It is that second weekend in the month when the Greater Tampa Bay Association of Realtor Sales stats come out.  I like to share this information with you so you have full knowledge of what is going on in the Tampa Bay Real Estate Market.....Some of you asked what happened to February's numbers...well, not much to report, numbers just so happened to be the same as January..so I wanted to hold my breath and see what happened in March....we I am happy to say March we saw some movement.  Not massive movement but forward progress.

In the month of March we saw -

• Months of Inventory drop for 25 months in February to 17 months in March
• Days on Market hold from 120 to 122
• List Price to Selling price hold at 6%
• Home Sales up from 1162 from 813 in February and 791 in January
• 20,141 Homes for sale in March, 20,486 in February

Does this mean we have hit bottom?  Well, no one can make that call officially so I will give you my un-official vote....prices will still continue to correct themselves ( I feel another 10% on top of the already 30+%) since we still have 20,000 homes on the market.  Remember that 6 months is a normal market and we are at 17...so 1 year from now if we don't list another home.

1. We are in the selling season, sales have picked up and they will continue until summer.  If you are not getting showings now you are overpriced, if you are getting showings but no offers, you are overpriced. So if you cannot sell in the next 3 months you are over priced and the clock is ticking.
2. In January the MLS / MFR changed Realtor Code of ethics on Short Sales making agents put their inventory in "Pending Status".  What this did was take homes that had offers on them off of the Active table and off of the market.
3. Shorts Sales into lenders started to close so we have buyers that waited n Bank Approval, could take 90-120 days to close a Short Sale.
4. Sellers are realizing that Price is King, King, KING!  List prices have really come down in 1Q 2008

I feel that the 80 / 20 rule applies here....of the 20,000 homes on the market 4,000 are priced right and will sell in that 120 day timeframe.  So if you are priced right you have a 1 in 4 chance of selling....if priced wrong you, well, you will not sell and outside of the 20% that will sell.

Now that numbers above are "broad and general" statements....look at the report to see your specific price range or type of home.  If you have a $1m home to sell it could take you 5 years.  57 Months of inventory....Ouch!!!

What is selling and who is buying.....

• First Time Home Buyers are out in force, seeing deals all day long and they don't have a home to sell holding them back
• Smart Investors seeing the market down 35% and looking to Buy Short Sales and REO's at an even deeper discount!
• Move up Buyers that held on long term and need a larger place BUT not the over $750,000 homes they are stuck with over 5 years of inventory
• Sellers that price their home at 5% below market value and take 5% off of list price to move it ASAP...

In the end Tampa Bay has an "affordability" problem....prices so HIGH that Buyer's could not purchase.  We are getting back to reality in this Real Estate Market correction that we are in.

What do you think of the stats?  How do you feel about the market

HELP ME GROW!  Do you know someone looking to Buy or Sell Real Estate right now that could use my services?  Please contact me with their name and number, I will follow up right away.

Thanks,

Nathan

Nathan Bangs & Associates of Keller Williams Realty

Real Estate Marketing and Property Investment Firm

office - 813.875.3700 x263    /   fax - 813.200.1091

Search the MLS -  http://www.nathanbangs.com/

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