Despite the tumultuous end of the year, the real estate market in the Bay area finished slightly stronger than anticipated. Home sales ticked up and supply decreased slightly, which is the right formula for stabilization. Condos are still sluggish, with relatively undiminished supply and flat demand.

What is amazing is that Beach homes through out Pinellas County that sold in December closed at 70% of their original list price. That’s a full 1/3 discount. Other property types in and around Pinellas that sold in December averaged 82% - 85% of their original listing prices.

Distressed properties are here to stay and make up appr 1/3 of our sales. 2009 is a peak year for “Pay-Option ARMs” to reset and will cause a secondary wave of foreclosures as owners’ payments double, triple, and quadruple when the loans “re-cast” themselves.

If you absolutely need to sell, do yourself a favor and set your price AGGRESSIVELY. No matter how nice your property is, it is hard to compete with properties being sold at 10% - 25% discounts unless you are VALUE-priced. Below is a graph to showing the AVG PRICE of available vs sold homes in Tampa Bay from OCT 07 – DEC 08…on average, the SOLD PRICE has decreased appr. $5700 PER MONTH!!! Essentially, you are paying “the market” $6000 a month to sell your property.

Real estate continues to take a hit in the Tampa Bay area as we grapple with 3 times the normal amount of inventory and only 6 out of 100 available properties selling in the Tampa metro area.

The beaches, spurred by investors and "flippers", are still in sticker shock as only 3 out 100 available properties sold in October.

The global credit crises may be to blame for the lower than anticipated numbers, but in the end we are still in a supply vs. demand correction. Condos are doing only half as well are SFH, but both types of homeowners are seeing sales prices at appr 80% - 85% of the original sales price...


MLS MONTHLY REPORT October ‘08


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

Total Units Available: 26,431 11,677 38,108

Total Units Pending: 2,074 534 2,608

Total Units Sold: 1,671 446 2,117

Absorption rate: 6.32% 3.82% 5.56%

Avg Days on Market 95 days 107 days 97 days

Months of Inventory 15.8 mons 26.2 mons 18.0 mons

Sold vs List Price % 93% 90% 93%

Sold vs Original List Price % 84% 82% 84%


PINELLAS COUNTY Homes Condos Total Units

Total Units Available: 9,253 6,672 15,925

Total Units Pending: 627 239 866

Total Units Sold: 547 227 774

Absorption rate: 5.91% 3.40 % 4.86%

Avg Days on Market 88 days 110 days 95 days

Months of Inventory 16.9 mons 29.4 mons 20.6 mons

Sold vs List Price % 92% 89% 91%

Sold vs Original List Price % 85% 81% 84%


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

Total Units Available: 700 1785 2,485

Total Units Pending: 26 57 83

Total Units Sold: 20 48 68

Absorption rate: 2.86% 2.69% 2.74%

Avg Days on Market 104 days 125 days 118 days

Months of Inventory 35.0 mons 37.2 mons 29.9 mons

Sold vs List Price % 90% 87% 88%

Sold vs Original List Price % 83% 79% 80%