I get a lot of clients that tell me “I only want short sale and foreclosure listings sent to me” because they assume those are the best deals in the marketplace. Did you know that over 76% of the 8,253 homes on the market today in Pinellas County are non-distressed properties? Hint: This is not necessarily the case!
As we’ve talked about before, our listing inventory is shrinking and we are just about in a balanced market – neither a buyers or a sellers market. There are currently 33% fewer homes for the buyer to choose from than there were at the end of October last year. Of the total number of active listings, fewer than 20% are short sales and 3.7% are bank owned. A mere 7% of the 1,400 new listings in October were bank owned properties, while almost 20% were short sales. In comparison to October 2010, non-distressed sales are up 20%, short sales up 57% and foreclosure sales are down by 12%.
Overall residential unit sales increased from 890 to 1079, or 21% from October 2010 to October 2011. The median sales price dropped 18% from $131,000 to $107,000 compared to 2010, but is up $18,000 year to date. Active listings continued to slide by 32% from October 2010 to October 2011, for 10 straight months of reduction in inventory.
Condo sales from October 2010 to October 2011 are up nearly 16%. The median sales price for condos had a significant drop from $104,000 to $75,000 and condo listings decreased from 5,484 to 4,127, or down 25% year over year.
The number of Single Family listings are down from 6,666 to 4,129, or 38%. The median sales price is down from $156,000 to $127,000 year over year. Single family sales increased from 528 to 659, or a 25% increase from October 2010 to October 2011.
So what does it all mean? If you’ve been sitting on the sidelines, hesitant to sell a home in Tampa Bay, contact us to find out what your home may be worth today or fill out this online form for a free and confidential market analysis. Thinking about buying? Search the Tampa Bay inventory of homes here.