According to home sales data reported in the Tampa MLS between May 26th
and June 25th, 2012, the number of residential properties sold in the
Tampa Bay area dropped by over 400 homes.
Is this BAD news?
Not really, based on the available inventory.
The number of homes for sale in Tampa and the surrounding areas has fallen
for the 19th month in a row. It’s hard to maintain a high level of
home sales when there isn’t enough out there for people to buy. There are plenty
of home buyers looking, but they can’t find properties in the areas they want
to live. That said, the number of properties sold and closed in the last 30 days was still higher than most months over the last 2 years.
This news of a low inventory is making New Home builders very happy right about now. After 5
years of struggling to move their houses and complete their half developed
subdivisions, buyers are now looking at purchasing new even if it happens to be
in an area outside of the neighborhoods they were originally looking in. This isn’t
the case for all buyers, but some are willing to look outside of the area they
originally targeted because they can’t find a suitable house. Better to have
something new if you’re going to sacrifice the neigborhood you originally
wanted.
There were 172 new homes reported as sold and closed in the Realtor system last
month. Not a huge number by any means, but the stats show that new home sales
have been climbing this year and are at the highest level they have been since 2007.
Other signs showing an overall improvement in the market are falling number
of Foreclosures and Short Sales in Tampa Bay. These types of listings have
fallen by nearly 25% from this same time last year. There has been no flood of foreclosed
properties as was expected, and the bank owned houses that come on the
market are generally under contract within a matter of days.
For those willing to try buying a short sale, the wait is still longer than
a normal sale, but the time from contract to close has fallen dramatically in
comparison to what it was, and lenders are much more eager to negotiate these
types of sales as they finally come to the realization that they can recoup
much more of what their loss is going to be by approving and closing a home
offered as a short sale.
Sixty Percent of the homes under contract in the Tampa Bay area are short
sales. Eliminate that inventory and home prices will rise at a faster rate,
allowing some who have decided not to sell because of the low values to jump
into the selling market.
The Monthly Stats:
Pending sales fell for the first time in 6 months.(Another sign of a low inventory of homes for sale)
Only 10% of the Short Sales under contract last month closed.
Bank owned properties available for purchase rose slightly-up for the 4th
month in a row.
Purchase of Foreclosures in Tampa and surrounding communities were lower as are
the number of Bank Owned homes currently under contract and scheduled to close.
Distressed properties accounted for 36%
of all home sales over the 30 day period tracked. That's down from nearly half of all
sales just one year ago. The Tampa Bay real estate market continues to move in
a positive direction.
Tony Delgado-Tampa Bay’s Agent-RE/MAX Bay to Bay-Tampa,
Florida
