My New Blog

Hold on to your hat! I will be adding some great statisical tools for your use. We are working out some kinks in the program and should be on-line soon. You'll  see Pinellas Housing Data, Hillsborough Housing Data and Pasco Housing Data live!

Stay tuned.......

What exactly does median home values mean?

It is the price point at which half the homes sell below and half sell above the given price vs average price is just that, the sales price of all homes added together than divided by the total sold.
The problem with the median values at this time is a greater volume of distress sales are selling far below the median value pulling it down even further. Unfortunately, these sales do create a problem for non distress sellers as a buyer will, and should, only pay a certain amount over the prevailing sales in a given area. As I told many buyers back in 2006 when they were purchasing at all time highs, some day when you go to sell your home do you want to be the competitor to a higher percentage of your neighbors whom purchased their homes at half the price you paid? This is why it is very important home values do not get too far ahead in value. It needs to be slow and meandering so the majority of homes in a given area turnover at a reasonable increase. From my experience any more than 6%+- per year is too high. When it is below 4% it is not good either as there is no incentive for a buyer.

So whether you are buying or selling, it is very important to obtain the services of a local real estate appraiser. They can analyze all the data in your neighborhood or area to make an informed decision on property values.

Over the next week, I'll be providing some very important home sales analysis in the Pinellas, Hillsborough and Pasco Counties!!!

I think you will be very surprised at the numbers! 

As of December 21, 2011 there are 18,969 listings in MLS for all
residential properties in Pasco County, Hillsborough County and Pinellas
County. Property style as MLS reflects is single family only, however as many
Realtors incorrectly call properties various styles, this may reflect a
combination of condos, townhomes and villas. But it would be a very small
percentage.

Of these 18,969, 7,169 are under contract.

Over the past 12 months, total sales = 27,198 with a median living area of 1,642
sf and $122,500 median sold price. However, the average is 1,835 sf home with
an average sale price of $166,932.

That is a large discrepancy, and due to the majority of distress sales, short
sales or REO's.

Of the 18,969 listings, 9,589 are listed as a short sale or REO.

Of the 27,198 sold, 13,212 are short sales or REO's.

With the above number of home sales in the Tampa Bay area, we have 5.2 months
inventory. Housing inventory is substantially lower than one year ago.

Over the last 90 days there have been 9,212 single family homes
entering the market vs the same period last year of 11,667 listings. This is a
good decrease.

There have been 6,185 sold listings over the past 90 days vs 5,697 same period
last year. If these stay in that direct, prices will start rebounding. However,
I think there are quite a few sellers sitting on the sidelines that will enter
in to the market as we increase. As these seller purchased during the high
times and lost quite a bit, but want to wait until a little bounce up occurs.
This will help hold the market stable for a couple of years. But, stable is
better than down.

Looking at a typical 3 bedroom, 2 bath home between 1,200 - 2,100
sf in the past 90 days:

Pinellas: 587 sales with a median sale price of $140,000/1585sf $90.33 per sf and 50 DOM.
vs last check of 653 sales with a median sale price of $149,000/$90.26 per
sf and 50 DOM.

Pasco: 448 sales with a median sale price of $109,950/1655sf $66.80 per sf and 59 DOM.
vs 510 sales with a median sale price of $108,000/$66.72 per sf and 80 DOM.

Hillsborough: 824 sales with a median sale price of $111,000/1568sf $70.66 per sf and 45 DOM.
vs 943 sales with a median sale price of $108,500/$70.08 per sf and 63 DOM.

Merry Xmas!!!

As of May 27, 2011 there are 16,999 active listings in MLS for all residential properties in Pasco County, Hillsborough County and Pinellas County. Additionally, there are 5,706 under contract. Over the past 12 months, total sales = 21,456 with a median living area of 1,417 sf and $105,000 median sold price. However, the average is 1,603 sf home with an average sale price of $151,283. That is a large discrepency and due to the majority of sales selling are distress short sales or REO's. 

Of the 16,999 active listings, 5,188 are listed as a short sale or REO. Of the 5,706 under contract, 3,937 are short sales or REO's. As you can see, this is a much larger percentage. Of the 21,456 sales 9,859 are short sales or REO's. 

With the above number of home sales in the Tampa Bay area, we have 9.5 months inventory.

Over the last 90 days there have been 10,769 single family homes entering the market vs the same period last year of 7,093 listings.

There have been 7,097 sold listings over the past 90 days vs 6,837 same period last year. 

Looking at a typical 3 bedroom, 2 bath home between 1,200 - 2,100 sf in the past 90 days:

Looking at the total single family listings entering the market for December 2009 vs 2010 it is 1,069 in 2009 vs 1,156 in 2010 in Pinellas County. Total sales in December 2010 were 782 with a median sale price of $125,000, built in 1963 with 1,456 sf and $87.70 sale price per sf and 56 days on the market vs 645 for 2009 with a median sale price of $146,000, with 1,488 sf, sales price per sf is $103.14, built in 1964 and on the market for 60 days. For 2009 the medians were $143,500 with 1,462sf, and $99.49 per sf, built in 1964 and on the market only 44 days.

Listings vs sales in 2010 vs 2009 are virtually unchanged, however foreclosures and short sales increased by 7% in 2010.

Just a wait and see game as unemployment is still very high.

Sponsored by Associated Appraisal Group, Inc. - appraising real estate in Pinellas, Pasco and Hillsborough Counties.

Updating the Tampa Bay area real estate statistics:

As of August 8, 2010, the last 90 days there have been 11,860 listings entering the market vs the same period last year of 11,642 listings.

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.