New Port Richey, Florida Real Estate Blog

Things are looking up in the West Pasco Real Estate Market Report for March 2010

Well wish it was better news but lets see what the trend is.  We now have 8 months inventory in West Pasco Real Estate.  and as you can see we have a nice range of prices to chose from here.  Seems as the inventory goes up, so does the number of Days on Market (DOM), unless you priced it right, than it sells on average in ~90 days, as has been the case down here for some time.  Unless you are a 7 figure home.  There are 16 on the market today, and the good news, is 2 actually sold this month

You will see in the Active with Contracts & Pending Sales that nobody is under contract on a home that would require a Jumbo Loan.  $695,000 it the highest Listed Price, which is just under the Jumbo Loan threshold.

Above you see the absurd spread in prices we have in this county, from $14 - 550 per square foot.  Surprisingly two million dollar listings sold in March.  One was sold for $2.8 Million, surprisingly, with a new Conventional Mortgage.  And the one that was negotiated down 20% to under One Million Dollars was purchased with a VA loan.  And somebody scooped up a pieced of Real Estate for only $16,000.  

West Pasco Florida Real Estate is on Sale.  

and we have plenty of inventory as the graph above depicts, and if you do not try to steal it, you can get a great deal on West Pasco Florida Real Estate

And this familiar chart may have changed a few numbers, as well as colors, but the market conditions remain the same.  Most houses on the Market are not Distressed.   But most homes under contract are Distressed.  Yet only about 1/3 of homes sold in March were Distressed.  A perfect example of how difficult it is to get a distressed property to closing in West Pasco Florida

3632 units are currently for sale in West Pasco, Florida and there are 830 units under contract

but only 1939  units sold year to date so that comes out to about 10 months inventory. At least it is under a year

But lets Break that down for a better view of things

SFR

Currenlty there are 2681 Single Family Homes on the market.  Now of the 830 units currently under contract 732 of them are Single Family Homes.  Not a good time to be selling a condo or mobile.

1630 Single Family Homes closed in the first half of the year which equates to about 1 years inventory.  So i expect a good many of the 732 contracts currently on the market, alot of them will not make it to the closing table.  

CONDO

There are 448 Condos on the market as of today.  However only 36 are under contract, and only 121 actually closed Year to Date.  That means we have about 2 years inventory on the market.

Mobile/manufactured Homes

There are 189 mobiles on the market and year to date 68 have closed.

Short Sales, Foreclosures & Bank owned properties

Single Family homes

Homes in Foreclosure comprise 37% of the current market actives and 40% sold year to date.  

Condo

Surprisingly only 22 of the 448 condos on the market for sale are in some stage of foreclosure.  Of the 121 sold year to date 17 were in some form of foreclosure.

Daniel J. Hunter
Fruits Real Estate Services Inc.
http://www.LoveTheGulf.com
http://AgentListingWebsites.com

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