Davis Islands 1st Quarter Market Summary

DAVIS ISLANDS: TAMPA, FL REAL ESTATE

MARKET PRICE TREND: FIRMING
MARKET ACTIVITY TREND: UPTRENDING

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The first quarter of 2010 is behind us and what a change from a year ago. The stock market is soaring, homes are selling and business is hustling. As reported last quarter we predicted a strong 1st quarter of activity due to both the home buyer tax credit extension and low interest rates, we were not disappointed. While the credit certainly moved buyers off the fence, properly priced properties moved quickly, some even with multiple offers. We believe that the second quarter will bring increased home sales, firming of prices and a shrinking of inventory. In fact, we have a number of ready and able buyers with specific needs that the current supply of homes has not meet. As always if you ever have a question on your Davis Islands home feel free to give us a call (813) 391-9240.

Cristan & Jennifer

Davis Islands Real Estate Activity September YTD

OVERALL MARKET OUTLOOK: CAUTIOUSLY UPTRENDING

• DAYS ON MARKET TREND: NEUTRAL
• MARKET PRICE TREND: NEUTRAL
• MARKET ACTIVITY TREND: UPTRENDING

From our analysis we believe the Davis Islands Real Estate Market Outlook is “IN UP TREND”.  There are three trend areas we analyze to help determine market outlook (Days on Market Trend, Market Price Trend and Market Activity Trend). 

The Days on Market (DOM) average for all Davis Islands real estate price categories was 191 days, this is slightly higher than August’s number of 181, but well off the highs of the year at over 300. 

The second trend of Sold Market Price came in for September at an average sales price of $847,714 which was up from $565,500 the prior month.  However there was a very large closing in September which slightly skewed the numbers to the upside.  In all we are still seeing prices remain neutral, with no big moves to either the up or downside overall. 

The final trend was Market Activity.  There are currently 75 active properties on the market ending in September, which slightly lower than August’s reading at 78.  At the same time the number of sold properties came in very strong at 14 units spread across the various price categories.  This was somewhat expected since we had pending home sales for August at 11, and those mostly closed in September. 

This being said September was certainly a strong month and a positive sign of a turn around.  Additionally, the outlook for October should continue to be strong, with Pending sales for September only down slightly to 9 properties.  We believe the Davis Islands area is regaining its footing and while home sales should continue, we believe the expiration of the First-Time Home Buyer credit and the holiday season will keep sales in check.  Davis Islands Real Estate Activity Sept Detail

Davis Islands Real Estate Activity August YTD

OVERALL MARKET OUTLOOK: CAUTIOUSLY UPTRENDING

• DAYS ON MARKET TREND: DOWNTRENDING
• MARKET PRICE TREND: NEUTRAL
• MARKET ACTIVITY TREND: UPTRENDING

From our analysis we believe the Davis Islands Real Estate Market Outlook is CAUTIOUSLY UPTRENDING.  There are three trend areas we analyze to help determine market outlook (Days on Market Trend, Market Price Trend and Market Activity Trend).  The Days on Market (DOM) average for all Davis Islands real estate price categories was 181 days, this is even with July’s number of 180, and well off the highs of the year at over 300.  The second trend of Sold Market Price came in for August at an average sales price of $565,500 which was down from $814,000 the prior month and well off the highs from the first quarter of 2009.  The final trend was Market Activity.  There are currently 78 active properties on the market which slightly higher than July  and significantly higher than the active listings in the first quarter.  At the same time the number of pending and solds came in at 11 and 6 respectively, which was higher than last month’s numbers of 10 and 3.  On a side note we have continued to notice more short sale properties entering the market.  This will most likely have a negative impact on price, while at the same time allowing for potentially more sales.  Davis Islands Real Estate Activity Details

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Davis Islands Real Estate Activity Report Year to Date (July)

Attached is our Davis Islands Real Estate Activity Report for July (Year to Date)  This report includes details and graphs of Days on Market and Sales Activity for the various Home Prices Levels on Davis Islands in South Tampa.  It is necessary to conduct this analysis at various home pricing levels to give users and accurate account of the Home Sales Activity on Davis Islands.  The vast difference in home sale activities when comparing waterfront properties to 2 bedroom condos can be quite great.

Davis Islands Real Estate Activity Report July 2009

Davis Islands Homes Real Estate Snapshot – July

Davis Islands Single Family Home Sales

MARKET PRICE TREND: NEUTRAL

MARKET ACTIVITY TREND: UPTRENDING

 

From our analysis we believe the Davis Islands market is in an Activity status of UPTRENDING and a Price Status of NEUTRAL.  From a statistical standpoint we have seen the number of actual closings slightly decline over the last three months from the year’s high watermark in May of 7 properties (7- May, 5-June, 3 -July).  However, the number of properties Pending have increased steadily to 10 (10 – July, 5 – June, 2 – May).  Additionally, we are seeing a price floor in the mid to upper 200’s on the lower end and the mid to upper 500’s on average.  While we do not expect home sale prices to increase dramatically anytime soon we believe that an increase in sales and pending sale properties will continue to occur over the next two quarters.

On a national front the most recent Existing Home Sale numbers have shown a steady increase, this has been primarily in the lower end market, particularly those home eligible for FHA financing and the $8,000 first time home buyer credit.