JUNE 2024 STATISTICS

JUNE 2024 STATISTICS FOR LAND O LAKES, WESLEY CHAPEL, ODESSA, AND TRINITY AREAS

Exploring Real Estate Trends in Land O Lakes, Wesley Chapel, Odessa, and Trinity, Florida with Vickie Mitchell with Realty ONE Group Advantage

Florida's real estate market is often a hot topic, and certain areas like Land O Lakes, Wesley Chapel, Odessa, and Trinity have been particularly dynamic in recent years. Whether you're considering buying or selling a property in these regions, understanding current trends and statistics is crucial for making informed decisions. Let's delve into the latest data provided by Stellar MLS (this is Tampa’s largest MLS) to get a comprehensive view of what's happening in these areas.

Market Overview

Land O Lakes: Known for its picturesque landscapes and proximity to Tampa, Land O Lakes has seen steady growth in both home prices and demand. According to Stellar MLS, the median home value as of June of 2024 is $459,740 representing an increase of 2% over the past year. The market here typically favors sellers, with homes often receiving multiple offers in a short period.

Wesley Chapel: With its excellent schools and family-friendly amenities, Wesley Chapel remains a popular choice for homebuyers. Stellar MLS reports that the median sale price for homes in Wesley Chapel as of June 2024, $447,100 up by 2.6% compared to last year. The market is competitive, characterized by a relatively low inventory of homes for sale.

Odessa: Offering a more suburban feel while still being close to urban conveniences, Odessa has also experienced notable growth. According to Stellar MLS, the median home value stands at $612,310, showing an increase of 1.3% over the past year. Buyers here can find a range of properties from spacious estates to newer developments. See stats below…

Trinity: Known for its gated communities and golf courses, Trinity attracts buyers seeking a blend of luxury and tranquility. Stellar MLS data indicates a median sale price of $559,930 in Trinity, reflecting an increase of 5.65% from the previous year. The market in Trinity tends to be stable with a steady demand for homes. See stats below…

Supply and Demand Dynamics

To gauge the supply-demand balance in these areas, we turn to data from Stellar MLS for June of 2024, which provides insights into the months supply of inventory (MSI). MSI is a key metric indicating how long it would take to sell all homes on the market given the current sales pace:

• Land O Lakes: The MSI (months supply of inventory) currently stands at 2.41 months, indicating a seller's market where demand exceeds supply, putting upward pressure on prices. With an average of 24 days on market and a 99% list to sold price.
• Wesley Chapel: With an MSI of 3.19 months, Wesley Chapel also leans towards a seller's market, making it competitive for buyers looking to secure a property. With an average of 33 days on the market and a 98.8% list to sold price.
• Odessa: Odessa's MSI is 3.37 months, reflecting a balanced market where neither buyers nor sellers have a significant advantage, offering more negotiating room. With an average of 25 days on market and a 98.4% list to sold price
• Trinity: Trinity reports an MSI of 3.77 months, indicating a stable market with consistent demand, ideal for buyers and sellers alike. With an average of 18 days on the market and a 98% list to sold price.

Advice for Buyers and Sellers

Buyers: In a competitive market like Land O Lakes and Wesley Chapel, be prepared to act quickly. Get pre-approved for a mortgage, set realistic expectations, and be ready to make a strong offer when you find the right property. In more balanced markets like Odessa and Trinity, take your time to explore options and negotiate effectively, but not too  much time, for look at the days on market.

Sellers: Pricing your home competitively is key to attracting multiple offers in Land O Lakes and Wesley Chapel. In Odessa and Trinity, ensure your home stands out with proper staging and marketing to appeal to potential buyers. As you can see due to the list to sold price percentages that some sellers are still listing over market value.

Conclusion

The real estate landscape in Land O Lakes, Wesley Chapel, Odessa, and Trinity presents diverse opportunities depending on whether you are buying or selling. Understanding the latest statistics and market trends from sources like Stellar MLS empowers you to navigate these areas with confidence. Whether you're drawn to the suburban tranquility of Odessa or the bustling community of Wesley Chapel, these locations offer something unique for every homeowner or investor.

If you're considering a move or investment in these areas, now is a great time to explore your options and make informed decisions. Stay informed, stay strategic, and let the data guide you towards your next real estate endeavor in these vibrant Florida communities. Call/Text anytime 813-625-7525 😀