Plant City Real Estate Market

Learn about the Plant City real estate market, industry trends & community information.

Plant City Market Update: Q2 | 2017

It’s the summer of 2017 and if you are thinking about selling your Plant City home or real estate… it’s a great time to do so. Home prices in the Plant City market keep rising and the available inventory of homes for sale is tracking to be the lowest amount in the last 10 years. Read on below to see data about the Plant City real estate market.

PLANT CITY REAL ESTATE MARKET

Total sales for Plant City residential homes sold in all zip codes for the Plant City real estate market in May 2017 was $19,846,328. This is an increase of ~22% from a year ago in May of 2016 ($16,288,389 in sales) and it’s also ~8% higher than the previous record month (April 2016 at $18,499,224).

For the last 6 years, the summer time (specifically July and August) have been months where the most amount of homes were sold in all zip codes of Plant City, Florida. This has been especially true since 2014 where those 2 months’ account for almost 20% of all homes sales revenue during that period.

In our experience, the reasons that help account for this statistic is that home buyers have more flexibility with summer schedules and the desire for families to get situated in new school districts prior to the start of the school year and before holiday season kicks into gear. In addition, most homes go on the market starting in the March-June timeframe, making the mid-summer point a prime spot for closings.

This means that if you are thinking of selling your home and haven’t listed it yet, you’re on the cusp of potentially missing out on the biggest sales period of the year.

So far through May 2017 there have been 397 homes sold in the Plant City market, generating sales of $75,310,972. This equates to an average sales price so far in 2017 of $189,700 per home and the highest sale for a home in Plant City sold for $630,000 on Knights Griffin Rd.

Of course, this data is for all zip codes and all home types in Plant City. To learn what your specific home may be worth in it’s particular region, click here to get a market analysis reportor click here to view active Plant City homes for sale.

That said – and even with only an average sales price… the volume of Plant City homes sold shattered the previous record of total home sales sold in the same area. There were 5,269 homes listed for sale in Plant City in 2016. However, the total revenue made by homes sold in Plant City in 2016 was $176,810,394. This was an increase from the 2015 number of $164,549,163 by 14%.

In addition, 1214 homes were sold in 2016, indicating a whopping 23% rate of homes sold of all homes listed. This too, was also a record for Plant City real estate sales. This means that regardless of the fact there were less homes listed for sale in 2016, Plant City still had a record year in total sales

Considering the decline from 2016, some people might think that lack of listings indicate an upcoming “bubble burst” and overall decline in the market. This may be true – but the data doesn’t seem to support it. In fact, home listings were increasing in 2007 and 2008 when the bubble did burst.

What is clear about this data, however, as that the reduced amount listings are impacting the demand and overall, increasing the dollar amount homes are sold for in the Plant City market. In fact, the revenue generated by Plant City homes sold from January through May 2017 is around $75 Million, or 8.3% than in the same period in 2016. In other words – our community is selling homes for more money and more revenue – even WITH less listings.

This can be reasoned because there is lower inventory available and home sellers can often get within 1-3% of their asking price.

Homes that were sold in Plant City through May 2017 total an whopping $75,310,972 in revenue. This represents an increase of ~8.3% when measured against the same period in 2016 when we saw $69,565,406 in home sales for all zip codes of Plant City, Florida.

We’re not sure if this makes us a “big, little city” or a “little, big city”… but either way, it’s great news.

If we sustain the current 8.3% increase we’ve seen thus far through May 2017, homes sales in Plant City should total out north of $190 Million ($191,485,656 to be precise). This is an amazing number considering that we are also on track for the lowest amount of home listing we have had in 10 years.

To put the number into perspective, the total revenue of all homes sold in Plant City in 2011 was $64,273,959 and in 2016, total homes sold in Plant City generated $176,810,394 in revenue. Should we surpass the $190 Million mark, Plant City homes sales volume would have grown by about 298% since 2011. Wow!

The Plant City zip code of 33563 consistently has the most homes sold for all zip codes in Plant City, Florida. In 2016, there were 437 homes sales in this zip code. The next highest zip code for homes sold in Plant City was 33566 at 380, followed by 200 in 22565 and 197 homes sold in 33567.

This is understandable given the geographic location of 33563 within Plant City. While it’s not the largest area in terms of land size, this Plant City zip code is the most densely populated and maintains a Zillow median Zestimate of $128,800, which is 19.5% higher than 12 months prior.

REAL ESTATE INDUSTRY TRENDS

PLANT CITY COMMUNITY NEWS & INFO

** Data gather and collected from MFRMLS and Realtor.com resources

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