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 sold. Show all posts
Showing posts with label sold. Show all posts
Tuesday, September 15, 2009
Monday, August 17, 2009
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%
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%
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):
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%
Monday, November 17, 2008
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%
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%
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