West Pasco County, Florida Single Family Distressed Market Update
Well one good thing is that inventory levels continue to drop in West Pasco. We are down to just over 9.2 months of inventory on the market. That being said, the number of homes in each category has dropped compared to last month. So there is less Inventory on the market, but there are less homes under contract and less homes selling in November 2009
In the graph below you will see the breakdown of the above chart into normal listings and Single Family Residences that are in some form of Distress. Being in distress means: Pre-foreclosure, Short Sale, Bank owned, or in foreclosure. What jumps out at me immediately was how most properties offered for sale in West Pasco are not under distress. But that reverses for what is going under contract. However, you will than see the reason so many people do not want to get involved in Distressed properties. They can take a long time to close, or fail to close all together.
There are more than twice as many normal Active listings as there are Distressed active lsitings.
But there are almost twice as many distressed listings under contract than normal listings under contract.
However the number of normal listings that actually sell are over twice as many as distressed sales
Also, using the breakdown above, there is only about 9 months inventory of non-distressed properties
Where as there are 10 months inventory of Distressed properties, but I think that this number may be misleading due to how long it takes a distressed property to get to closing
Long story short, there are some signs of improvement and there most definitely are some opportunities out there. But it most certainly is not all rosy yet.
Year over Year there seems to be some stability in the prices, but December and January are usually slow, closings-wise. Most people buy before the Holidays, or after. Which translates into closing before Thanksgiving, or waiting until the New Year to find a home and go under contract, however they probably will not close until February at the earliest.
Prices for West Pasco ranged from: $16,500 - $525,000
142 homes sold for < $100,000
93 homes sold for between $100,001 - $200,000
31 homes sold for between $200,001 - $300,000
3 homes sold in the low $300,000's
1 home sold for > $500,001
The Average DOM in West Pasco is 89 days, the low is 0 DOM and the high was 1,087 DOM. Median was 29 DOM
The average Sold Price to List Price ratio was 95%. the High was 157% & the low was 50%. Median was 97%
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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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All entries on this blog, unless noted otherwise, is the copyrighted content (2009-present) of Daniel J. Hunter, REALTOR®, and is believed to be true and factual, but it is not guaranteed or warranted.
All information should be independently verified.
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