The data reported in the Tampa MLS between February 26th and March
25th, 2012 showed that Tampa Bay home sales were up slightly from
the previous month’s numbers and 11% higher than this same time last year.
3,177 residential units were reported as closed transactions during the
period tracked in the Hillsborough-Pinellas and Pasco County areas. Consistent
sales are the trend and with a falling inventory of homes, buyers are having a
more difficult time finding one they like.
The number of homes for sale in Tampa and the surrounding areas fell for the
16th straight month and just over 1800 homes expired without selling
or were withdrawn from the market.
The bidding wars continue, low priced Foreclosures in Tampa and the
surrounding communities are being snapped up by investors in multiple offer
situations, and even Short Sales in good condition are beginning to see quick,
full price offers from those buyers that are willing to wait out the banks in
order to get a nice home.
The short sale process still takes around 4 to 6 months on average, but that’s
a far cry from the 8 to 14 months they used to take and buyers are a little
more optimistic about getting an answer in a reasonable time frame.
The Monthly Stats:
Pending sales increased for the 3rd month in a row, up by nearly
1000 homes from last month.
60% of the homes under contract are short sales.
Only 8% of the Short Sales under contract last month actually closed highlighting
again the slow process and struggles involved in these types of sales.
The number of foreclosures in Tampa Bay available for purchase declined and
there were only 834 Banked owned properties for sale at the time research was
done.
Most people tend to believe that the
Tampa Bay area is flooded with foreclosures, but the fact is they represent a
very small part of the available inventory. They did account for 14% of all
home sales during the 30 days tracked.
Short Sales accounted for one fifth of
all closed transactions bringing the total percentage for distressed sales to
34%, over a third of all sales. That number was closer to half of all sales
this same time last year.
Overall, it seems that the Tampa Bay housing market is moving steadily if
the right direction.