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%
Showing posts with label Tampa Bay home sales. Show all posts
Showing posts with label Tampa Bay home sales. Show all posts
Monday, August 17, 2009
Monday, June 29, 2009
The May numbers are in and the most noticeable trend is our sinking inventory, which is 1 half of the supply demand equation. Inventory is hovering at the 31,000 unit mark, which is the lowest level in at least 2 years. Is the market stabilizing...yes. But like a train coming to a stop, it will take time.
Another notable number is the ABSORPTION RATE for Tampa Bay area homes...almost 10%. we haven't seen double digit absorption rates in about 18 months. In laymans terms, roughly 1 out of every 10 homes listed for sale actually sold in the month of May.
Beach properties are stabilizing, but the Days on Market is HORRENDOUS. Beach condo sellers can expect their average sale time to be 154 day...5 months! By pricing competitively and being open to buyer incentives, you can shave this time way down.
MLS MONTHLY REPORT May ‘09
TAMPA BAY AREA (tri-county) Homes Condos Total Units
Total Units Available: 20,722 10,078 30800
Total Units Pending: 3,240 1053 4,293
Total Units Sold: 2,019 576 2,595
Absorption rate: 9.75% 5.72% 8.43%
Avg Days on Market 105 days 117 days 107 days
Months of Inventory 10.3 mons 17.8 mons 11.9 mons
Sold vs List Price % 93% 90% 93%
Sold vs Original List Price % 82% 80% 82%
PINELLAS COUNTY Homes Condos Total Units
Total Units Available: 7,472 5,978 13,450
Total Units Pending: 995 543 1538
Total Units Sold: 641 322 963
Absorption rate: 8.58% 5.39% 7.16%
Avg Days on Market 103 days 126 days 111 days
Months of Inventory 11.7 mons 18.6 mons 14.0 mons
Sold vs List Price % 92% 89% 91%
Sold vs Original List Price % 80% 80% 80%
N. BEACHES (476-478, 370-375) Homes Condos Total Units
Total Units Available: 645 1702 2,347
Total Units Pending: 59 137 196
Total Units Sold: 37 90 127
Absorption rate: 5.74% 5.29% 5.41%
Avg Days on Market 134 days 154 days 148 days
Months of Inventory 17.4 mons 18.9 mons 18.5 mons
Sold vs List Price % 93% 89% 90%
Sold vs Original List Price % 79% 79% 79%
Another notable number is the ABSORPTION RATE for Tampa Bay area homes...almost 10%. we haven't seen double digit absorption rates in about 18 months. In laymans terms, roughly 1 out of every 10 homes listed for sale actually sold in the month of May.
Beach properties are stabilizing, but the Days on Market is HORRENDOUS. Beach condo sellers can expect their average sale time to be 154 day...5 months! By pricing competitively and being open to buyer incentives, you can shave this time way down.
MLS MONTHLY REPORT May ‘09
TAMPA BAY AREA (tri-county) Homes Condos Total Units
Total Units Available: 20,722 10,078 30800
Total Units Pending: 3,240 1053 4,293
Total Units Sold: 2,019 576 2,595
Absorption rate: 9.75% 5.72% 8.43%
Avg Days on Market 105 days 117 days 107 days
Months of Inventory 10.3 mons 17.8 mons 11.9 mons
Sold vs List Price % 93% 90% 93%
Sold vs Original List Price % 82% 80% 82%
PINELLAS COUNTY Homes Condos Total Units
Total Units Available: 7,472 5,978 13,450
Total Units Pending: 995 543 1538
Total Units Sold: 641 322 963
Absorption rate: 8.58% 5.39% 7.16%
Avg Days on Market 103 days 126 days 111 days
Months of Inventory 11.7 mons 18.6 mons 14.0 mons
Sold vs List Price % 92% 89% 91%
Sold vs Original List Price % 80% 80% 80%
N. BEACHES (476-478, 370-375) Homes Condos Total Units
Total Units Available: 645 1702 2,347
Total Units Pending: 59 137 196
Total Units Sold: 37 90 127
Absorption rate: 5.74% 5.29% 5.41%
Avg Days on Market 134 days 154 days 148 days
Months of Inventory 17.4 mons 18.9 mons 18.5 mons
Sold vs List Price % 93% 89% 90%
Sold vs Original List Price % 79% 79% 79%
Sunday, May 17, 2009
APRIL HOME/CONDO SALES NUMBERS FOR THE TAMPA BAY AREA!
It is my personal belief, given the unemployment rate, plummeting incomes, and the inflation just around the corner, that our market has quite a bit of time ahead of it before it "turns the corner". However, April sales numbers are surprisingly strong, given the last 6 tumultuous months.
However, strong is a relative word. 9 out of every 100 homes sold in April...quite a difference from the meteoric (and now unsustainable) 30 to 40 homes per 100 sold in 2005 - 2006. Single family homes, which make up roughly twice as much of the Tampa Bay market as condos do, registered the strongest performance, most likely owing the the fact that prices have receded to 2002 & 2003 levels.
Beach properties are still weak, but much stronger than recent prior months. Final sales prices for all classes of homes are in the low 80% range...meaning that if you list your home, on average you will sell it at around 80% of it's initial listed value...Sellers, take note!!!
TAMPA BAY AREA (tri-county)Homes Condos Total Units
Total Units Available: 21,748 10,440 32188
Total Units Pending: 3,352 922 4,274
Total Units Sold: 1,942 585 2,527
Absorption rate: 8.93% 5.6% 7.85%
Avg Days on Market 100 days 111 days 103 days
Months of Inventory 11.2 mons 17.8 mons 12.7 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: 7,675 6,122 13,797
Total Units Pending: 1086 460 1546
Total Units Sold: 645 301 946
Absorption rate: 8.40% 4.92% 6.86%
Avg Days on Market 94 days 120 days 102 days
Months of Inventory 11.9 mons 20.3 mons 14.6 mons
Sold vs List Price % 92% 90% 92%
Sold vs Original List Price % 82% 81% 82%
N. BEACHES (476-478, 370-375) Homes Condos Total Units
Total Units Available: 677 1772 2,449
Total Units Pending: 55 100 155
Total Units Sold: 46 69 115
Absorption rate: 6.79% 3.89% 4.70%
Avg Days on Market 93 days 146 days 125 days
Months of Inventory 14.7 mons 25.7 mons 21.3 mons
Sold vs List Price % 92% 91% 91%
Sold vs Original List Price % 83% 80% 82%
It is my personal belief, given the unemployment rate, plummeting incomes, and the inflation just around the corner, that our market has quite a bit of time ahead of it before it "turns the corner". However, April sales numbers are surprisingly strong, given the last 6 tumultuous months.
However, strong is a relative word. 9 out of every 100 homes sold in April...quite a difference from the meteoric (and now unsustainable) 30 to 40 homes per 100 sold in 2005 - 2006. Single family homes, which make up roughly twice as much of the Tampa Bay market as condos do, registered the strongest performance, most likely owing the the fact that prices have receded to 2002 & 2003 levels.
Beach properties are still weak, but much stronger than recent prior months. Final sales prices for all classes of homes are in the low 80% range...meaning that if you list your home, on average you will sell it at around 80% of it's initial listed value...Sellers, take note!!!
TAMPA BAY AREA (tri-county)Homes Condos Total Units
Total Units Available: 21,748 10,440 32188
Total Units Pending: 3,352 922 4,274
Total Units Sold: 1,942 585 2,527
Absorption rate: 8.93% 5.6% 7.85%
Avg Days on Market 100 days 111 days 103 days
Months of Inventory 11.2 mons 17.8 mons 12.7 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: 7,675 6,122 13,797
Total Units Pending: 1086 460 1546
Total Units Sold: 645 301 946
Absorption rate: 8.40% 4.92% 6.86%
Avg Days on Market 94 days 120 days 102 days
Months of Inventory 11.9 mons 20.3 mons 14.6 mons
Sold vs List Price % 92% 90% 92%
Sold vs Original List Price % 82% 81% 82%
N. BEACHES (476-478, 370-375) Homes Condos Total Units
Total Units Available: 677 1772 2,449
Total Units Pending: 55 100 155
Total Units Sold: 46 69 115
Absorption rate: 6.79% 3.89% 4.70%
Avg Days on Market 93 days 146 days 125 days
Months of Inventory 14.7 mons 25.7 mons 21.3 mons
Sold vs List Price % 92% 91% 91%
Sold vs Original List Price % 83% 80% 82%
Monday, February 16, 2009
January home sale stats (compiled from our Tampa Bay MLS) are attached to this email and, as expected, the numbers are somewhat sobering. However, I expect the next 3 months to be very fruitful for buyers and sellers alike. NOW is the time to ensure your property is priced correctly for the current market. If you haven’t noticed it already, Buyers are out there grabbing flyers and calling off signs.
The brightest spot in the latest numbers is that our available inventory continues to decline, but not as fast as we would like to see. Throughout the tri-county area, just 4.59% of all available properties sold, leaving us with almost 2 years of inventory at current levels. I expect this number to shrink as our buying season progresses. HOWEVER…properties are currently selling at just 72% - 80% of their ORIGINAL LIST PRICE, which means we are over-pricing many of our properties from the outset. The beach continues to be a weaker segment of the home sale market, but that is expected to change as we experience an influx of visitors.
If you have any questions about the info provided, pls call, email, or text me. Below are 2 graphs depicting tri-county property sales (home & condo):
The brightest spot in the latest numbers is that our available inventory continues to decline, but not as fast as we would like to see. Throughout the tri-county area, just 4.59% of all available properties sold, leaving us with almost 2 years of inventory at current levels. I expect this number to shrink as our buying season progresses. HOWEVER…properties are currently selling at just 72% - 80% of their ORIGINAL LIST PRICE, which means we are over-pricing many of our properties from the outset. The beach continues to be a weaker segment of the home sale market, but that is expected to change as we experience an influx of visitors.
If you have any questions about the info provided, pls call, email, or text me. Below are 2 graphs depicting tri-county property sales (home & condo):
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