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%
Showing posts with label home sales. Show all posts
Showing posts with label home sales. Show all posts
Tuesday, September 15, 2009
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):
Wednesday, January 14, 2009
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.
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.
Sunday, December 14, 2008
November was bleak, as expected. Overall home & condo sales rates were about a point lower than October’s sales rates. Pending home sales ticked up (as reported by several media outlets) but many of those don’t make it to closing the next month (or at all!). Pricing is still homeseller’s strongest sales tactic – distressed properties in Tampa Bay sold at an AVERAGE PRICE 23% LOWER than non-distressed properties, which is very stiff competition.
Below is a 5 year lookback at our inventory in Tampa Bay – November’s inventory dipped below 38,000 units for sale for the 1st time in AT LEAST 2 YEARS! Our current rate of supply decay from Nov ‘07 to Nov ’08 is 10%...at current rates, barring any major increase in buyers or inventory, it would take 10 YEARS to get back to healthy, sustainable levels, i.e. 12,000 – 14,000 units! I think the turnaround will be quicker, but no sooner than 2010 until we see that “healthier” market.
Expect December to be as slow as November. I am experiencing more showing calls and also taking clients out more often. I also expect a mental shift in homebuyers in the 1st quarter of 2009 as 1) confidence in a new administration 2) low mtg rates 3) low prices and 4) increased job stability encourage homeowners to explore our market.
TAMPA BAY AREA (tri-county) Homes Condos Total Units
Total Units Available: 26,040 11,446 37,486
Total Units Pending: 1,789 523 2,312
Total Units Sold: 1,406 394 1,800
Absorption rate: 5.40% 3.44% 4.80%
Avg Days on Market 97 days 106 days 99 days
Months of Inventory 18.5 mons 29.1 mons 20.8 mons
Sold vs List Price % 93% 92% 93%
Sold vs Original List Price % 83% 83% 83%
PINELLAS COUNTY Homes Condos Total Units
Total Units Available: 9,089 6,570 15,659
Total Units Pending: 576 270 846
Total Units Sold: 458 204 662
Absorption rate: 5.04% 3.11 % 4.23%
Avg Days on Market 96 days 120 days 103 days
Months of Inventory 19.8 mons 32.2 mons 23.7 mons
Sold vs List Price % 92% 91% 92%
Sold vs Original List Price % 84% 82% 83%
N. BEACHES (476-478, 370-375) Homes Condos Total Units
Total Units Available: 707 1800 2,507
Total Units Pending: 29 72 101
Total Units Sold: 27 48 75
Absorption rate: 3.82% 2.67% 2.99%
Avg Days on Market 91 days 120 days 110 days
Months of Inventory 26.2 mons 37.5 mons 33.4 mons
Sold vs List Price % 92% 90% 91%
Sold vs Original List Price % 83% 82% 83%
Below is a 5 year lookback at our inventory in Tampa Bay – November’s inventory dipped below 38,000 units for sale for the 1st time in AT LEAST 2 YEARS! Our current rate of supply decay from Nov ‘07 to Nov ’08 is 10%...at current rates, barring any major increase in buyers or inventory, it would take 10 YEARS to get back to healthy, sustainable levels, i.e. 12,000 – 14,000 units! I think the turnaround will be quicker, but no sooner than 2010 until we see that “healthier” market.
Expect December to be as slow as November. I am experiencing more showing calls and also taking clients out more often. I also expect a mental shift in homebuyers in the 1st quarter of 2009 as 1) confidence in a new administration 2) low mtg rates 3) low prices and 4) increased job stability encourage homeowners to explore our market.
TAMPA BAY AREA (tri-county) Homes Condos Total Units
Total Units Available: 26,040 11,446 37,486
Total Units Pending: 1,789 523 2,312
Total Units Sold: 1,406 394 1,800
Absorption rate: 5.40% 3.44% 4.80%
Avg Days on Market 97 days 106 days 99 days
Months of Inventory 18.5 mons 29.1 mons 20.8 mons
Sold vs List Price % 93% 92% 93%
Sold vs Original List Price % 83% 83% 83%
PINELLAS COUNTY Homes Condos Total Units
Total Units Available: 9,089 6,570 15,659
Total Units Pending: 576 270 846
Total Units Sold: 458 204 662
Absorption rate: 5.04% 3.11 % 4.23%
Avg Days on Market 96 days 120 days 103 days
Months of Inventory 19.8 mons 32.2 mons 23.7 mons
Sold vs List Price % 92% 91% 92%
Sold vs Original List Price % 84% 82% 83%
N. BEACHES (476-478, 370-375) Homes Condos Total Units
Total Units Available: 707 1800 2,507
Total Units Pending: 29 72 101
Total Units Sold: 27 48 75
Absorption rate: 3.82% 2.67% 2.99%
Avg Days on Market 91 days 120 days 110 days
Months of Inventory 26.2 mons 37.5 mons 33.4 mons
Sold vs List Price % 92% 90% 91%
Sold vs Original List Price % 83% 82% 83%
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