several “spec” homes available.  Home builders in the Tampa Bay Residential Market have completed homes available with some real savings like discounts off the original sales price and generous closing costs available to potential home buyers in communities like Riverview, Florida.  Sales prices onSpec” (speculation) are often the best places to get the best deals.  These homes are built by builders without an intended purchaser in mind (Hence the builder is speculating that they will find a builder to buy the home).

There are several move-in ready homes available in this community. There is a move-in ready, 2,065 square foot, four-bedroom/three-bath, Eastham model offered at $244,390. Front elevation and floor plans are as follows:

There is a move-in ready, 2,921 square foot, four-bedroom/two and one-half bath, Provincetown model offered at $279,990. Front elevation and floor plans are as follows:

There is a move-in ready, 3,288 square foot, five-bedroom/three-half bath, Peabody model offered at $298,490.  Front elevation and floor plans are as follows:

Thinking of buying or selling real estate?

KW1784102f20KWYou should consider using a realtor.  If you are interested inbuying real estate (new home, existing home, or commercial property), please contact me (Alan Lane with Keller Williams Realty at 2119 W Brandon Blvd, Brandon, Florida  33511).  As a life long resident of Central Florida, I can help you find the right property for you whether it is in Lakeland or as far south as Sarasota.  The Keller Williams offices of  ”Suburban Tampa” include the offices in Brandon, Plant City, Fishhawk Ranch, and our newest office in Valrico.  My email address isalanlane66@gmail.com, or call me at 813.205.9280.  If you are just starting your search, you can search the MLS for real estate opportunities on my website at this link.

Front Elevation and Floor Plans were provided by Lennar Homes.

Hillsborough County SFR November 2015 Market Update

Granada-II-Kitchen.jpgThe most recent market statistics for single family residences (SFRs) indicate that the Hillsborough County’s (in Florida where  the county seat is Tampa) residential housing market is improving.  The following exhibit shows a brief summary of market statistics for single family residences in the Hillsborough County market:

November 2015 SFR Stats

SOURCE: GTAR (Greater Tampa Area Realtors)

hillsborough-county-florida_thumb.jpg

Hillsborough County SFR Statistics Summarized

Here is a brief summary of some of the reasons that the Hillsborough County SFR residential housing market is still improving:

  • The number of listing has deceased to 3.4 months supply of inventory.  Most economists believe that a healthy market should have enough months supply of inventory to allow buyers an adequate amount of listings to choose from.
  • The median days on market has decreased 21.8% to 43 days, which also indicates an improving market.
  • Additionally, there has been a significant decline in homes paid for cash that might indicate the lack of investors in the market and the majority of the below market deals might have been purchased.
  • Although the November Year-To-Date figures from 2014 and 2015 for the closed sales are about the same, both the median sales price has increased to $210,000 (or a 20% increase) and the average sales price increased to $247,691 (or an 11.1% increase). The following exhibit depicts the increase in the higher priced homes that sold in 2015 compared to the SFR sales in 2014:November Year-To-Date figures

November 2015 SFR

SOURCE: GTAR (Greater Tampa Area Realtors)

With interest rates still at or near historical lows, this is still a good time to purchase homes.  According most experts like economists with Marcus and Millichap, the housing construction demand still falling short and low energy prices should fuel a boost in housing demand.  Additionally, there is anticipated significant increase in apartment rents in 2016.

Thinking of buying or selling real estate?

KW1784102f20KW_thumb.jpgYou should consider using a realtor.  If you are interested in buying real estate (new home, existing home, or commercial property), please contact me (Alan Lane with Keller Williams Realty at 2119 W Brandon Blvd, Brandon, Florida  33511).  As a life long resident of Central Florida, I can help you find the right property for you whether it is in Lakeland or as far south as Sarasota.  The Keller Williams offices of  ”Suburban Tampa” include the offices in Brandon, Plant City, Fishhawk Ranch, and our newest office in Valrico.  My email address is alanlane66@gmail.com, or call me at 813.205.9280.  If you are just starting your search, you can search the MLS for real estate opportunities on my website at this link.

Homes by WestBay in Fishhawk Ranch

Castellina ElevationsHave a large family and considered buying a large home in Hillsborough County’s premier development, Fishhawk Ranch?  FishHawk is one of the Tampa (Florida) areas fastest growing communities. This is largely accredited to the consistently “A” rated public schools that are located within this premier suburban community as well as its amenities.  For a video tour of the development’s amenities, please click the following video: amenities.  Homes by WestBay is a large builder that offers a wide range of products.  They are building in FishHawk Ranch Preserve with a 3,878 square foot, 4/3.5/3 home model known as the “Toscana” with a base price of $624,900 for it s signature series to high of over one million dollars for its masterpiece series for a 6,689 square foot, 5/5.5/3 home with a bonus room model known as the “Castellina”

Castellina Floor PlanThere are differences between the masterpiece and signature series.  The signature series includes a gourmet kitchen (i.e. granite countertops, island seating plan, high-end GE appliance, 42” upper wood cabinets), secondary baths (i.e. granite countertops, undermount sinks, raised panel cabinets with hardware, etc.), and owner’s retreat/master bath (i.e. spacious walk-in closets, granite countertops, undermount sinks, raised panel cabinets with hardware, oversized mirrors with vanity lighting, separate shower, etc.). The masterpiece series includes a gourmet kitchen (i.e. granite countertops, island seating plan, undercounter lighting, high-end GE appliance with 36’ cooktop and range versus 30’, 42” upper wood cabinets, crown molding, light rail molding, hidden hinges and hardware), secondary baths (i.e. granite countertops, undermount sinks, raised panel cabinets with hardware, etc.), and owner’s retreat/master bath (i.e. spacious walk-in closets, granite countertops, undermount porcelain sinks, raised panel cabinets with hardware, oversized mirrors with vanity lighting, separate shower with frameless structural glass enclosure, etc.)

Toscana ElevationsAs with most new home builders, these homes are very energy efficient.  Some of these items include variable speed 15 SEER HVAC equipment (exceeds current building codes), R-9 foam filled block walls, R-38 batt/blown ceiling insulation over air condition space, R-13 insulation in exterior framed walls, third party inspections to ensure proper insulation installation, Low-E windows, etc.

Toscana Floor PlanWhy should you use a realtor to buy a new home?  First of all my services are free to the buyer (the commission is paid by the seller or in this case the new home builder).  It does not increase the price paid by the purchaser.  Most builders expect realtors to bring them business and plan accordingly.  Secondly, I have been successful in getting additionally items paid by the builder that is include in the sales price.  For example, I have gotten a vinyl fence included in the sales price at no extra cost to the buyer.  The real question is “Why would you not use a realtor to help you buyer a new home?”

For more information about homes within the Fish Hawk Ranch Development, please contact me. If you are interested in buying real estate (new home or small investment property), please contact me (Alan Lane with Keller Williams Realty at 2119 W Brandon Blvd, Brandon, Florida  33511) and I can help you find a new home in the Tampa Bay Area.  As a life long resident of Central Florida, I can help you find the right property for you whether it is in Lakeland or as far south as Sarasota.  The Keller Williams offices of  ”Suburban Tampa” include the offices in Brandon, Plant City, Fishhawk Ranch, and our newest office in Valrico.  My email address is alanlane66@gmail.com, or call me at 813.205.9280.  If you are just starting your search, you can search the MLS for real estate opportunities on my website at this link.

Tour FishHawk Ranch – One of Tampa Bay’s Premier Communities

In the late 1990s, Newland Communities purchased 3,000 acres to develop one of Tampa’s premier subdivision known as “Fishhawk Ranch.”  FishHawk is a community comprised of four subdivisions, which includes FishHawk Trails, Starling at FishHawk, The Preserve, and FishHawk Ranch. FishHawk is one of the Tampa areas fastest growing communities. This is largely accredited to the consistently “A” rated public schools that are located within this premier suburban community as well as its amenities. With bus service to and from MacDill Air Force Base, this is a favorite location for active military personnel. There’s a HART (Hillsborough Area Regional Transit) Commuter Express service that makes several weekday trips to and from the base.

Fishhawk Ranch

Amenities

FishHawk Ranch Aquatic ClubFishHawk Ranch Osprey Ridge Skate Park

This planned development offers a wide variety of amenities. The Aquatic Club features a resort style pool with water falls, water slides, and volleyball pools in a lagoon-style setting. Fishhawk County Sports Complex is a state of the art sports complex features eight lighted baseball fields and two lighted soccer/football fields as well as concessions and ample parking. Located north of Fishhawk Boulevard, the Starling Club (Only a year old) features a Cardio room, a playground, a dog park, and two swimming pools as well as a game room with air hockey, foosball, ping pong and pool tables. The tennis club features five clay Har-Tru Courts. The Palmetto Club is the perfect place for hosting special events like wedding receptions and parties. It features a ballroom and conference room as well as a garden area and veranda for outdoor events. The Park Square Town Center features small businesses within the center of the development. Located south of Fishhawk Ranch, the Osprey Club boosts a children’s water park, junior Olympic swimming pool, basketball court, and tennis courts as well as a movie theatre. Osprey Ridge Park is a skate park that features ramps and obstacles for all skill levels.  For a video tour of the development’s amenities, please click the following video:

For more information about homes within the FIshHawk Ranch Development, please contact me.  If you are interested in buying one of these homes or any other home, please contact me (Alan with Keller Williams Realty at 2119 W Brandon Blvd, Brandon, Florida  33511) and I can help you find a new home in the Tampa Bay Area.  My email address is alanlane66@gmail.com or call me at 813.205.9280.