New Port Richey, Florida Real Estate Blog

 

 

 

Well according to this chart below the market has 12 months inventory. That is an increase from what has been 10 months for a good portion of 2009. This is occurring, due in part to the holiday season as well as the extra cold winter we had this year. Not to mention the Economy as well. We have gone down from typically around 300 closings per month, down to around 200.  So despite the decrease in inventory, the amount of months to sell off the current inventory has gone up.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Below you will see the range(s) of the market by the numbers.  Here in West Pasco, I think you can agree, that we have quite a variety of properties available.   Currently prices of homes for sale range from $10,000-$4.2 million, with an average listing price of $179,835. One thing that takes me by surprise is the Million Dollar listing under contract.  We have not seen much activity in the upper price ranges, due to the difficulty in securing Jumbo Loans.  Jumbo Loans are mortgages over $750,000.  This group is also anticipated to be the next wave of foreclosures this year as more people walk away.

 

Above, in the Sold Listings Section, you will see that a home sold for $20,000 in February.  That is one tiny house, but that is all that is included in this search.  While we have 12 months inventory as previously stated, you will notice in the Right-hand column in the Sold listings section, that if you price your home right you should sell it in less than 3 months and for within 10% of asking price.  If your home is sitting on the market, there is something wrong with the listing, which is usually, but not always, the PRICE.

Below you will see a Bar Chart breaking down the Distressed Property market.

 

• Distressed Properties are homes that either Short-Sales (pre-Foreclosure/in Foreclosure)  or has been foreclosed on and are now Bank owned.  Just because they are distressed in no way means you can get a bargain on the listing.  The Banks/Lenders are going to try to get the most money they can.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Above you will notice a few tell-tale signs of how tough the distressed property market it.  Lets start at the bottom of the bar chart.  Distressed Properties (850) account for only 1/3rd of Active listings.  However when you move up the bar chart you see a reversal.  But than when you look at the sold properties it becomes more like the Actives again.  One of the reasons for this how much time is involved in getting a short-sale listing to closing.  A lot of those distressed properties under contract will be in that group for quite a few months.

So the West Pasco, Florida Real Estate market in a Nutshell is:  Inventory levels are probably going to continue to decline as the trend has been for the last year.  However I have no idea how the sales trend will carry on going forward.  Hopefully a drop of almost 1/3 in Sales in February is an anomaly due to weather/holidays and returns to 300 or more per month again.  We will know more come next week.  If you have a specific question about the West Pasco Florida Real Estate Market, please leave a comment, or pick up a phone and I would be happy to discuss your issue/concern.