July 2009 Hudson & West Pasco Florida Real Estate Market Report
Sorry about following up on July 2009 Real Estate Market Report so late, but there has been a lot of transition going on in my office.
What I see in the chart above is not the best of news for sellers, but is great news for Buyers, especially if you are a cash buyer. People are having hard times getting financed for Townhomes these days. And with the 30% required down payment on Condo's the market for them is in the tank as well.
To break it down, in West Pasco Florida, The Real Estate market is not showing much signs of recovery. For quite some time we were enjoying ~10/day, or about 300 closed sales on houses per month. Now the inventory of homes has come down to under 1 years inventory. Inventory levels are down to 9 months, but that is because of less homes coming on the market, not because more homes selling.
However the bright spot in the overall house market is that while the number of sales this month dropped to 284 homes closed, the inventory levels have dropped even more, resulting in only 9 months inventory.
As to the Condo and Townhome Real Estate Market Report, I think the numbers speak for themselves
Now when you look at the Hudson Florida Real Estate Market Reports it is a tad bit gloomy for sellers, but that of course is great news for Buyers. Now the Townhome numbers look pretty bad, but Hudson, Florida does not have a large # of Townhomes, but the 2 years inventory of Condos, is a big ouch especially with how the bottom has fallen out on prices, some for less than $20,000, but that pesky 30% down is still a hindrance for many.
2 positives I am seeing in this Market report is how much larger the number is for units under contract, as opposed to what has closed for the month. Also this is July, a typically slow month here. We are actually starting to get calls from our snow birds for the winter. So I would not put too much into this months numbers.
Until next time, this is your Hudson, Florida Realtor signing off
All information provided is deemed reliable but is not guaranteed and should be independently verified.
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