2010 Final Stats from The HOME Team / Charles Rutenberg
At the end of this year we thought it would be nice to look back at 2010 and review some sales and listings statistics. We will take St Petersburg, FL as an example.
LISTED
In St Petersburg there are currently 3,387 homes for sale.
1,348 (39.8 %!!!) of them are listed as distressed (short sale, pre-foreclosure, bank owned)
885 properties are currently under contract and are pending to close.
2,165 (63.92 %) of all homes for sale are single family houses. The rest are condos, villas and townhouses.
SOLD
In 2010 there were 3,981 homes sold in St Petersburg, FL.
1,803 (45.29 %) of them were distressed properties.
2,653 (66.64 %) of all properties sold in St Pete in 2010 were single family homes, the rest were condos, villas, townhomes.
Similar statistics apply to the majority of all cities in Tampa Bay.
CONCLUSION
We continue to see a substantial amount of our business in dealing with distressed properties. Slowly declined or almost flat level prices in 2010 still drove investors and home buyers into action. Buyers’ market is still strong and will most likely continue to remain so for some time.
When will we see home prices go up? Only when we see the economy stabilize, foreclosure activity go down and distressed property inventory decrease. Needless to say, it may take months if not years.
But have we hit the bottom yet? Well, so far we haven’t learned to predict the future, we can only tell for sure about what happened and what the situation is like right now. However, I’d bet we won’t see more than 10-20% home values decline before they start going back up.
What do people buy? Slightly higher number of people tends to lean towards single family home purchase rather than a condo or a villa. Partly because financing is a bit harder to get when dealing with condos, also HOA fees may rise because of delinquencies, while people like predictability in their monthly expenses. However, condo prices are all times low and that keeps investors interested and buyers active.
Another interesting fact is that properties in desirable areas still bring good money. A certain desired lifestyle becomes more and more important, especially among younger people. Consider it a new trend. They will sacrifice the size and property condition to being where they like or want to live. If your home is located in a “hip” and “trendy” area – you’re in the money.
All stats are based on local MLS data. Provided to you by The HOME Team of Charles Rutenberg Realty, Inc. from Downtown St Petersburg, FL.
