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.