Tampa Real Estate Market Update – Existing Home Sales July

Tampa Real Estate Market/National Real Estate Market

This morning we received Sales of Existing Homes for the 2nd quarter.  The numbers came in at an annual adjusted rate of 4.76 Million up 4% from 4.58 million in the first quarter, but down 16% from a year ago according to the National Association of Relators.  On a price front in the Tampa Real Estate Market we saw a continued decrease in median selling price for existing homes from $173K in 2nd qtr 2008 to $140K in 2nd qtr 2009, however we saw an increase in price from 1st qtr 2009 to 2nd qtr 2009 of $5K. 

Once again these numbers confirm our analysis back in our April press release where we had called a bottom in the housing market.  It should however be noted that a significant # of these properties 36% were from foreclosures and short sales, with Florida having one of the biggest inventories for Foreclosures/Short-Sales

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.

Tampa Real Estate Market View – 7/27/2009 – New Home Sales

This morning the economic report on New Home Sales has been released.  As we had anticipated this number rose to 384K  in June,  from a seasonally adjusted of 346K in May.  The consensus estimates were at 352K.

Sales have now risen for  three straight months.  All this being said the median sales price for new homes fell to $206K down 5.8% from the previous month.

In summary what this data shows is that the lower end priced homes are moving.  Tomorrow we will see more specifics on home prices when the S&P/Case-Shiller Home Price Index is released.

Tampa Real Estate Market View 7/23/2009 – Existing Home Sales

This morning we received Sales of Existing Homes for the month of June.  The number came in at an annual adjusted rate of 4.89 Million with a consensus estimate of 4.85M.  While this was a modest gain from the estimates it is the third straight month that sales of existing homes have increased and it is at the highlest level since October.  Once again this confirms out analysis back in the April-May timeframe where we had called a bottom in the housing market.  It should however be noted that a significant # of these properties tend to be in the lower priced range and a continued watch on overall days on market, inventory and price will be necessary.

Real Estate Market View 6/2/2009 – Pending Home Sales

The National Association of Realtors announced today that Pending home sales for April were up 6.7% from March.  This is the third month in a row that pending sales have increased.  Slowly it seems that we are creeping out of the bottom of the real estate market.

Additionally, we see that 30yr mortgage rates are beginning to increase from their prior lows.  Once again we want to riterate that housing really has bottomed and while prices might still decline slightly, the risk is more to the upside than down.