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Tampa Real Estate Market Statistics for June 2015
In the video below I go over the real estate statistics for the Tampa market in June 2015. It's a sellers market as the inventory is getting lower and prices are increasing.
If you have any questions please contact me via my website at www.tampa2enjoy.com.
Tampa Real Estate News – August 2014 Statistics
Below is the transcript:
Hi everybody, this is Lance Mohr and I’m going to go over the Tampa real estate news and talk about the August real estate statistics. If you’re a buyer or seller and you’re needing help, if you have any questions whatsoever, don’t hesitate to give me a call, I’ve been in business since 1997 and have tons of experience. I’ve worked with thousands of home buyers and home sellers and I’ve seen about everything there is to see in real estate ten times over – so don’t hesitate to give me a call if you’re looking for someone to represent you as a buyer’s agent or seller.
So let’s get into the August statistics. I’ll start off as I always do and talk about the active listings first. As you can see, there’s really not much of a change. It did go up a little bit as there are a few more active listings. We went from 5,225 to 5,288 – not a really big increase. But the surprise is pendings, the pending sales went from 3,304 to 2,835. That’s almost 15% drop in one month. That’s a really big drop. So let’s go back to over to solds. Again, not a whole bunch has changed, we’ve gone from the July statistics of 1,390 homes that sold, compared to 1,414 in August. But what you’re seeing here, if you look at these statistics closely, is the pending and that’s a big drop. Generally speaking, June will be a little slow only because schools are getting out and August generally will be a little slower just because school is getting back in but May, June, July, August – those are generally very strong months in real estate and to drop almost 15% in one month is a lot. In the next month or two the solds are going to start dipping and they’re going to go from the 1,400’s into the 1,300’s and possibly into the 1,200’s. That’s because of how slow things are now. So what this is telling you is that the buyers are pulling back the a little bit and not really looking as much as they were.
If we go down to the bank owned and solds, you can see that 21% of all homes that sold were bank owned. That tells you sellers that buyers want a good deal. Now I’m not saying bank owned properties are a good deal or a great deal, I still think about 50% – 60% of all the banks have their homes overpriced. But it’s a perception of a deal. If we go over the statistics for August in the price range, you can see we’re still in the seller’s market across the board. If the seller puts their home for sale and they price it competitively, condition it so that it really looks good and market it so that it’s out there, it’s going to sell. It’s going to sell, whether it’s under $100,000, whether it’s under $250,000 or $300,000 – it’s going to sell. But once you start going over $300,000 (maybe even $250,000) it’s going to start getting a little harder to sell because there’s not as many buyers out there – not as many fish in the sea. But as you can see from these statistics, the Tampa real estate market is still strong. We’re still in a very good market and we’re still in the seller’s market; but we’ll what happens. I’m very curious to see what happens in September. Are the pending sales going to trend down and at what rate? As you can see the active homes are continually creeping up.
I hope this helps. Visit our real estate blog at www.tampa2enjoy.com/blog and you can see the Tampa real estate news, monthly statistics and a bunch of other terrific information. Have a great day and don’t hesitate to give me a call or send me an email if you have any questions.
Tampa Real Estate Market – Statistics for March 2014
Hi everybody. It’s Lance Mohr. Just wanted to go over the Tampa real estate market statistics for March.
Looks like we had a good month in March, which is normal. March is always a really good month in the Tampa real estate market. If you’re looking in Land O Lakes or Wesley Chapel, I would definitely look at the Hillsborough County and pay more attention to these statistics than Pasco – if I pull the Pasco statistics, they’re not nearly as good. Because most of the areas on Pasco, or a good majority of them, are much slower and won’t have as much movement because you have slow moving areas like Hudson, Port Richie and Zephyrhills – so I would look at the Hillsborough County because it’s a little bit more of a robust market.
Overall, if you look at the couple things that stand out, sales really peaked up quite a bit from last month. You can see a little over 1007 sold homes last month in February and then you have 1247 – a big increase. March is always a really good month. The first half of March was very slow though. Not just myself but a lot of titled companies, realtors, mortgage bankers, etc.The second half really started to pick up and it continually going through in April is turning out to be a very good month. I think we are going to slow down a little bit more in the next week or so because we have tax returns due on the 15th. And we have Easter coming up, so it’ll be a little bit slower. So the main thing is and looking at this, a couple things to point out, especially in the solds – 8% of the homes that sold were short sales. That’s the lowest level it’s been in years. It’s been lingering for about the past 7 year between 17% and last month it got to 9%. In January it was 12%, then last month it dropped to 9, then 8. And it’s been staying the same for several months now. You can start seeing a lot of banks just reject and reduce short sales and leave the buyers hanging. Because they can now go after the homeowners for deficiency judgments and 1099’s. So if you see right here 38% of all the people who put contracts, who have contracts on their home right now is a short sale but only 8% are actually closing. So that’s a little more than 1 in 5 so if you’re doing the short sale, just be prepared and know statistics. So we’ll go over to March right here and we’re going to look. One thing that you’re going to notice is that overall traditional sales have really jumped up dramatically. Last month in March, 894 homes sold traditional sales compared to the 699 sold homes in the Tampa real estate market in February. So 72% of all the sales are traditional. Just regular home sales, not involving a bank, whether it is bank-owned or short sales or anything else. One thing you’ll notice looking at this is across the board is the sales really went up, especially in areas of price ranges of $200,000-$300,000, $300,000-$500,000 and over $500,000 the sales almost doubled and from $300,00-$500,000, last month 184 sold and you can see the month before it was 133. So a big jump happened in February between 200,000 and 300,000. You have 200 homes sold. But in March, it was 281, big jump. Pending also went up slightly. And active listings have sort of leveled off; they actually went down a little bit. So overall, the health of the market right now we’re just a little under 4 months of inventory, 3.92 months of inventory, as you know from listening to me. A balanced market is 6 months of inventory, so it still leans towards a seller’s market.
If you’re a buyer and you’re looking at buying, then I would buy now. If you like a home, put an offer on it because chances are that they may get another offer. And if you’re a seller you need to price your home competitively because if you don’t it’s just going to stay in the market. I see that over and over from sellers that over price your home. They ask me when I go out and talk to them about sales and they say, “Well, why has the home been on the market for so long?” It’s because they overprice it. Buyers are seeing this and it just isn’t traditional sellers that are doing this. Banks are overpricing homes. Sometimes people think we were in the year that we were last year. Anyhow, I hope that gives you a good overall assessment. Again, I have a ton of educational videos, my YouTube channel, my Tampa2Enjoy website, and you could always visit one of my home buyer or seller webinars. Every week, I do it twice a week at tbbuyerwebinar.com or tbsellerwebinar.com. All right, have a great day and if you have any questions, don’t hesitate to give me a call or send me an email. My website is tampa2enjoy.com. Goodbye.
The Stats and Nothing but the Stats on Tampa Foreclosure Reports
For those following the Tampa, Fla real estate market, RealtyTrac issued their August foreclosure report which contained a bit of good news/bad news for the local market.
The Disclaimers
When reading the following statistics, keep in mind the Tampa Bay area represents a large and well populated area including Tampa, St. Pete and Clearwater. It’s also important to remember, these foreclosure reports only indicate the raw number of actual homes in foreclosure…not the percentage of homes. As with any highly populated area, the more homes and new home buyers, the more foreclosures. Finally, the majority of homes listed are actually “lis pendens” which simply indicates the bank has filed the paperwork to begin the foreclosure process. Many homeowners will never reach the point of foreclosure.
The Good News
According to RealtyTrac, Tampa, Fla foreclosures are beginning to drop with month over month foreclosures declining from 5,918 in July of 2008 to 5,298 in August of 2008 and the Tampa Bay area ranking 34th in the nation (as compared to Cape Coral or Fort Myers reporting the 6th highest levels of foreclosures in the nation).
The Bad News
Despite dropping month over month, foreclosure rates for the Tampa area remain higher than one year ago. They are up only slightly from a year ago (year over year indicators) with August of 2007 coming in at 5,904 compared to 5,298 for August of 2008.
The Statistics
• 3,676 – Lis Pendens
• 1,027 – Actual Sale Notices
• 588 – REO owned
The Comparable Perspective
• Ratio of Tampa area homes in foreclosure: 1 out of every 244.
• Ratio of Sarasota/Bradenton/Venice area homes in foreclosure: 1 out of every 197.
• Ratio of Naples/Marcos Island area homes in foreclosure: 1 out of every 162.
• Ratio of Cape Coral/Fort Myers homes in foreclosure: 1 out of every 66.
National Association of Realtors – Market Report
Each and every day there are news reports detailing changes in the real estate market. In recent months, a good deal of that news has been of concern to many people. Tampa foreclosures have reached record levels in 2007. The home mortgage lending market has faced difficult problems throughout the year which has resulted in a tightening of the availability of financing options for consumers like you. In addition, in the Tampa, Florida real estate market specifically and the Florida real estate market more generally, there has been a very significant increase in the costs associated with homeowners insurance. Even property taxes in Florida have been on a heady rise in recent years.
In any event, it behooves you to go to the source to get the most accurate and up to date information about the Florida real estate market, about the Tampa real estate market. Therefore, this information is provided to you after its release by the National Association of Realtors. The information and data provided to you here is taken from the October report prepared by the National Association of Realtors.
Nationally, existing home sales are down yet again. The same holds true for the Florida real estate market and the Tampa real estate market. Sales nationally actually have declined about 4.5% from the prior month. The current rate of existing home sales currently is the lowest that it has been in the past five years.
The National Association of Realtors has concluded that in markets such as Tampa inventory oversupply is the most significant reason why home sales are lagging. Inventory oversupply currently is creating a buyer's market in Tampa and in much of Florida. Indeed, the majority of communities in the United States are experiencing buyer's market today.
Inventory actually is measured in two different ways, according to the National Realtors Association. First, a consideration is made of how many homes actually are for sale. Second, a consideration is made of how many months it would take to sell all of these homes up for sale at the current pace of sales.
There currently are nearly 4,600,000 homes for sale in the United States at the present point in time. Based on the current market sales rate, the outside limit that a home can be expected to remain on the market is 10 months or more.
The median average sales price of homes today have increased a bit over the past year. The median home sales price is up .22% as of this time. The national medial homes sales price in the United States today is $224,500. The media sales price is higher in Tampa and most of Florida at this juncture in time.
Many experts do believe that there will be a decrease in the housing inventory in 2008 which will make the market more favorable, at least to some degree, for home sellers. Therefore, a person considering buying a home may want to do so since home prices are as low as they have been in years.
If you have any questions on the Tampa area real estate market please do not hesitate to visit www.tampa2enjoy.com.