With a decreasing inventory of homes for sale in
Tampa Bay, it would be reasonable to expect a drop in the number of houses
selling in and around the bay area. But according to home sales data reported
in the Tampa MLS between June 26th and July 25th, 2012, the
number of residential properties sold in the Tampa Bay area rose slightly
during the 30 days tracked, showing a continued trend towards a strong and
rebounding Tampa real estate market.
The number of homes for sale in the Tampa-St.
Petersburg-Clearwater area has been falling for the past 20 months, yet home
sales have remained higher than what they were when twice the number of
properties were available for sale.
Tampa Bay New Home builders continued to make a
comeback with 186 sales for the month reported in the MLS and another 318
scheduled to close.
Reports that home prices are rising are keeping
the market very active as those who were waiting for the prices to bottom out
now realize it’s time to jump in or pay more as time goes on. Interest rates
for home mortgages are still at all-time record lows as well.
Foreclosures in Tampa Bay rose for the third
month in a row, but the sale of these Bank Owned properties increased as well
eliminating any additional inventory of distressed houses.
Short Sale closings were much higher than last
month also, and most banks continue to opt for this process when homeowners who
can no longer make their payments ask the lender to complete one.
The Monthly Stats:
Pending sales fell for the second month in a
row, mostly due to a lower inventory.
10% of the Short Sales under contract closed.
Bank owned properties available for purchase are
up for the 5th month in a row but sales have offset the increase.
Distressed properties
accounted for 41% of all home sales over the 30 day period tracked. This can be
attributed to the higher numbers of foreclosures coming on the market as well
as Lenders acceptance and closing of more Short Sale offers. The month saw the
most closed Short Sales since my monthly reports began nearly 3 years ago.
