As Palm Harbor Realtors, we're often asked exactly how much Pinellas real estate prices have fallen. It's usually the buyers that are asking because Pinellas home sellers are having a harder time accepting the reality of today's market. Prices will rise again to those crazy 2006 levels, but it's going to be many years before that happens (speculation for another post). Yet this Zillow graph helps put perspective on the fact that homes always appreciate over the long term. In the mean time, if you know someone selling their Palm Harbor home now, give 'em a hug and a stiff drink and then, and only then, share this.
Before we get to the numbers, it's important to acknowledge that the fall in Ozona Florida or Dunedin real estate prices is actually a market correction from the falsely inflated prices we saw in the peak in July 2006. Things were nuts then, and would you agree that we've had a wake up call about the current state of the US economy, helped largely in part by the lending madness we saw a few years ago?
So the numbers.... The St. Pete times reported on November 26th that Tampa Bay homes lost 18.5% of their value the past year, according to September's S&P Case-Shiler home price index. As of end of 3rd Quarter '08, Zillow's reporting a 17.1% drop in Tampa Bay
home values over last year. Last month, The Pinellas Peach reported a 16% decline in Pinellas home prices based upon our MLS research, so I guess you can say that we're optimists.
Pinellas home buyers, rejoice, and start shopping! Sellers, take heed, assuming our mere 16% decline, that's an average of 1.33% drop per month. Let's say your home was worth $300,000 last year, you lost $4000 a month EACH MONTH your home didn't sell last year, and today's it's worth a paltry $252,000.
If you're thinking of selling, and, by the way, there are still lots of wonderful reasons to sell now (buying up, anyone?!), it's time to talk turkey with a real estate professional that will get your home sold now.
Comments(0)