April Sales Look Better
Okay, I kinda messed up. I simply forgot to write the April sales report. Hey, I was busy! So, here's a short summary.
April looked pretty good overall. The Absorption Rate (AR) for single family homes moved up to 8.5 percent compared to 7.7 percent for March -- that's a nice move for 30 days. Condo AR stood at 5.3 percent for April, also a move upward from March's 4.9 percent. Remember, the AR is calculated by dividing the number of units sold during the month by the total number of listings in the MLS inventory.
Single Family Homes
During April there were 7,126 single family homes listed in the MLS. In March, there were 7,492. We had 604 sales in April as compared to 574 in March. The median selling price for a single family home in April 2009 was $144,400; that's down 18.9 percent from April of 2008.
Condo Sales
Condominium listings fell from 6,671 in March to 6,470 in April. Condo sales in April were 340 as compared to March's 330. But brother, did condo median sales price ever take it on the chin! The median price for April 2009 was $115,000 -- that's down 33.1 percent over the median price of April 2008. Bad news if you're trying to sell a condo today.
Something we should all keep in mind is that about one-third of the sales being made now are distress sales of some kind -- foreclosures, REO's or short sales. With that many distress sales being reported in the market, it is going to drive prices down as buyers look for bargains in both single family and condo markets. Because of the distress sales, buyers are finding bargains. Based on the principle of substitution, if you're a seller now you need to be very competitive with your price or buyers will simply move on to a distress property that is similar to your property and buy it instead of your property.
Good luck and happy selling!
For more information about real estate in the Tampa Bay area, please visit my website at www.TheStPeteRealEstateSite.com.
April looked pretty good overall. The Absorption Rate (AR) for single family homes moved up to 8.5 percent compared to 7.7 percent for March -- that's a nice move for 30 days. Condo AR stood at 5.3 percent for April, also a move upward from March's 4.9 percent. Remember, the AR is calculated by dividing the number of units sold during the month by the total number of listings in the MLS inventory.
Single Family Homes
During April there were 7,126 single family homes listed in the MLS. In March, there were 7,492. We had 604 sales in April as compared to 574 in March. The median selling price for a single family home in April 2009 was $144,400; that's down 18.9 percent from April of 2008.
Condo Sales
Condominium listings fell from 6,671 in March to 6,470 in April. Condo sales in April were 340 as compared to March's 330. But brother, did condo median sales price ever take it on the chin! The median price for April 2009 was $115,000 -- that's down 33.1 percent over the median price of April 2008. Bad news if you're trying to sell a condo today.
Something we should all keep in mind is that about one-third of the sales being made now are distress sales of some kind -- foreclosures, REO's or short sales. With that many distress sales being reported in the market, it is going to drive prices down as buyers look for bargains in both single family and condo markets. Because of the distress sales, buyers are finding bargains. Based on the principle of substitution, if you're a seller now you need to be very competitive with your price or buyers will simply move on to a distress property that is similar to your property and buy it instead of your property.
Good luck and happy selling!
For more information about real estate in the Tampa Bay area, please visit my website at www.TheStPeteRealEstateSite.com.
-30-
posted by Terry Ward at 4:09 AM
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