According to a new report, if homes in the U.S. seem guaranteed to sell, it’s going to be in several cities, including Tampa and Orlando.
Both Central Florida cities score high on the “Pre-Mover Housing Index.” It’s a study that measures the proportion of homes likely to sell within 120 individual markets. And Tampa and Orlando were both in the top 10.
This study was released by ATTOM Data Solutions, a property data company. They created the index by analyzing mortgage applications dating back several years.
First, ATTOM used data collected from purchase loan applications on residential real estate transactions. It was used to score more than 100 communities.
As a result, a score above 100 indicates an above-average ratio of homes is likely to sell in the next 30 days in a local market.
Among the highest ranking were Tampa, which came in at No. 4, and Orlando, which ranked No. 8 among the top 15 areas with the highest Pre-Mover Housing Indices.
Why did these two Central Florida cities rank so high? Because both cities remain very affordable compared to many other metro areas when it comes to housing – and because both cities are experiencing strong job growth.
What is the Pre-Mover Housing Index?
Quite simply, the study measures the proportion of homes likely to sell in a particular market. ATTOM looked at 120 metropolitan areas that had at least 100,000 single-family homes and condos.
Those scoring the highest had a combination of affordable homes and access to jobs.
The June 1 report shows that several markets in the South and the West have the highest pre-mover indices.
If a city rates an index above 100 – which is above the national average – that means a high ratio of homes there will likely sell in the next 30 days. ATTOM used historical pre-mover data going back to the first quarter of 2014 to compile this study.
It showed that 62.2 percent of homes with a pre-mover flag will sell within a month of the estimated loan settlement date.
Affordability remains a big concern
Daren Blomquist, the senior vice president at ATTOM, noted that pre-mover data shows buyers migrating toward affordability. That’s pushing buyers outside of highly expensive housing markets like New York, Seattle and Southern California.
Among the cities with the lowest pre-mover index were San Francisco and Boston, where prices have soared.
Also, among the cities with the highest pre-mover indices for 2017 were Colorado Springs, with an index of 251. That city was followed by Charleston, S.C. with 225; Raleigh, N.C. with 225; and the Tampa-St. Petersburg area with 209.
In addition, the city of Jacksonville came in at No. 7 with a Pre-Mover Index of 196. The Orlando-Kissimmee-Sanford market came in at No. 8, with an index of 194.
Most importantly, homes in these cities, according to the report, can be expected to sell within a month of landing on the market.
Why is Central Florida ranking so well?
Two words describe the booming housing markets in both cities: affordability, and jobs.
Both Tampa and Orlando have strong job growth. They’re among the leaders in job creation in a state that’s also doing exceptionally well. Florida’s unemployment rate is below the national average.
And that job growth is encouraging people to move to both the Tampa Bay and the Greater Orlando areas in search of new opportunities.
Because both cities have that advantage, the price of homes also helps. Prices here remain below the sky-high level in cities like San Francisco.
In Orlando, the average value of a home is an affordable $246,020. In Tampa Bay, the average value is a bit lower, at $229,571.
Finally, the ATTOM report re-enforces the notion of exactly what Tampa and Orlando offer prospective buyers. It’s the ability to tap into a healthy and diverse job market, and to find homes that do not come with a painful sticker shock price tag.
Therefore, what the ATTOM report also makes clear is that Tampa’s housing market is strong. That’s why Domain Homes continues to construct new homes here, in some of the region’s most appealing neighborhoods.
And as your urban renaissance new home builder, we procure home sites in Tampa Bay’s most sought-after neighborhoods. That includes:
- South Tampa
- West Tampa
- North Hyde Park
- The Heights
- and St. Petersburg.
Most importantly, we understand how important location is to our buyers. That’s why we build close to school districts, amenities, shopping, and downtown Tampa.
There’s no doubt that with Tampa’s economy doing so well, more people will relocate here. And they will be looking for homes to buy.
Especially relevant is the ATTOM report, which suggests homes on the market will sell fast here. Because that trend is likely to continue in the foreseeable future.
So don’t make the mistake of postponing your search in the hope that prices eventually go down.
In conclusion, contact us today at Domain Homes at 813-413-4154. Then learn more about the beautiful new homes we have for sale.