Valrico Florida Residental Sales By the Numbers

I get alot of questions about when to buy or is the market too high?  Well I wanted to show you some of the numbers in one of my favorite bedroom communities in eastern Hillsborough County (Florida), which is Valrico (zip codes 33594, 33595, and 33596). Valrico is just east of the better known Brandon community and features some of the best schools in area.

Valrico

Income Statistics

We have reviewed income statistics from the U.S. Census Bureau, Census 2010 Summary File 1 and Esri forecasts for 2017.  Based on these figures in the exhibit below, the Valrico market is very affluent market compared to both Hillsborough County as well as the state of Florida.

2017 Income Comparison

Home Price Trends

Did you know that historically in most communities in Hillsborough County that the price range under $100,000 is the most popular according to MLS Statistics?  The second price range is between $150,000 and $300,000.  As the sales price increases, the number of sales decrease.

Valrico Sales by Number of Sales

As you can see by the below exhibit, Valrico’s historical price trend has remain steady over the past several years.  As of July 2017, the median sales price in Valrico was $232,500.  Based on this MLS Data, there is no reason to suggest a housing bubble or market peak in the near future.

Valrico Historical Sales Price Trend

Rental Rate Comparison

The Valrico residential rental market is also as strong as the residential sales market. According to the U.S. Census Bureau and 2010-2014 American Community Survey, Valrico’s median contract rent is above both Hillsborough County asa well as the state of Florida.

Median Rent

How Much House Can You Afford Instead of Renting?

There are several financing options for home buyers (i.e. conventional, FHA, VA, etc.) and there is a difference changing the term (length of the loan).  Accoding to Rateplug, here is a rough estimate of what a $200,000 house payment would be:

Sample Lender

*FHA loans allow for a 3.5% Down Payment. ARM (Adjustable Rate Mortgages) loan payment & interest rates will change during term.

Real estate taxes assume the property has a homestead.

Ins./HOA Dues = Home Owners Insurance/Dues (can vary)

APR = Annual Percentage Rate. ARM Rates may increase after consummation.

PMI = Private Mortgage Insurance

Conclusion

There is no evidence of a market bubble in the near term as we are growing at a sustainable rate.  So the time to buy is now.  Especially considering the cost of renting versus buying.  We did not even address the benefits of writing off interest and real estate taxes on your income taxes!!!  Stop throwing money out the window and let me sell you a home today.

KW1784102f20KW_thumb.jpgYou should consider using a realtor.  I could save you money especially with new home builders and it does not cost you anything.  So why not?  If you are interested in buying real estate (new home, existing home, or commercial property), please contact me (Alan Lane with Keller Williams Realty a.t 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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Hillsborough County Residential Market May 2017

IMG_4126.jpgThere has been a lot of news about the health of most residential markets throughout the United States.  But in Hillsborough County (Tampa) Florida, the residential market remains strong and should continue to be strong into the immediate future.  So if you are relocating to this area, you should not be worried about buying a new home.  Per MLS statistics, there are some significant market indicators that show that the market continues to be a seller’s market.  The number of active listings have continue to decline.

Active Listings 5 10

We have also seen a steady historical sales price trend from its low in January 2011 with the current trend is not at the 2007 level when the bubble burst (i.e. there were 11,541 sales in April 2012 versus 8,027 sales in April 2017).  It’s this steady trend that should keep the market a seller’s market and healthy into the near future.

Historic sales price trend 5 10

The actual days on the market (ADOM) has been declining despite the increase in price.  As of April 2017, the ADOM is only 23 days with a median list price of $223,000 versus 42 days in February 2015 when the median list price was $185,900.

ADOM 5 10

We are also seeing a decline in the number of sales in most price ranges in the past three years.  This is especially true for homes under $100,000 when there were 6,630 sales in 2015 versus 3,957 sales in 2017.

Historic sales X Price range 5 10

KW1784102f20KW_thumb.jpgYou should consider using a realtor.  I could save you money especially with new home builders and it does not cost you anything.  So why not?  If you are interested in buying real estate (new home, existing home, or commercial property), please contact me (Alan Lane with Keller Williams Realty a.t 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

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.

Select Hillsborough County Statistics

Tampa is the county seat of Hillsborough County. Hillsborough County compares favorably to Florida on several factors. For example, the income and employment growth in Hillsborough County is significantly higher than Florida.  It is interesting to note that the median value of housing units is about the same in both Hillsborough County and Florida. The following are statistics from the United States Census:

 

Hillsborough County

Florida

Homeownership rate, 2009-2013

60.0%

67.1%

Median value of housing units, 2009-2013

$160,000

$160,200

Households, 2009-2013

471,340

7,158,980

Persons per household, 2009-2013

2.63

2.61

Per capita money income in past 12 months (2013 dollars)

$27,149

$26,236

Median household income, 2009-2013

$49,596

$46,956

Persons below poverty level, percent, 2009-2013

16.8%

16.3%

Private nonfarm employment, percent change, 2012-2013

3.2%

2.9%

KW%20Logo_fullIf 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).  Thinking of buying a new home?  You should consider using a realtor. 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.

Current Single Family Home Trends in Tampa 2015 YTD

Florida Map with CountiesThe numbers don’t lie.  The number of home sales in Tampa (Hillsborough County) are increasing (a 16% increase) at a reasonable pace.  The most popular price range continues to be the $200,000 to $300,000 range.  Although the all cash sales have remained the same, there has a significant increase in demand for new conventional, new VA, and new FHA financing.  The days on the market is remains about the same.  The following exhibit outlines the MLS statistics for single family homes in Hillsborough County:

Current Single Family Market Trends 2015

Azalea KitchenThinking of buying a new home?  You 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 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.

Keller Williams “Suburban Tampa” Exceeds its Goals!!!

Keller Williams Realty

Keller Williams Realty (Photo credit: Wikipedia)

Congratulations to Keller Williams Realty Brandon/Plant City also known as “Keller Williams Realty Suburban Tampa”, which has outperformed Hillsborough County MLS by 31% for Listings taken and 67% for closed units based on year-to-date sales figures. The November statistics are as follows:

clip_image001

Keller Williams Realty “Suburban Tampa” has exceeded its goals and is looking forward to another record setting year in 2014.  If you are interested in buying a new home or an existing home, 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.  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 homes on my website at this link.