Everywhere you go, people are cautiously optimistic. The government threw some money at them and they purchased new cars. The government threw some money at them and they are purchasing homes. The Stock market flirts with 10,000 like unemployment isn't around 10% (published, not actual) and our deficit and debt aren't at record levels. Are we turning the corner?
Who knows...actually, no one.
But back to Tampa area real estate, our SFH market continue to slowly pick up steam as evidence in less inventory, increasing monthly sales, and a slight uptick in sales prices vs. listing prices over preceding months. That's the lipstick...
...the "pig", for lack of a better term, is the condo GLUT, especially on the beach. They are selling at the same pace as SFH's were about 1 years ago. On the beaches, just 5%-6% of all HOMES & CONDOS sell every month...not much to crow about. Condo inventories in all sectors increased, while sale remained virtually unchanged. This may be a statistical anomaly, but Tampa area condos are showing a final sales price of just 54% of the ORIGINAL LISTING PRICE. Normally it's in the low 70 percent range, so this month was steep!
There have been some calls for an "Investor Credit" similar to the Homebuyer Credit now in full swing. Such an investor credit would theoretically get more homes moving into the hands of fix-and-flippers, landlords, and 2nd home buyers. Theoretically, and if they qualify for mortgages, which are not as plentiful...
MLS MONTHLY REPORT Oct ‘09
TAMPA BAY AREA (tri-county) Homes Condos Total Units
Total Units Available: 18,199 9,287 27486
Total Units Pending: 3,156 1,129 4,285
Total Units Sold: 2,294 708 3,002
Absorption rate: 12.6% 7.62% 9.2%
Avg Days on Market 94 days 113 days 99 days
Months of Inventory 7.9 mons 13.1 mons 9.4 mons
Sold vs List Price % 94% 91% 93%
Sold vs Original List Price % 79% 54% 72%
PINELLAS COUNTY Homes Condos Total Units
Total Units Available: 6,646 5,583 12,229
Total Units Pending: 1012 542 1554
Total Units Sold: 754 351 1105
Absorption rate: 11.35% 6.29% 9.04%
Avg Days on Market 87 days 120 days 98 days
Months of Inventory 8.8 mons 15.9 mons 11.1 mons
Sold vs List Price % 92% 90% 92%
Sold vs Original List Price % 85% 81% 84%
N. BEACHES (476-478, 370-375) Homes Condos Total Units
Total Units Available: 581 1426 2,007
Total Units Pending: 51 110 161
Total Units Sold: 36 78 114
Absorption rate: 6.20% 5.56% 5.68%
Avg Days on Market 140 days 168 days 159 days
Months of Inventory 16.1 mons 18.3 mons 17.6 mons
Sold vs List Price % 85% 90% 88%
Sold vs Original List Price % 78% 80% 79%
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