Tampa Real Estate Market Update – Existing Home Sales Aug 09

Tampa Real Estate Market/National Real Estate Market

This past Friday we received Sales of Existing Homes (Single-Family & Condo) for the month of July.  The numbers came in at an annual adjusted rate of 5.24 Million up 7.2% from a level of 4.89 million in June.  The July numbers come in about 5% above the 4.99 million units sold in July 2008.  In summary we have now seen four consecurtive months of increasing existing home sales.  These are all positive signs, at the same time we think that the numbers will possible reduce going into the winter months when housing tends to subside from a torrent summer pace.

On a price standpoint we have seen Single-Family home prices decrease on a National basis of (1.9%) from June 2009 to July 2009 and (14.6%) from a year ago.  Sale price of Condo’s have also decreased on a National basis of (2%) from June 2009 to July 2009 and (18.9%) from a year ago.

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 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.

Tampa Real Estate Market View – 7/28/2009 – Home Price Index

This morning the S&P/Case-Shiller Home Price Index has been released.  The % decline in the 20 city compsite continued to -17.1%, however this was less of a decline than the prior month of -18.1%.  The consensus forecast was anticipated at -17.90%.  Todays data reflects a 4th consecutive month of improving decline.  As for the Tampa home market the price decline was flat, with no change from April to May.  This was better than the  (-7%) decline in March to April.  The year-over-year change for homes in Tampa price declines came in at -20.8%.

For those of you waiting to sell your existing property or have your property still on the market hoping for Prices to rebound quickly, you have a long way to go.  These current numbers while not indicative of all area in the country or Tampa for that matter, does give a solid view of where home prices really are (down).  We suggest if you have to sell, then price it right and if you are already in the market with no sale, it is probably due to price.  In this market, at this point in time the adage needs to be ”Reduce It to Move It”. 

For those buyers still on the fence waiting for prices to decrease further, it is not likely.  If anything you are not only missing the boat from a low price standpoint, but interest rates don’t look seem to be moving much lower either.

homes, prices, real estate, tampa

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.

Tampa Real Estate Market View 7/9/2009 – Citizens Home Rate Increase 2010

Well it looks like those of us with Citizens Property Insurance in the South Florida area might see up to a 10% increase in rates, while at the same time those individuals in other counties might actually see a decrease.

Citizens Insurance Board approved on a 5 to 3 vote a 10% increase in rates for many of its customers.  While Citizens has kept rates frozen over the last three year, they were allowed by the Florida legislature to increase rates up to a cap of 10% in 2010.

JUST SOLD: 4426 W Bay Court – Tampa FL

 

This charming neighborhood boasts pride of ownership.  The convenient location offers easy access to Gandy Blvd, Manhattan Ave, Bayshore Blvd and the Crosstown Expressway.  Business abounds at the great restaurants and boutiques just around the corner.  The location is also conveniently located to many area schools. This home has been owned by the same family since 1976.  The roof is newer and the lot size is terrific.  A courtyard in the back will allow you to extend the already generous living space.  Inside you will find three bedrooms, two baths, a family room, living room and dining room. MLS#2375323

Click this link to see details: 4426 W Bay Court

Other Current Tampa Real Estate Listings

211 West Kirby – Tampa FL

Location, location, location! This charming, Old Seminole Heights, 1950’s home is close to everything: parks, Florida Ave, I-275 and extremely convenient to downtown! It offers two bedrooms and one bath and welcomes you with large windows, hardwood floors, a generously sized kitchen and an office! The lot is deep and includes two storage sheds, a fruit tree and good space in the backyard. The front yard has been landscaped. This is a wonderful opportunity to turn this charming house into your next home! Learn more about this historic neighborhood! Search online: Old Seminole Heights Tampa! MLS#2372004

Click for Property Details: 211 West Kirby

Other Current Tampa Real Estate Listings

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