Want to know what has sold and what has not sold within the first two weeks of March 2009? Take a look at the below data for the following South Tampa zip codes: 33606, 33609, 33611and 33629.
The Demand
47 homes contracted over the past 14 days and are now pending sales (that is an average of 3.36 homes contracted a day). 85% were under $300,000 while only 2% (a total of 10 homes) contracted above $500,000. Could the stimulus package to new home Buyers be working? Contact us to find out how many of these properties were first time homebuyers.
52 homes sold in the last two weeks (that is an average of 3.7 homes closing daily). 41 homes closed for under $500,000 (3.79%) while only 2% closed above the $500,000 mark. Did these homes contract after the first time Buyer credit of $8,000 was implemented? How many of these sales were purchased by investors (false demand)? Contact us if you would like to know.
The Supply
117 new homes were listed. 80 of these homes (68% of the total new listings) were listed under $500,000 with 37 new listings (32% of the total new listings) priced above $500,000. Which neighborhoods had the most new listings? Contact us to find out.
54 homes came back on the market that were previously listed but did not sell. This puts the total increase of supply at 171 homes, which equates to more than 12 homes coming on the market daily. All these homes are in competition for the approximately 3 Buyers purchasing per day. How many homes are listed in these zip codes? Log on to our website and search for yourself or contact us for your personal appointment.
195 homes have reduced their prices in the past two weeks (an average of 13.93 price reductions a day). 143 of the price reductions (73% of the total) dropped below $500,000 with only 52 homes changing price but remaining above $500,000. Are Sellers more motivated in the under $500,000 range? How many of the price changes for properties are short sales or foreclosures that are motivated by Banks? Contact your South Tampa Home Experts to get the data for your neighborhood.
Should you Sell? Buy? Or Hold? Maybe yes and maybe no depending on your personal goals. Call your Real Estate consultants to assist you with your personal goals and find out if your neighborhood is one of the niche markets going against the trend of price softening. If you are upgrading and wanting to stay in your own neighborhood than this will be your best time ever to accomplish that goal. Contact us to take advantage of this Opportunity.