June to previous Year Real Estate Market Report for West Pasco Florida
Now in the state of Florida, while the Volume of Sales has increased, the prices continue to decline from where they were a year ago (-29%). However the price has been increasing, month over month, for the last 4 months.
Now my little niche of the market had not had the fortune of following such a trend, at least not as definitively. Sales volume has decreased when compared with June '08. (-12%)Meanwhile, the Average Home Pricehas dropped from $164k to $136k (-17%)And the Median Pricehas dropped from $139k to $110k (-21%)The Average Days a home was on the market to sell went from 99 to 101, so no big change there, but the Median Days on market fell from 70 to 62 days. That is over 10% less time on the market.Now for Month over month'09......Avg Price...Median Price...Avg DOM..Median DOM...Total units sold.....LP/SQFT.........SP/SQFTFeb........$128..........$85k................97...........65...................259.......................$66...............$60March.....$135k........$99k...............109...........79...................258.......................$69...............$63April......$134k.......$110k...............105...........66...................292.......................$70...............$66May.......$121k........$98k.................91...........53...................294.......................$67...............$63June......$136k.......$110k...............101...........62...................339.......................$69...............$64Do you see what I see? Could there be some stabilization in the local market as well? Well in order to check the true market, I need to exclude all the distressed properties. Following is the market update excluding houses in any state of foreclosure, including REO's (bank owned)'09......Avg Price...Median Price...Avg DOM..Median DOM...Total units sold.....LP/SQFT.........SP/SQFTFeb.........$151k........$110k............109..............84................143......................$75...............$70March......$142k........$110k............117..............85................149......................$72...............$68April.......$144k........$125k............109..............73................184......................$78...............$72May........$127k........$100k.............86..............56................175......................$71...............$69June.......$150k........$123k............109..............73................201.....................$77................$71I must say I am very surprised that there is not a bigger difference between the prices that include and exclude distressed properties. And considering how much inventory is on the market, 10 months as of a previous blog (see below). But as usual, a cold hard look at the numbers makes things seem not as bad as my personal experience has been. However I do still have many concerns on the market overall. First of all, in cooperation with the Federal Govt, banks had stopped/slowed down their foreclosures. Secondly, some sources have said the recidivism rates for failure after loan modifications is as high as 70%. Than there are the whispers that the banks have only put 20% of their inventory on the market to keep prices artificially inflated. And than you can compound all that by the fact that we are coming up on an expected large amount of defaults on Jumbo Loans. And while we have quite a few high end listings on the market, very few of them are moving because of how hard it is to get a Jumbo Loan.I am pleased by this current data, but obviously there are quite a few real, and speculative, issues facing the market. all information is based upon the MLS information available on day of publication. The information is not guaranteed or warranted. It was produced as accurately as possible.*****************************************************************************************************Daniel J. HunterFruits Real Estate Services Inc.
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