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Do You Know The Real Estate Market Is Picking Up?

by Doug Campbell

Do you know that in our market area the number of listings is down by almost 31% when compared to the previous year?  And do you know the number of pending contracts is up by over 26% in the same area for the same time frame, year on year?  Do you also know that the number of homes sold in the same year on year period is up 11.27%.  And finally, do you know that expired listings, those that did not sell for whatever reason (usually because they were priced too high) is down by a whopping 40%?  These statistics were compiled by the Pinellas Realtor Organization.

Now here is the surprise for the above numbers, which seems to contradict the law of supply and demand.  Median prices in the last year compared to a year ago, despite the decreasing inventory and increased sales of units, have gone down almost 1%.  When one looks at the mean, or average, price, that has gone up by 0.8%.  This is pretty clearly stating that the prices are flat, even though there are fewer homes to sell.

In June 2011, the average time on market for a house was 158 days.  This year, the average time on market is 154 days.  So there is not a buyer's frenzy yet to pick up the "great deals".  In fact, for those buyers who are still waiting for the "great deal" due to still falling prices, here is a little bit of a surprise.  The percent of original list price vs. final sale price is going up.  For June 2011 sellers were getting 85% of the list price, and in June 2012 sellers were getting 89% of the list price.  All of the above numbers seem to indicate that the market is more or less stabilized and that prices are flat.  To buyers waiting to prices to continue to fall so there are even greater bargains available, this could be a flawed strategy.  For sellers waiting for prices to start to skyrocket, perhaps they should consider why they need to sell and not wait.  Moving on with their lives and getting the best possible price now is very likely a better option than holding out for a 1% increase six months down the road.

Bottom line, whether a buyer or a seller, don't procrastinate.

Country Woods Palm Harbor

by Doug & Gwen Campbell at Sun Bay Associates

Today we are looking at the last 30 days for real estate in Country Woods Palm Harbor.  There are currently 2 houses listed for sale in Country Woods Palm Harbor.  One is listed at $425,000 and the time on market is 159 days.  This is a 3,200 square foot home with a 3 car garage and a pool.  The list price per square foot is $133.

The other active listing in Country Woods Palm Harbor is 2713 Beagle Path Way, is listed for $329,900 and the time on market is 105 days.  This is a 3,246 square foot home with a price per square foot of $102.  For additional information on this large home, visit www.2713beaglepath.com

In the last 30 days, two houses listed in Country Woods Palm Harbor have expired from the MLS.  One, at 2986 Country Woods Lane was listed for $314,900 with a list price per square foot of $146.  Its time on market was 170 days.  The other expired listing is at 2966 Country Woods Lane.  It was listed for $374,900 with a list price per square foot of $134.  Its time on market was 799 days.

For information on Country Woods Palm Harbor or any other community in the Tampa Bay area, visit Sun Bay Associates Market Snapshot, enter in the appropriate information and get real time list prices, actual sold prices and lots of other pertinent lifestyle information on the area.

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Photo of Gwen and  Doug Campbell - The Campbell Team Real Estate
Gwen and Doug Campbell - The Campbell Team
at Keller Williams Realty
30522 US Hwy 19N, Suite 107 S
Palm Harbor FL 34684
Doug's Cell 727-741-4189
Gwen's Cell 727-741-7260
Fax: 888-447-7908