Today's 30 day real estate market update is for Westlake Village, Palm Harbor.  This is a charming neighborhood, with tree lined streets and park like setting, close to the Pinellas bike trail and of course near to many of Florida's best beaches, including Honeymoon Island and Caladesi Island state parks, just a short drive away.  Or even a pleasant bike ride for the more adventurous of us.

For the last 30 days, there are 7 houses listed for sale, with list prices ranging from $185,000 to $298,000 and the average list price is $256,486.  The days on market range from 15 to 168 and the average days on market is 98.  Of the seven houses actively for sale in Westlake Village, only one is a distressed property, a short sale and is termed a fixer upper.  This is a great opportunity for an investor to buy in Westlake Village, Palm Harbor and with a little elbow grease, and yes, some cash, renovate this house, with over 2,000 square feet and get in to this very nice neighborhood.

For this 30 day period, there are currently 5 houses under contract.  All five of them are distressed property, four are short sales and one is a bank owned house.  The list prices for these houses range from $169,900 to $225,000 with the average list price for these houses under contract being $199,950 and the days on market range is from 0 to 215, with the average days on market at 79. 

One house sold in this 30 day period, listed for $239,000 and sold for $237,500 after 118 days on market.  This is a beautiful home on .4 acres, a totally remodeled kitchen with custom cabinets and granite countertops, a true showplace home.  This home was NOT a distressed property.

As you can see, the average list price for the 7 houses still for sale, on average with 98 days on market, is just over $256,000.  The average price for the 5 houses under contract, on average with 79 days on market, is $199,950.  This is more than a $50,000 difference between what people want to get for their homes and what the current market demand is saying homes in the community are worth.  Granted, the houses under contract are distressed property, however, not the owners are still living in three of them and maintaining them.  This is a fact of life in real estate at the present, and owners need to take the number of distressed property in their areas into consideratioin when putting a price on their home.

Competing against a distressed property, especially a bank owned house, can be disheartening for a homeowner.  A key point to remember is that even though a bank owned house may sell for 75% below market value, it may cost more to renovate it and make the house comfortable to live in than buying the "normal" house just up the block that is listed for more money, yet has far fewer issues for an owner to repair before moving in.

For information on the real estate sales in a specific neighborhood, visit Sun Bay Associates' Market Snapshot for real time data on real estate sales.

To learn more about the greater Tampa Bay real estate sales market, visit Sun Bay Associates' FREE home search and create your own unique real estate search.

If you know someone who may be behind on their mortgage and need somewhere to start finding answers, have them visit Sun Bay Associates' Distressed Property site for free reports and concise explanations for short sales, foreclosures, deed in lieu of foreclosure and much more.  Just click on the logo below.