New Port Richey, Florida Real Estate Market Report for March 2010
While we see an increase in Active listings compared to February, the number of Solds is also up a whopping 32% over February, so market inventory actually remains constant at 10 months (interesting development analyzing #'s in the 2nd graph.)
Now if you considered Market inventory based on what is under contract you would think we have only 3 months inventory, but that is the illusion of Short Sales, which is broken down in the 2nd graph.
Even though some of the numbers have changed the Distressed Market Graph (below) shows the same trend. More Homes for Sale in New Port Richey are not distressed. However there are more distressed homes under contract. But more normal homes actually get to the closing table. This has to do with the drawn out Short Sale Process.
What I find interesting is that there are 12 months inventory of NON-Distresed homes
yet only 7.4 months of distressed property.
To calculate the number of months inventory you divide the # of Actives by the # of Solds.
High end homes have languished on the market for yet another month. And does it get much cheaper than $23,000. I do not suspect this to be an auction, because they are usually priced at $10,000 to garner interest. But $24 per square foot is just absurd. You could possibly get a 30 mortgage for $23,000 at 5% APR with a payment of less than $100 per month. How absurd is that? Of course you are going to have to put some money and work into this New Port Richey Home, that is why the investors are stepping back into the market
And it just keeps getting absurd. In the Pending Sale section below you will see a low price of $18,000. Flashback to March 2007 and the lowest priced sale was $60,000
Well it took a couple of months after a year on the market but a Multi-million Dollar listing has sold in Gulf Harbors in New Port Richey. Now this skews the average's. So after I remove the highest and the lowest sales the new numbers become:
Average Sold Price = $112,000 and the Avg Sold Price per Square Foot = $65
Keeping the average sold price needs to stay above $100,000 or I fear the decline could accelerate.
All information provided is deemed reliable but is not guaranteed and should be independently verified.
Properties subject to prior sale or rental
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