When we report housing market statistics we like to look at the numbers slightly different than most of the reports you will find in the media, which often compares one month with the previous month. This sometimes gives interesting numbers, however due to seasonal and holiday differences these numbers are often not meaningful, kind of like comparing an apple to an orange. Year over year numbers are more like apple to apple comparisons, therefore, we will report January 2011 versus January 2010.
There are presently 7,450 single family homes for sale in Hillsborough County. This is a 7.5% increase from the same time last year. Of course we would like to see inventory decreasing instead of increasing as is occuring right now.
Out of the 7,450 total single family homes for sale, 975 are REO/Bank Owned Foreclosures and 2,330 are short sales. Presently more than 40% of the homes on the market are distressed properties (REO/Bank Owned Foreclosures or Short Sales).
During January 2011 we also had 725 homes sell, which is an increase of almost 14%, year over year. We are moving in the right direction.
Out of the 725 homes that sold, 285 were REO/Bank Owned Foreclosures and 130 were short sales. More than 55% of the homes sold were distressed properties (REO/Bank Owned Foreclosure or Short Sales).
We also saw 1,450 homes go under contract in January, a whopping 39% increase over last year. This should go a long way in bringing the increasing inventory back to earth.
Out of the 1,450 homes that went under contract in January, 510 were REO/Bank Owned Foreclosures, while another 460 were short sales. More than 65% of the homes that went under contract in January are distressed properties (REO/Bank Owned or Short Sales). It is important to note that not all short sales will end up getting to the closing table due to buyers walking before the lender accepts the offer, or the lenders rejecting the offers.
You can also see our report on Hillsborough County Housing Market Statistics based on Average Price Per Square Foot for January 2011 in Hillsborough County.
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