June 2007 Wesley Chapel Real Estate Report

Wesley Chapel Real Estate

I’ve fallen a little behind on my Wesley Chapel Real Estate Reports. It looks like the last report I did was back in March. There has been some good news for the Tampa Bay area since March, including our rating as the number one city for retirees by Kiplingers.com and our rating by Forbes Magazine as the #1 buyers market. The Forbes article shed light on the fact that although home inventory remains high, Tampa Bay could be poised for a healthy recovery as result of favorable economic conditions, including strong job growth.

Although the numbers below are not encouraging for home sellers, for those buyers who’ve been sitting on the fence waiting for the right time to buy, this may be the time. Combine the encouraging information from above with the fact home prices are down, home inventory is high, although inventory is down from 1,120 in March to 1,083 today, and it’s time to start thinking about buying a home. The key word being home, this is still not the time for a speculative investment property, but if you’re looking for a home, to raise a family, retire, and join a community, this is an excellent time.

For those curious, the lowest priced home sold in Wesley Chapel in June was a manufactued home on a .36 acre lot. There were two homes sold at the median price, one was 3 bedroom 2 1/2 bath home with 1,722 sq.ft in Watergrass and one was a 4 bedroom, 2 bath home with 2,054 sq.ft. home in Northwood. The highest priced home sold in June was a 4 bedroom, 3 bath home with 3,450 sq.ft. in Seven Oaks.

**Wesley Chapel Home Sales for June 2007**
	2006	2007	% Change
No. Homes Sold	138	95	-31.2%
Average Sales Price	$279,861	$259,525	-7.3%
Median Sales Prices	$264,825	$240,000	-9.4%
Average Days on Market	72.9	110.2	51.0%
Lowest Sales Price	$70,000	$45,000	-35.7%
Highest Sales Price	$665,000	$735,000	10.5%