Check out the above video to view the Tampa real estate market statistics for May 2014. I do these real estate market statistics in Tampa to help educate home buyers and sellers. The data is taken directly from the MLS (MFRMLS). Please give me a call in you have any questions.
Hello everybody this is Lance Mohr I hope you are having a good day. I wanted to just go over the real estate statistics. I know for quite a few of you who follow us every month who want to see where the market is, where the market has been, and where the market is going I think that is great and I know it can get a little boring at times because you are not going to see some huge change from month to month but if you follow this over time and as just an example going back a year right here, look at last year where we were on inventory 3384 to last month in May over 5000 homes in the market and the same thing if we go to February to see where we were and of course 2013 was a little….I don’t want to say better it was a little different of a year because a lot more hedge funds were in the market sliding things a little bit but you can see where we’ve gone. You could see the monthly statistics; the home active listings went up slightly. You have the pending sales pretty much stayed the same. I think when you look right here short sales are continuing to drop as far as I think a lot of people are staying away from them. They are still about 9% or 10% of the entire inventory out there but here’s where the change is really occurring from last month to this month is short sales as you can see last month were 6% of all homes that closed and in April and May then went to 8%. Look at what bank owned did, they went from 23% to 19%. I’m not really sure why the short sales why this is happening right here. It could have just been a backlog and they were clearing out a little bit. I think with the bank owned you are starting to see, you’ve been seeing over time if you have been in the market or if you are a real estate agent in the market you have been seeing, the banks have just been over pricing their homes. I’m seeing a lot of that. Unfortunately banks and a lot of their agents, not that the agents really have any control over it because they are really…a bank agent is like a property manager, they are basically put there not to market, they are not put there for any form of customer service at all because it is some of the worst and they are some of the most unethical realtors…I hate to say that but it is true. They are pretty much like glorified property managers. They are there to appease the bank and do paper work for the bank; that’s basically what it is. What is happening is they really don’t have a lot into it and the banks’ ultimate decision to get educated but I’m seeing a lot of this where the bank might take a property and price it $185,000 or you will see some really ridiculous prices like $187, 650. Stuff like that and it will be over priced and in 30 days they will lower it and in another 30 days they will get it to where it should be but in the banking world on an REO property 30 days and 60 days in the market is quite a while and the home is already getting shop worn and people are starting to stay away from it. No different than if people are selling home the same thing tends to happen. Then the bank will eventually get a lower price than they probably would have if they had priced it right but they are really not following the market trends. This was a good thing last year and it was great because the banks did not quite have it figured out until probably the end of the summer how good the market really was but unfortunately right now banks think the market is better than it is. They think we are still in a 2013 market and we are not and so a lot of overpricing that way. You are seeing bank drops right here. I think this is the reason why. If you look this is comparison over time which is great to see what is going on. You can sort of even if I wanted to go back even further you can see right here going all the way back to 2013 and trailing into 2012 and 2011 it goes back quite a way. Anyhow you have this as statistics right here. You have May with a little further breakdown it is a good idea to have an idea where you are if you are looking at buying a home or if you are looking at selling a home. Where does your home lie? Is it 100 to 200? Is it 200 to 300? Where is it and what is the inventory like? Overall the inventory still under 4 months which is really good. You have to figure the average sales price of $180,000. You have right here you have inventory under 3 months for $100,000 to $200,000; even at $200,000 to $300,000 still very low inventory 300 to 500 very low inventory. I know this does not seem like low inventory right here but look at the price ranges. Check this out. If you have any questions on anything; real estate questions or any questions on the real estate market in general don’t hesitate to reach out and give me a call. I also have on my website tampatoenjoy.com a lot of great educational videos. I really wish people would start watching more of those because I get a lot of…yesterday I had someone contact me and she was very confused about how CDD fees work and home owner’s associations and a lot of people are still very unfamiliar with really how foreclosure/short sales work and how bank-owned properties work. I have all that information on my website tampatoenjoy.com. I also do this right here every week as you can see the home buyer webinars for buyers at TBbuyerwebinar.com and TBsellerwebinar.com. You are going to save tons of time just watching this because most people who are searching for a home if you like it great continue to do it but most people are not doing it right and they are just going to all these sites that are just more frustrating than good. I know visually Zillow and Trulia look good but you know it really, really hurts people I think in the long run because they are just a train wreck of a site, just completely outdated information. I know everybody is trying to find something that the next person doesn’t know about, but once you know the person or have an in on an investor that is just going to give you free money – because that is what an investor would be doing if they gave you a tip, giving you free money, I don’t think that is going to happen. Certainly not on websites like Trulia, Zillow or the MLS. Basically you have to be the first to the party so to speak. If you have any questions don’t hesitate to give me a call. Visit my website tampatoenjoy.com. Go to my Facebook page. Go to my Google Plus page. Like me. I appreciate it and I hope you have a great week. Have a great day as well. Goodbye.