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Has the Dunedin, FL Real Estate Market Stabilized

by Doug & Gwen Campbell at Sun Bay Associates

Has the Dunedin, FL real estate market stabilized?  It is beginning to look like the price freefall is over or at the very least slowed.  In the past 90 days, in 30 day increments, we review the Dunedin, FL real estate market and the following is what we see.

From January 26 thru February 26, 2010, there were 191 single family houses actively listed for sale.  In that period, there were 56 houses listed as Active with Contract and 38 houses listed as Pending Sales.  The critical number is that 32 houses in Dunedin sold in that period, with an average sales price of $183,788 and the average Days on Market, or DOM, of 80.  The list price to sales price ratio is 0.93, or average list price of $201,426 to average sale price of $183,788.

From February 26 thru March 26, 2010, the number of active listings was 191, 56 houses were listed as Active with Contract and 38 houses listed as Pending Sales.  In this time frame, 21 single family houses sold, at an average sales price of $171,748 and an average DOM of 44.  The list price to sales price ratio was 0.91, or an average list price of $184,675 to average sale price of $171,748.

From March 27 thru April 26, 2010, the number of active listings was 191, 56 houses were listed as Active with Contract and 38 houses listed as Pending Sales.  The stability of the active listings, under contract and pending sales is remarkable.  The number of single family homes in Dunedin that sold in this period was 28, at an average sales price of $178,984 and DOM of 66.  The list price to sales price ratio was 0.95, with an average list price of $188,624 to an average sales price of $178,984.

You can see that the number of listings in Dunedin has apparently stabilized, with 191 active listings and an average of 27 houses selling in any 30 day period.  This means that for every one house sold, 7 remain on the market.  Thus, if you, the seller, want to sell your home, you must be in the top 14% of houses on the market or you will most likely not get an offer.  The good news is that the prices for this 90 day window did not plummet for Dunedin, FL.  The number of houses on the market in Dunedin is holding steady, and the number being sold is also relatively steady.  This indicates that the Dunedin real estate market may be stabilizing.  If this is the case, and we will know more in the next 90 days, it is possible that prices will remain at least steady (read stabilized) for the next several months before there is any indication of an upward tic. 

If you are a buyer, this is clearly the best time to buy.  Prices are not going to get much lower, and with the impending increase in interest rates, the buyer will be getting less house for the same monthly payment

Real Estate Sales Activity in Palm Harbor, FL

by Doug & Gwen Campbell at Sun Bay Associates

Baywood Village in Palm Harbor,FL is a waterfront community on the Gulf of Mexico with a canal system that connects many homes in the neighborhood to the Gulf.  There is a wide range of home prices in Baywood Village, since the neighborhood was first started in the early 1960s.  The first homes in Baywood Village were built in the early 1960s and various phases were added over the years, with Baywood 5 being the final phase built in the late 1980s.    The phases of construction account for much of the range of home prices.  The real estate sales activity for the first two months of 2010 are below.

In the $125,000 to $175,000 price range, there are 4 houses listed and 3 sold.  The average Days on Market for the active listings is 226, the average Days on Market (DOM) for those that sold is 65.  For the three houses that sold, the average sales price was 91% of the average list price.

In the $175,000 to $300,000 price range, there are 5 houses listed, 2 under contract and 1 sold.  The average DOM for the active listings is 89 and for the one that sold is 379 and it sold for $$145,000.

In the $300,000 to $500,000 price range, there are 6 houses listed, 1 under contract and 0 sold.  The average DOM for the listed homes is 218.

In the $500,000 and above price range, there are 6 active listings, 1 under contract and 1 sold.  The average DOM for the listed homes is 165 and the 1 that sold was on the market for 147 days and was listed at $725,000 and sold for $650,000.

Generally, the longer a home is listed, it means that the list price is too high.  In some cases, especially in a short sale situation, a house may be listed for a long time because of the lengthy bank approval time for short sales. 

Naturally, home prices are down from the peak of 2005, in Baywood Village as just about everywhere else.  When houses are priced properly, sales move much quicker because the marketplace is accepting the prices.  The Days on Market or DOM is a very good indicator for homeowners to use to understand that a house that has no or very little activity in the first 30 days, or is on the market for more than 90 days, needs to have the price adjusted.  This is true in almost all cases, especially in today's market where price is the driver since there is still a lot of inventory.

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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