June stats are in and the numbers are much better than we have seen in a while. Some bright spots are:

• Inventory fell below 30,000 properties for sale for the first time in YEARS
• The sales rate for homes and condos in the tri-county TampaBay area was over 10% for the first time in years!
• Months of Inventory (existing) dropped below 10 months for homes & condos in the Tampa area!

Some negatives to counter the good news:

• Average Days on market is still over 3 months
• Most properties are selling between 20%-25% BELOW initial list price.
• The beach market is extremely soft - just 5 out of every 100 homes and condos on the market sold in June. Average days on market is 144 days.

The hard numbers are below:

MLS MONTHLY REPORT June ‘09


TAMPA BAY AREA (tri-county) Homes Condos Total Units

Total Units Available: 19,914 9,568 29482

Total Units Pending: 3,270 963 4,233

Total Units Sold: 2,367 698 3,065

Absorption rate: 11.9% 7.30% 10.4%

Avg Days on Market 105 days 110 days 106 days

Months of Inventory 8.4 mons 13.7 mons 9.6 mons

Sold vs List Price % 93% 90% 93%

Sold vs Original List Price % 74% 79% 75%


PINELLAS COUNTY Homes Condos Total Units

Total Units Available: 7,266 5,766 13,032

Total Units Pending: 1047 458 1505

Total Units Sold: 802 380 1182

Absorption rate: 11.0% 6.59% 9.07%

Avg Days on Market 97 days 106 days 100 days

Months of Inventory 9.1 mons 15.2 mons 11.0 mons

Sold vs List Price % 92% 88% 91%

Sold vs Original List Price % 79% 81% 80%


N. BEACHES (476-478, 370-375)Homes Condos Total Units

Total Units Available: 645 1600 2,245

Total Units Pending: 51 116 167

Total Units Sold: 34 78 112

Absorption rate: 5.27% 4.88% 4.99%

Avg Days on Market 153 days 141 days 144 days

Months of Inventory 19.0 mons 20.5 mons 20.0 mons

Sold vs List Price % 88% 89% 88%

Sold vs Original List Price % 72% 79% 76%

This is a MILESTONE!





According to Coldwell Banker's proprietary database program, TrendGraphix, the total inventory in the tri-county Tampa Bay area has fallen below 30,000 units for sale! This is the first time since the 2nd Qtr of 2006!






So is this the much-vaunted stabilization economists speak of??? Perhaps. All it tells us is that supply is contracting. Demand is the other half of that equation and despite low home prices, it's stagnant overall.

So have you heard about Chinese Drywall, right? No??? It's the latest litigation item in real estate, but it's also serious. Serious enough to cause health issues. How do you know if ou are a candidate for having Chinese Drywall in your home?

1. Does your home smell like sulphur?
2. Was your home built between 2004 - 2007?
3. Are you experiencing costly and recurring A/C repairs?
4. Are copper water and a/c lines corroding, as well as loose change?
5. Is your electrical wiring corroding?
6. Have you seen "CHINA" stamped on the inside of any of the drywall?

If you have 2 or 3 or more of these, you most likely have defective drywall. Contact the Florida Trade Commission for more details.

If there is anything I never discuss in real estate, it's religion and politics. Taboo, to say the least. I try to see both sides of the conflict and make my mind up from there. I will dip my toe into the politics side and share with you my opinion of the "stimulus" that has be lauded as a cure-all for our ailing economy.

Essentially, it was a 2-aspirin remedy for a severely broken leg.

The main thrust of the stimulus, through the TARP fund (Troubled Asset Relief Program), was to assist banks with clearing the "toxic assets" from their books...a worthy cause. Unlike the Resolution Trust Corp solution to the S & L debacle in the 80's/early 90's, this program "injected" funds directly into the banks to help balance their books and stay liquid.

A secondary result of the TARP funds was to have enabled lenders to continue making loans on good assets...thoroughly vetted home purchases, car loans, etc. I think it's safe to say that it is not happening as intended.

If you are a buyer who is wading throught the thick forect of "loan application" prepare to surrender a blood sample, family medical history, and quite possibly your first-born. All kidding aside, it has become quite a chore to qualify buyers in this marketplace, despite stable job histories, stable cash flow, good credit scores, etc. But that's only half the battle...

...Buyer and Sellers in a transaction can lose bigtime when these lenders take it upon THEMSELVES to determine the market value of the home being purchased. This is happening despite the fact the state-licensed appraisers are completing VERY THOROUGH appriasals on these homes and supplying additional comps, market synopsis, and what not. A little known fact is that some institutional lenders have "Appraisal Review Departments" that vet these certified residential appraisals and advise on what they believe is the true market value.

So not only are these lenders holding Buyers hostage for loans which are supposed to be more forthcoming, they are de facto "re-valuing" our homes and communities to best serve their interests and protect their books. I would better accept it if the lenders came right out and said we don't want to loan tto you because of X...instead they play games with the appraisal and take our transactions to the very day before closing and mark a big REJECTED stamp on them...

Be prepared and vigilant if you are in a transaction depending on a mortgage...

With the increasing costs of basic necessities such as food and health care, as well as car insurance, fuel, clothing, etc. it is not uncommon for Home Buyers to need financial assistance with the closing costs when purchasing a home. Let's face it - not everyone who can afford a home's monthly payment has $7000 - $8000 for closing costs IN ADDITION to the home's down payment.

To go back a step, closing costs are IN ADDITION to the purchase price and include the following, among other items:

1. Mortgage fees
2. Insurance pre-pays
3. Property tax pre-pays
4. Closing fees
5. Lenders Title Insur
6. County & State recording fees
7. Title endorsements

More often than not, closing costs for a home around $250,000 will be appr. $7500. Savvy Buyers (and their realtors) know that in this market, Sellers are willing to bend over backwards to ensure their home gets sold. Somethimes that includes making Seller concessions to pay all or part of the Buyers closing costs.

If the Buyer is getting an FHA loan, the MAX seller's can "contribute" towards the buyer's closing costs and prepaid items is 6%. Purchase prices can be bumped up to allow make the seller feel less "pain" but all too often appraisals come in lower than expected, which brings everyone back to the negotiating table.

If you are getting a conventional loan, many lenders cap the closing cost assistance to 3%, a significant difference. Most of the time, however, buyers getting conventional loans have ample money for downpayment and their closing costs.

For the Seller, I have heard of some instances where Seller Concessions are tax-deductible. You'll want to check with your tax advisor to see if that applies to you. Helping pay a Buyer's closing costs, whether in full or partially, is a win-win for all parties and is becoming a much more common occurence.

If your a seller, don't automatically shun these offers...they may be EXACTLY what you need.