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Distressed Sales Report Highlights for Greater Tampa Bay Area

Distressed Sales Report*

TAMPA BAY AGGREGATE

Type of Sale % of All Sales Avg List $/sqft Avg Sale $/sqft

CONVENTIONAL 57% $114 $106

BANK-OWNED 23% $59 $57

SHORT SALE 20% $94 $86

*Home Encounter August 2009

After reviewing the GTAR MLS Highlights here are some observations:

- For specific price points the number of sales had a dramatic increase. These price points are where people must feel they are getting a bargain deal. Here is the range on the year to date (YTD) $100-180k and $200-250k. Investors to the rescue!!!!

- These months, March (end Q1), June (end Q2), and September (end Q3)* showed the largest % Change Last Month. If this trend continues September will be full show the highest volume we've seen since before the market correction. I'll get this highlights out as soon as they become available.

- MLS reclassified sales type in September which has resulted in a clearer picture of the volume of distressed sale inventory. More details?! This is good for everyone since this is such an evolving market we are living in. *GTAR MLS Market Statistics August

In your corner,

Jon Tipton

www.tampabayappraiser.org

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www.brandondwellings.com/

Posted by Jon Tipton / State Certified Appraiser Greater Tampa, Hillsborough & Pinellas on 10/08/2009 02:01 PM

Comments (2)

distressed sales report greater tampa area

2 Comments on Distressed Sales Report Highlights for Greater Tampa Bay Area

OCT

Thanks for the info. I assume most of Florida is like Tampa as to the ratios of REOs and Short Sales to Conventional sales for 2009. Charlie Gantz, Greenwood, IN; J.D., M.B.A.; Owner/Principal Broker, Atlas Commercial Real Estate, LLC.

OCT

Charlie,

That's a fair assumption. I would agree, however, as you may know Coral Springs in South Florida saw one of the highest appreciation in values in the country. I would really like to get market data for soem of these harder hit areas. Tampa's surrounding counties had a median % of All Sales of 55% for Conventional, REO's % of All Sales was 24%, and Short Sales was 19% of All Sales. One anomaly or outlier was Polk county, just to the east of Hillsborough county, which had 41% of All Sales for REO's. I have identified this area as one of the major areas in central Florida where banks made bad loans and/or was hardest hit by the recession. Perhaps, employment and incomes in this area I would presume are much lower than more metropolitan areas which may have attributed to the higher Foreclosure rate at least for the August report on Distressed sales. Thanks for the comments. Have a great day.

Jon Tipton

www.tampabayappraiser.org

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