New Port Richey, Florida Real Estate Annual Market Report 2009
Unlike most other reports I blog, these Statistics include ALL Residential Property Sales: Single Family Homes, Townhomes, Condos & Mobile Homes.
Here are the numbers from 2008 for comparison to 2009 which are in the 2nd graphic. First thing that jumps out at me is that the Average Sold Price to List Price (SP/LP) ratio was 93% in New Port Richey just like Hudson, Port Richey & West Pasco County as well.
Next thing that gets my attention was a Sale for $10.87/SqFt. LOL. That is some real bargain basement shopping. Usually the land alone is worth more than that. What a steal.
Number of Sold listings is rather telling too. Twice as many homes sold in New Port Richey than in either Hudson & Port Richey & New Port Richey accounts for ~1/3rd of homes sold in West Pasco County
Well compared to 2008, 2009 has doubled its Lowest Sold price, which is not hard to do when you go from $6,000 to $12,000. But the lowest SP/SqFt is still under $11/SqFt.
IN 2009 we saw an increase of ~16.6% increase in units Sold, as well as ~16% decline in the average List Price to $132,029, but more importantly the average Sold Price is down ~17% to $121,854. Prices in New Port Richey Real Estate are looking very attractive.
Surprisingly though the Days On Market (DOM) increased by ~9% from 93 days to 101. Overall, between the bargain basement Prices, Tax Credit & a growing sense that the economy is going to recover, are making for a more positive outlook going forward.
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