TAMPA LISTINGS AND SALES… WHERE ARE WE TODAY?
LISTED HOMES STATS
According to local MLS there are currently 4,899 homes listed for sale in Tampa. 2301 (47 %!!) of these home are listed under distressed circumstances (short sale, pre-foreclosure or bank owned). This makes Tampa area a bit more “toxic” than St Petersburg and Pinellas county, where the ratio of the distressed vs. traditional listings is typically around 10% lower.
3,364 (68.7 %) of all listed properties in Tampa are single family homes. The rest are condos, villas and townhouses (64.2 % in St Petersburg for single family houses).
2,510 properties are currently under contract and pending to close. 2,043 (staggering 81 %!) of them were listed as in distressed conditions.
Why are there more pending distressed properties than actually closed distressed deals?
Well, simply because short sales take a lot longer to close than traditional sales. Some short sale deals fall through and become active listings again.
Overall prices in Hillsborough County dropped 10 % year-over-year. Current average price of a home is at $117,500.
Greater Northdale went up 1.4 % is average price year-over-year to date
Sun City Center went up 1.7 %
West Chase went up 2.6 %
However, the decline in prices in 2010 for most areas in Tampa stayed in single digits. Number of sales increased comparing to 2009 and 2008, so hopefully this means that we’re coming into a flat plateau. Meaning the sales prices this year will stay somewhat the same because there are still lots of homes on the market and more coming. However, demand is increasing and buyers are starting to feel a bit more confident about buying at current reduced prices.
Tampa Bay Real Estate Blog by The HOME Team of Charles Rutenberg Realty, Inc.