By now you have heard...January home sales were waaaayyyy down. By my calculations, sales in ALL sectors - homes, condos, beach, mainland, etc - were down 40%-50%.
What does this portend?? Well, that "V"-shaped recovery is an extended "U". I think is was a typical post-holiday lull complicated by record low temps (man, was it cold showing houses) coupled w/ a slowly declining market. I think we'll see more "normal" (a term I use very loosely) numbers in Feb and beyond.
The bugger in the covers are now the appraisals. Arms length sellers and buyers are watching their dreams evaporate thanks to new mortgage rules that require ZERO communication between sellers, buyers, realtors, mortgage brokers, etc. This rule would have been great 4-5 years ago but there are few who believe they can get away with mortgage fraud these days...which is what these rules aim to eliminate. Now, it's the regular joes like you and me who can't move on with their lives because some appraisers are UNWILLING to correctly value our homes.
Showing posts with label april home sales. Show all posts
Showing posts with label april home sales. Show all posts
Tuesday, March 02, 2010
Monday, February 08, 2010
Military sellers reimbursed for losses
WASHINGTON – Feb. 8, 2010 – Using $555 million in Recovery Act funds, the Department of Defense has expanded a program that can reimburse employees up to 90 percent of the price they paid for a primary residence to avoid a loss when they go to sell. The Department identified Florida as having the most home sellers who qualify for the program.
The Pentagon’s Housing Assistance Program now applies to:
• wounded service members relocating for treatment or medical retirement and survivors of those who have died while deployed
• military personnel and Defense Department civilians affected by the 2005 round of base closings, as a result of the Base Realignment and Closing initiative
• military personnel moving to a new base
Previously, applicants had to demonstrate that the closing of their base contributed to the decline of the area’s real estate market and a resulting loss in sales. That requirement has been waived under the expanded program.
As of Jan. 18, 2010, almost 4,000 eligible applicants for the expanded program have been identified and 429 claims have already been paid for a total $32.8 million, according to the Pentagon.
After Florida, the Defense Department says it also expects applications from California, Virginia and Georgia.
For more details about the program, including eligibility and limitations, download this PDF.
© 2010 Florida Realtors®
WASHINGTON – Feb. 8, 2010 – Using $555 million in Recovery Act funds, the Department of Defense has expanded a program that can reimburse employees up to 90 percent of the price they paid for a primary residence to avoid a loss when they go to sell. The Department identified Florida as having the most home sellers who qualify for the program.
The Pentagon’s Housing Assistance Program now applies to:
• wounded service members relocating for treatment or medical retirement and survivors of those who have died while deployed
• military personnel and Defense Department civilians affected by the 2005 round of base closings, as a result of the Base Realignment and Closing initiative
• military personnel moving to a new base
Previously, applicants had to demonstrate that the closing of their base contributed to the decline of the area’s real estate market and a resulting loss in sales. That requirement has been waived under the expanded program.
As of Jan. 18, 2010, almost 4,000 eligible applicants for the expanded program have been identified and 429 claims have already been paid for a total $32.8 million, according to the Pentagon.
After Florida, the Defense Department says it also expects applications from California, Virginia and Georgia.
For more details about the program, including eligibility and limitations, download this PDF.
© 2010 Florida Realtors®
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%
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