Some bullets from the National Association of Realtors (of which I am a member):
- The Realtors® Confidence Index Survey estimates distressed property sales (foreclosures and short sales) on a monthly basis at the national level.
- The Survey is based on responses from approximately 1,500 Realtors® to an ongoing monthly survey; estimating error is in the neighborhood of 1 percent.
- The November Survey reported that total distressed property sales declined from 49 percent of total sales in March to 33 percent of sales in November.
Graph Above: Foreclosures and Short Sales as a Percentage of Total Sales (Nationally)
Real estate is local however and the Tampa market has not necessarily been a reflection of the national market as of late. So what’s happening in our local market?
Well, most notably for me is the fact that over 76% of the current pending listings on our MLS are either bank-owned or short-sale listings. That number had been hovering around 60% for most of the year. But it is December, typically a very slow month for residential real estate.
So many of the buyers in the market this time of year are investors who are devouring up the pre-foreclosures and the post-foreclosure listings, or at least are attempting to do so. And 56% of those pre and post foreclosure listings purchased in the last 30 days were all cash deals.
Furthermore, 41% of all current Tampa residential listings are short sale or bank owned listings. So not only is demand high for such listings right now, but the supply is still pretty good as well. Year-to-date, 46% of all brokered residential sales were either bank-owned or short sale listings.
2009 Short Sales in Tampa:
- Average days to sell was 237 (about 8 months)
- Average sold price was $154,600
2009 Bank Owned Sales:
- Average days to sell was 78
- Average sold price was $79,500
Data used is from the MFRMLS all brokers/agents included, for city = Tampa.
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