August stats are in and they aren't half bad. We have not fropped through 28,000 units yet, which I would have liked to see. I still believe our "healthy" Tampa Bay area levels are around 15,000 - 18,000 homes for sale. So we are slightly less than double our normal inventory, which is still applying downward pressure to prices.
I am amazed that some of average sale prices are up to 25% LOWER than their original listing price and around 85% - 90% of the current list price.
However, there are buyers out there. Recently wrote an offer for a client for a small bank-owned forclosure that was on the market for just 3 days. Wouldn't you know the realtor had 10+ offers in under 72 hours of listing the property! Normal retail homes in average condition will find their values similiar to what they were in 2002 & 2003...you can't change it and the new privacy fence or low flow toilets will not add extra value to the home.
MLS MONTHLY REPORT August ‘09
TAMPA BAY AREA (tri-county) Homes Condos Total Units
Total Units Available: 19,009 8,999 28008
Total Units Pending: 3,252 988 4,240
Total Units Sold: 2,031 578 2,609
Absorption rate: 10.68% 6.42% 9.32%
Avg Days on Market 96 days 103 days 98 days
Months of Inventory 9.4 mons 15.6 mons 10.7 mons
Sold vs List Price % 93% 91% 93%
Sold vs Original List Price % 83% 80% 82%
PINELLAS COUNTY Homes Condos Total Units
Total Units Available: 6,927 5,442 12,369
Total Units Pending: 1073 459 1532
Total Units Sold: 653 297 950
Absorption rate: 9.42% 5.46% 7.68%
Avg Days on Market 86 days 110 days 94 days
Months of Inventory 10.6 mons 18.3 mons 13.0 mons
Sold vs List Price % 91% 90% 91%
Sold vs Original List Price % 78% 79% 78%
N. BEACHES (476-478, 370-375) Homes Condos Total Units
Total Units Available: 588 1511 2,099
Total Units Pending: 55 103 158
Total Units Sold: 36 80 116
Absorption rate: 6.12% 5.29% 5.53%
Avg Days on Market 130 days 124 days 126 days
Months of Inventory 16.3 mons 18.9 mons 18.1 mons
Sold vs List Price % 83% 88% 85%
Sold vs Original List Price % 72% 78% 75%
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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