The National Association of Realtors, of which I am a member, reported today that the Pending Home Sales Index has risen for the 5th consecutive month, a streak that we have not experienced since 2003. The index is 6.7% higher than the same period a year ago nationally, and 8.9% higher in the south.
So what are we seeing more locally here in Tampa? As of today (8/4/2009) there are just over 2100 residential listings in Tampa that are in pending status. We had just over 1100 pending listings at this time last year. That’s a big increase. And at the same time, as the chart shows, the number of availble listings has decreased as well. So on the surface it seems as if demand is up and supply is headed downward. But will supply remain where it is, head further downward, or head back up?
There is a feeling out there that much of the REO inventory (bank-owned) is being held off the market. And most agree that there will be plenty more REO properties in months to come as the foreclosure rate stays steady. The inventory levels have really backed off since 2008, but where has it all gone? It hasn’t all been sold. Have many of the non-distressed sellers decided to hold off?
So it looks like stability is here. But is it here to stay? Time will tell.
RSS