Tampa Palms, Westchase, Carrollwood and Tampa Bay Real Estate News From Jeanne Prigitano

Let’s take a look at September’s housing market statistics for the Tampa Bay area and see what is happening to the housing recovery.

The number of houses sold in September is down about 5% from August. The average sales price is also down by about 1%. Inventory is down but the current inventory of 9.5 months is up slightly. A balanced market (neither a buyer or seller market) is 6 months inventory. So, we are still in a buyer’s market.

On a positive note, the housing market in the Tampa Bay area is still trending up from last year. Year to date, housing sales are up 7.5% and consistently higher every month in 2010 versus 2009.

As I mentioned in last week’s blog, the freeze on foreclosures will have a significant impact on the housing market. Many of the foreclosed properties (bank-owned) have been taken off the market and are in a state of limbo. The October market statistics will be too early to tell the extent of the impact. Inventories will be significantly lower. So, what may appear to be a good trend is really a delayed crisis once these houses are released to market

Many buyers who have offers on bank-owned properties are now stopped from completing the purchase. I have a client with an offer on a bank-owned property and we were in the middle of negotiation. The property was taken off the market leaving my buyer contemplating next steps. I have even heard that houses where title has already transferred to new owners may be in jeopardy. Let’s just hope the banks clear this up very soon.

I will keep you updated. If you have any questions about the Tampa area real estate market or about the foreclosure halt, don’t hesitate to ask. Remember you can also comment on the blog post.

Stay tuned and fasten your seat belts. The foreclosure halt has positioned the Tampa market and the country for a very bumpy ride.