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Lets take a look at homes sales and listings in the Tampa Bay area over the past few months.
As of May 10, 2010, there are 15,744 available single family homes. Additionally, there are 7,117 under contract. Of these, 4,461 are listed as distressed and is actually slightly higher as many Realtors do not reflect their listing as distressed. Of the 15,744, 5,139 are listed as distressed. As you can see, a higher percentage of contracts go to the distressed properties which is consistent with the appraisals were are handling these days.
Over the last 90 days there have been 11,931 listings entering the market vs the same period last year of 11,610 listings.
There have been 5,877 sold listings over the past 90 days vs 5,332 same period last year. This is just over 10 increase over last year.
Looking at a typical 3 bedroom, 2 bath home between 1,200 - 2,100 sf in the past 90 days:
Pinellas: 489 sales with a median sale price of $158,000/$102.41 per sf of 1,553 and 41 DOM.
Pasco: 198 sales with a median sale price of $120,000/$70.81 per sf of 1,678sf and 55 DOM.
Hillsborough: 102 sales with a median sale price of $126,000/$81.61 per sf of 1,552 sf and 43 DOM.
above statistics are based on single family homes listed and sold in MLS only.
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Inventory Check:
As of August 8th, 2010 there are 17,266 homes actively listed in the Tampa Bay area with 5,967 (35%) under contract. Of the 17,266 homes, 5,107 are reflected as vacant in MLS. 6,121 homes reflected in MLS as distressed listings. With 17,266 homes on the market and 24,133 homes sold over the past 12 months we have 8.6 months of inventory. Although it is normal for sales to slow down going in to the end of summer, this is a very high real estate inventory. This next month will most likely increase slightly, than stable out. Check out my blog:
http://www.associatedappraisalgroup.net/MyBlog
for additional local real estate sales numbers.
As of July 6, 2010 there are 16,705 single family homes listed 5,814 pending in the Tampa Bay area with 5,723 homes in some type of foreclosure stage. 4,822 of all active listings of single family homes in the Tampa Bay area are vacant. 6,734 homes have sold over the past 90 days. A median sale price of $145,000 built in 1981 with 1,669 sf selling at $86.51 per sf.
Going in to the next quarter, I think we can expect this drop to continue. Is it the Gulf oil spill, the overall economic conditions in the country or maybe just a local drop. The buyers homes credit should be reinstated to help hobble this market, but we also tend to slow down this coming quarter due to seasonal flucuations.
Please e-mail with any target areas of the bay area you would like to see.
paul.amirto@associatedappraisalgroup.com
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Paul Amirto has over twenty years of residential appraising experience. We require all of our appraisers to have a minimum of 5 years experience and each case is assigned to the most experienced appraiser to best handle your individual assignment. If you need a report to base a fair asking price, we will assign an appraiser that also has sales experience, if you are going through a divorce, we will assign to the appraiser that has court experience, etc. We guarantee you will not be disappointed!
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