The Greater Tampa Association of Realtors Market Report shows a total of 1958 properties (single family homes, condos, villas, and townhomes) sold in the month of June, down only 1% from last month. However when compared to June of 2010 this represents a decline of nearly 11%. Properties less than $50,000 continue to take up the bulk of the market as investors come in to buy up these great deals. They accounted for 17.5% of sales or 342 properties. Properties priced between $200,000-$249,999 represented 9% or 173 sales. The lowest segment to move were homes priced between $800,000-$899,999 with three units sold or .15% of market share.
The year to date is showing an upward trend, increasing 8% from last year overall.
Single family home sales are up 5%, while condo sales also increased 22% from the previous year. The average list price was $173,918, while the average sales price was $164,927 and an average of 118 days on the market. This represents a 95% list to sales price ratio. There is 5.8 months of inventory on the market, which is the lowest amount we've seen in years now. This is good news news and represents a downward trend in regards to inventory. As a comparison, at the start of the year we had 11 months of inventory.Back at the beginning of 2008 we had 25 months of inventory!
However we still have our fair share of short sales and foreclosures in the Tampa area. Yes, they are putting downward pressure on pricing and that can be very frustrating for home owners. However I believe in many areas we have broken through the price floor; the worst is over. I also tend to think, in some areas, we may actually be undervalued at this time. There is not going to be a "V" typed recovery in relation to pricing and no it's not almost over. We have plenty of inventory to clear out and this could easily take a couple more years.
That being said I'm seeing many optimistic signs start to come in: Construction has resumed on once abandoned developments, investors are coming from the sidelines (often all cash) to buy properties, and brand new communities are being built. I believe that these events, paired with the slow purge of distressed properties, will help push our market back towards an equal playing field for buyers and sellers.
When listing or buying a property it is essential to have a Realtor who knows the community, understands market data and can price a home correctly.
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