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.

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

An Islands View (Davis Islands Real Estate) 6/24/09

In this edition of  an Islands View we are going to focus on short sales and foreclosures currently on the islands.  In the past to see a foreclosure on Davis Islands was a rarity, however with the current housing slump continuing, albeit at a slower pace in the last few months, we are seeing more properties follow this path. 

Whether it is a $115K condo listing or the $3Mplus mansion, the short sale or bank foreclosure knows now specific property size or price.  Currently, now there are 10 properties in the various phases of the short sale or foreclosure process.  The one good thing is that the prices for these properties are prime for the right buyer. 

I do not believe we will see prices or buyer leverage this strong for decades to come.

Tampa Real Estate Market View 6/24/2009 – New Home Sales

The real estate market for new home sales continued it slow pace.  The commerice department reported today that sales on new homes dropped .6% to an annual rate of 342K.  In a year over year perspective we are down some 33%.  Economist had estimated sales of 360K so this number was disappointing.

Real Estate Market View 6/16/2009: Housing Starts

New Housing Starts and Permits moved forward in May from the lows set in prior months.  Housing starts increased 17.2%  to an annual rate of 523,000 units according to the Commerce Department.  Additionally, New Building Permits rose 4% the largest gain since June of last year.

These are encouraging numbers, inparticular if we can continue to see Building Permits increase over the next few qtrs.  Since Building permits indicate future growth, that will certainly be a positive sign.

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.

Real Estate Market View 5/28/2009 – Florida Home Trend

A small trend is forming in existing home sales in Florida.  We have reached the eighth consecutive month where sales activity have increased year over year.  In April we saw the following for Florida

Existing Single Family Home Sales 18% increase (yoy)

Existing Condo Sales 21% increase (yoy)

On the alternative side we continue to see a decrease in sales price for existing single family homes with a 31% decrease (yoy) and condos prices a 41% decrease (yoy)

On the National front the pace of sales for existing single family homes creeped up slightly in April from March by 2.9%.  However, as has been the case, prices continue to drop nationally as well, with latest S&P/Case-Shiller Index showing home prices dropping 18.7% in March.  While this number is still negative it is slightly slowing from prior months.

In summary the best measurement at this point is inventory on the market.  The more we can reduce the inventory on-hand the quicker we should see a substantial and sustainable recovery.

On a side not 30 year fixed rate loans are beginning to slightly creep back up from their historic lows.

As mentioned in prior posting the bottom in the market is and the time to buy is now!

Daily Market Sip 4/23/2009

The March numbers on existing home sales was released this morning.   Existing homes sales dropped 3% to 4.57 million units compares with a revised # of 4.70 million units in February.  This drop in March was actually lover than the consensus # of 4.65 million.  Additionally, there was a slight rise in sales price with a slightly lower drop in existing homes on the market.

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