THESE Statistics do not reflect ALL the new construction sold or under contract. This POST does not include Foreclosures or Short Sales. The last Short Sale, I SOLD located at 10145 Old Tampa Bay Dr. from contract to closing, only took 47 days! LET ME BE CLEAR, the majority of foreclosures are selling for market price. When the Bank determines the clean-up, new paint and flooring will be supported when sold, they often move forward with improvements and the properties DO sell close to market value, and do not affect the appraised value as once thought. “CAUTION” every foreclosure I’ve represented the buyer in the past two 2 years requires the buyers to sign an addendum that releases the SELLER or (BANK) of any liability and may exercise the option to retract the contract even on the day of closing!
A quick synopsis of sales activity since April 1st for TBGCC !
This is all homes from 1200 sq. ft. heated to 2700 sq. ft. heated. 2 & 3 bedrooms! You will notice how distorted these stats can become when I break this down.
New Construction generated a huge advertising blitz the last week in April and first week in May that generated TEN (10) BUYERS ON RESALE HOMES. The most activity in a two-week period in all of 2016. K-Hovnanian is without doubt an influence on TBGCC market!
This does not include all NEW construction activity!
ALL non-segregated home activity with Seventy three (73) properties reporting since April 1st, 2016. SOLD Twenty six (26). My sources indicate the Multiple Listing Service is correct with these statistics in this time period. I sometimes find transactions are not reflected in the MLS. Sometimes what we call a POCKET LISTING by myself or another brokerage. PENDING or ACTIVE with Offer Twelve (12) AND ACTIVE INVENTORY Thirty five (35)
Let’s break this down a little bit so it’s not so deceiving;
ACTIVITY TWO (2) BEDROOMS; SOLD & CLOSED, Fourteen (14) PENDING or ACTIVE with Offer, Seven (07) AND ACTIVE TWO (2) BEDROOM INVENTORY, Ten (10) AVERAGE DAYS ON THE MARKET (83) and most importantly AVERAGE SOLD PRICE PER Square Foot $101.00
ACTIVITY THREE (3) BEDROOMS; SOLD & CLOSED Twelve (12) PENDING or ACTIVE with Offer, Five (05) AND ACTIVE THREE (3) BEDROOM INVENTORY Twenty five (25) AVERAGE DAYS ON THE MARKET (95) and most importantly AVERAGE SOLD PRICE PER Square Foot $105.00
These are averages and DO NOT reflect resales with UPGRADES and SCENIC VIEW’S
I’ve always been an analytical individual, a vice I wrestle with constantly. I would like to share some observations and perhaps help buyers and sellers understand some of the actions we see on the internet with properties that are for sale in Tampa Bay Community.
From May 5th through May 31st. five homes reduced their price, on 10424 Old Tampa Bay, 10512 Collar, 11103 Dormie Dr., and 29331 Schinnecock Hills Ln. and 10257 Hyannisport Loop. Not that these were extremely high priced, they had elements that created a reduction and to raise awareness to all the awaiting buyers watching properties in Tampa Bay Golf Community.
From June 1st through June 15th four currently have reduced their asking price, 10045 Old Tampa Bay, 10163 Hyannisport Loop, and 10372 Machrihanish Cir. 10333 Moshie with a $5,000 reduction!
Some of the price reductions are $1,000, $500, or as little as $100. The reasoning behind this is to raise the level of awareness that buyers & buyers agents are monitoring so it pleases the seller, brings activity to the active property or actually produces a qualified buyer. I’ve used these practices and am not afraid to share the reasoning behind some of the madness buyers, and sellers seem to question.