Well, the summer rush has come to an end. Much like the peak we saw in 2006, we may have just experienced another peak (I believe future trends will bear this out) in our 2009 home buying trend. Our market has been having meaningful month over month gains, especially in our monthly ABSORPTION RATE, but that has come to an end with July's numbers. Absorption rates for each category - Tampa Bay area, Pinellas County, and the Beaches - all decreased in July compared to June's rates. I believe this to be a seasonal decrease and not indicative of a steeper market decline.
What did continue to go down was our inventory - YEAH! When our inventory gets back to pre-runup levels - less than 20,000 units and closer to 15,000 units - we will see home prices stabilize. Unfortunately, we are still at 28,000+ units. at our current rate of sale, there will be no price stabilization until AT LEAST Summer 2010...more likely END of 2010. It's not the best news, but it is the light at the end of the tunnel.
The Beaches continue to be extremely soft, compared with Tampa Bay and Pinellas County as a whole.
MLS MONTHLY REPORT July ‘09
TAMPA BAY AREA (tri-county) Homes Condos Total Units
Total Units Available: 19,354 9,261 28615
Total Units Pending: 3,243 973 4,216
Total Units Sold: 2,274 662 2936
Absorption rate: 11.75% 7.15% 10.3%
Avg Days on Market 101 days 106 days 102 days
Months of Inventory 8.5 mons 14.0 mons 9.7 mons
Sold vs List Price % 94% 91% 93%
Sold vs Original List Price % 82% 80% 81%
PINELLAS COUNTY Homes Condos Total Units
Total Units Available: 7,039 5,599 12,638
Total Units Pending: 1029 457 1486
Total Units Sold: 733 354 1087
Absorption rate: 10.4% 6.32% 8.6%
Avg Days on Market 85 days 110 days 93 days
Months of Inventory 9.6 mons 15.8 mons 11.6 mons
Sold vs List Price % 93% 89% 92%
Sold vs Original List Price % 85% 79% 83%
N. BEACHES (476-478, 370-375) Homes Condos Total Units
Total Units Available: 599 1535 2,134
Total Units Pending: 52 99 151
Total Units Sold: 32 86 118
Absorption rate: 5.34% 5.6% 5.53%
Avg Days on Market 115 days 151 days 141 days
Months of Inventory 18.7 mons 17.8 mons 18.1 mons
Sold vs List Price % 88% 90% 89%
Sold vs Original List Price % 81% 77% 78%
About Me
- Rich Cornelius
- Born in New York, I retired to the Tampa Bay area at the ripe old age of 18 months, and have been a resident ever since. I attended Embry-Riddle Aeronautical University, received my Bachelors Degree in Aeronautical Science and became an airline pilot with a major carrier. After 5 years in professional aviation, I joined Sand Key Realty, Sales & Rentals. While at Sand Key Realty, I successfully sold more than $10M in residential real estate, including one of the highest sales on record on Clearwater Beach. In June of '07, I joined Coldwell Banker Residential Real Estate in Clearwater so I could better serve family, friends and clients alike and meet all of their real estate needs. In real estate, as in aviation, I do it right the first time because of the trust and responsibility placed in me by my clients. Simply put, it’s all about the details.
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