In Case You Missed It: March Was Terrible
The St. Petersburg Times today (April 25, 2007) reported that March was not such a hot month for local real estate. Or statewide real estate. Or national real estate, for that matter.
The Times wrote that sales of existing homes in Florida were off 28-percent in March as compared to March 2006. These are figures released by the Florida Association of Realtors. The median sales price fell 4-percent to $236,000.
In the Tampa Bay area, things were even worse. Sales of existing homes were off by 38 percent from March 2006 with a drop in the median price of 4-percent to $209,700.
The Times also reported that Florida's drop in sales were worse than those of the nation as a whole. Nationally, sales dropped only 11.3-percent in March compared to March, 2006.
Here's what's important. This decline in sales marked the eighth consecutive month of falling median prices. This is the longest period of price declines on record. The article goes on to say that this decline in sales and prices ends speculation that housing was beginning to make a comeback after last year's big declines. Apparently housing is still in trouble and we have not seen the bottom of this decline yet.
So, if you're a seller, you need to become more market-smart about your pricing if you hope to sell anytime soon. Seller's need to think in terms of "rock-bottom" figures if they intend to sell, not in terms of "return-on-investment". If you're a buyer, now may be the best time to purchase if you can qualify for a mortgage. There is a wide selection, seller's are getting desparate and mortgage rates are very reasonable. It's a great time to buy.
For more information about area real estate, visit my website at www.TheStPeteRealEstateSite.com.
The Times wrote that sales of existing homes in Florida were off 28-percent in March as compared to March 2006. These are figures released by the Florida Association of Realtors. The median sales price fell 4-percent to $236,000.
In the Tampa Bay area, things were even worse. Sales of existing homes were off by 38 percent from March 2006 with a drop in the median price of 4-percent to $209,700.
The Times also reported that Florida's drop in sales were worse than those of the nation as a whole. Nationally, sales dropped only 11.3-percent in March compared to March, 2006.
Here's what's important. This decline in sales marked the eighth consecutive month of falling median prices. This is the longest period of price declines on record. The article goes on to say that this decline in sales and prices ends speculation that housing was beginning to make a comeback after last year's big declines. Apparently housing is still in trouble and we have not seen the bottom of this decline yet.
So, if you're a seller, you need to become more market-smart about your pricing if you hope to sell anytime soon. Seller's need to think in terms of "rock-bottom" figures if they intend to sell, not in terms of "return-on-investment". If you're a buyer, now may be the best time to purchase if you can qualify for a mortgage. There is a wide selection, seller's are getting desparate and mortgage rates are very reasonable. It's a great time to buy.
For more information about area real estate, visit my website at www.TheStPeteRealEstateSite.com.
-30-
posted by Terry Ward at 5:19 AM
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