For the past six months I've been reporting sales stats on this blog for the areas of Belleair Beach/Sand Key, Indian Rocks Beach and Indian Shores. This data is pulled from our area Multiple Listing Service (MLS) and only accessible to active real estate licensees who pay membership fees for the access.
Many buyers are aware they can "search the MLS" through various websites, what they may not be aware of is that not all data is carried through and there is more than ample room for errors in the system.
One indicator that is reviewed each month is the Days on Market (DOM). This should give an idea of how long properties are actually on the market, with a shorter time frame seeming to indicate market improvement. Most people assume this figure is the number of days from the time a property is listed for sale until the day of closing, but this is incorrect.
The DOM numbers from the MLS can be very misleading.
Example: A recent closed sale was reported as a short sale and showed 117 days on the market- not bad! However, when the data was analyzed further, it was 117 days from the date of the listing until the contract was accepted. It took another 90 days for the transaction to close.
In my professional opinion, this should have been reflected as 207 days that the property was actually on the market.
Bottom line: not everything is the way it seems!
Another item of frustration is the Sales Price to List Price ratio. For the past 6 months, if one is reading the results as they are available from MLS, the average is 90%. The average person would assume that means a house originally listed for $200,000 eventually sold for $180,000.
This is another number that can be misleading, as the Sales Price to List Price ratio is based only on FINAL list price. If a property was originally listed for $325,000 but reduced eventually to $200,000 and then sold for $180,000, it is reported as a 90% Sales Price to List Price ratio, even though a true analysis would report this as a 55% ratio, indicating a possible "great deal".
However, having said that, I do not feel that list price on short sales is a reliable indicator as there does not seem to be a uniform method used to set such list prices, it seems in some cases to be at the whimsy of the listing agent. Some properties are priced very low in order to generate interest, with little to no regard for actual current market values.
In closing, I want to encourage prospective buyers studying the market to make contact with a real estate professional for a truer picture of real estate activity in a specific area.
Thursday, March 11, 2010
Sales stats for February – Current prices of beach real estate
This just in:
Residential real estate sales for the month of January in the following beach areas:
Indian Rocks Beach, Indian Shores, Belleair Beach/Sand Key
There were 24 sales, consisting of:
Condominiums- 16 sales
Single Family Homes - 6 sales
Townhomes- 2 sales
Average square footage = 1414
Average Beds/Baths = 2/2.5
Average list price = $362,908
Average sales price = $322,219
Sales price to List price ratio = 92%
Average Days on Market = 120 (There was only 1 listing that was on the market over 365 days)
Number of properties that are on the beach side of Gulf Boulevard (NOT necessarily Gulf front views) = 11
High sale: $640,000 – Sand key condo- Gulf front
Low sale: $84,900 – Condo, Indian Rocks Beach
NEW DATA THIS MONTH:
There were 9 distressed sales, consisting of 7 short sales and 2 foreclosures (REO, Bank-owned)
If you'd like to live here, full time or part-time, NOW is the time to buy!
Thursday, February 11, 2010
Sales stats for January – Current prices of beach real estate
This just in:
Residential real estate sales for the month of January in the following beach areas:
Indian Rocks Beach, Indian Shores, Belleair Beach/Sand Key
There were 19 sales, consisting of:
Condominiums- 14 sales
Single Family Homes - 4 sales
Townhomes- 1 sale
Average square footage = 1925
Average Beds/Baths = 3/2.5
Average list price = $598,578
Average sales price = $525,579
Sales price to List price ratio = 90%
Average Days on Market = 244 (There were 4 listings that were on the market over 365 days)
Number of properties that are on the beach side of Gulf Boulevard (NOT necessarily Gulf front views) = 10
High sale: $2,100,000 - Belleair Beach house (non Gulf front)
Low sale: $110,500 – Condo, Indian Rocks Beach
NEW DATA THIS MONTH:
There were 7 distressed sales, consisting of 6 short sales and 1 foreclosure (REO, Bank-owned)
If you'd like to live here, full time or part-time, NOW is the time to buy!
Wednesday, February 3, 2010
Homeownership rate declines
Investors – are you listening? As homeownership rates decline, this signals an upcoming abundance of renters needing a home.
Homeownership rate declines – Commerce Dept says homeownership rates lowest in 10 years.
Another report by the Urban Land Institute suggests that, while homeownership is still much desired in the U.S., there will be a decline over the next few years.
This creates opportunity for the seasoned real estate investor! NOW is the time to pick up distressed Real Estate bargains.
For current bank-owned real estate on and near the beautiful beaches of Pinellas County, just west of Tampa, just visit my website!
Have a great week!
Tuesday, January 26, 2010
Claiming the housing tax credit for 2009?
Here’s an article for taxpayers claiming the credit for 2009:
Bottom line: You may need to consult an accountant, as there are various criteria for claiming the Federal Housing Tax Credit.
Clearing up confusion regarding tax credits
Contact me with any questions!
Saturday, January 23, 2010
Real Estate opportunities for Seniors- buy a vacation home!
There have been numerous improvements Since the debut of the Reverse Mortgage loan program in the late 80’s.
For instance, a Reverse Mortgage can be used to PURCHASE a home. Those over age 62 looking for a new home will be pleased to learn that a Reverse Mortgage can be obtained for up to 50% of the price. The maximum loan limit is $625,000.
But WAIT- there’s MORE! A Reverse Mortgage can also be used to purchase a VACATION HOME! That’s right! The beach condo you’ve been wanting can now be YOURS if you are shy of having enough cash for the entire purchase. And there are NO repayments due until 12 months after the last owner has vacated the property!
I work with local Reverse Mortgage Specialist Jim Trickey. Being an active senior himself, Jim understands the various concerns that buyers and their families may have about these loans. He’s been helping seniors relieve financial stress for several years and has become extremely knowledgeable about the mortgage options available to baby boomers.
If you are over 62 and would like to purchase a primary home or vacation home, but need a little bit of mortgage money to make it happen, please contact me directly and I will be more than happy to refer you to Jim.
To see what local real estate is available, please visit my website:
Saturday, January 16, 2010
Sales stats for December – Current prices of beach real estate
This just in:
Residential real estate sales for the month of December in the following beach areas:
Indian Rocks Beach, Indian Shores, Belleair Beach/Sand Key
There were 37 sales, consisting of:
Condominiums- 26 sales (Condotels- 1 sale)
Single Family Homes - 9 sales
Townhomes- 2 sales
Average square footage = 1710
Average Beds/Baths = 2/2.5
Average list price = $499,054
Average sales price = $439,405
Sales price to List price ratio = 90%
Average Days on Market = 203
Number of properties that are on the beach side of Gulf Boulevard (NOT necessarily Gulf front views) = 17
High sale: $1,500,000 - Belleair Beach home, over 4500 sq ft on Intercoastal water.
Low sale: $141,000 – Condo, Indian Shores (Barefoot Beach Resort)
If you'd like to live here, full time or part-time, NOW is the time to buy!
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