The current feedback fr0m home buyers indicates the congestion on SR 52 has seriously slowed interest of potential buyers in Tampa Bay Golf & CC.  As of this post I’ve been told the front entrance will be completed in two weeks.  This hopefully will create the trend needed that will change the market from neutral to a sellers market again.

In the past 20 days from Thursday March 3rd 6 new homes have gone on the market, 8 have gone pending, so we do have some buyers, just not nearly the trend we experienced in 2015.  Five homes have sold, or closed.

I currently have three homes under contract, and four fairly new listings. 9981 Rolling Cir is in a location that has lots of room and privacy.  The value was raised because the home has been modified to accommodate taller individuals. No back problems to be concerned with and the extremely unique storage areas. A very slick, created home owner. Some additional homes new on the market, 29246 Coharie Loop for $169,000 and 10049 Old Tampa Bay Dr. and 10251 Collar Dr in Tampa Bay. Feed back indicates they are all priced right for their locations and condition.  Hoping for a super turn around in active inventory once the new entrance has been completed.

NAR’s Pending Home Sales Index – a forward-looking indicator based on contract signings – declined 2.5 percent to 106.0 in January from an upwardly revised 108.7 in December. However, year-to-year it’s 1.4 percent above January 2015 (104.5). Although the index has increased year-over-year for 17 consecutive months, last month’s annual gain was the second smallest (September 2014, 1.2 percent) over that time.

A myriad of reasons likely contributed to January contract signings subsiding in most of the country, says NAR Chief Economist Lawrence Yun.

“While January’s blizzard possibly caused some of the pullback in the Northeast, the recent acceleration in home prices and minimal inventory throughout the country appears to be the primary obstacle holding back would-be buyers,” Yun says. “Additionally, some buyers could be waiting for a hike in listings come springtime.”

Existing-home sales increased last month and were considerably higher than the start of 2015, but price growth quickened to 8.2 percent – the largest annual gain since April 2015 (8.5 percent).

While Yun hopes that appreciating home values will start to entice more homeowners to sell, Yun says supply and affordability conditions won’t meaningfully improve until homebuilders start ramping up production – especially of homes at lower price points.

NAR forecasts that existing-home sales this year will be around 5.38 million, an increase of 2.5 percent from 2015. The national median existing-home price for all of this year is expected to increase between 4 and 5 percent. In 2015, existing-home sales increased 6.3 percent and prices rose 6.8 percent.

Pending sales in the Northeast declined 3.2 percent to 94.5 in January, but it’s still 10.9 percent above a year ago. In the Midwest, the index fell 4.9 percent to 101.1 in January, but it’s still 1.4 percent above January 2015.

Pending home sales in the South inched up 0.3 percent to an index of 121.1 in January but remain 1.3 percent lower than last January. The index in the West decreased 4.5 percent in January to 96.5, but it’s 0.4 percent above a year ago.

© 2016 Florida Realtors®

A review since January 1^st indicates sales are much slower than predicted, new home sales have fallen off some however it was noted K-Hovnanian increased the model prices by 2% in January on (5) models. Indicators suggest:

Since January 1^st 2016 only five (6) homes have gone on the market. The current active listings are 35. The average active inventory has been consistent at (34-37) since November. Price reductions on more than fourteen (14) active listings has assisted in procuring Eleven (11) under contract (4) withdrawn, and 16 recorded SOLD, closed homes.

Many brokerages listed properties more than 30% over market value, and I will not comment, nor even suggest their motivation, not a practice I readily advise or recommend and rarely participate in.

Last August, September 2015 three bedroom, two bath 1600 sq. ft. or more was selling on average at $121.00 per square foot. Values on these statistics since August of 2015 to the February 24, 2016 average sale price per sq. ft. in the past 120 days has significantly dropped and averaging (90) days or more active on the market at an average re-sale price of $99.75 per sq. ft. This equals to 22% drop in values since the end of July 2015.

The average sold price for two bedrooms, two bath 1550 sq. ft. days on the market indicate 75-80 days and average sold price at $101 per sq. ft. up by 12% from August 2015.

The extremely warm fall in the North!  Funky Stock Market activity, and gas prices are significant factors in the slower than predicted market. This is reflecting hesitation with investment or 2^nd home purchases, especially January 1^st. 2016.

It’s apparent, buyers have a price range mostly under $165,000 and a two bedroom with a view is more attractive than any new models with a home immediately behind them. Upgrades have been a plus and records indicate a few have sold for as much as $124.00 per sq. ft.

I am hoping after the March political Caucuses has been completed and more buyers are feeling confident about relocating to Florida, we will experience a lower inventory and much less time on the market.