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

Last month I speculated that because of the halt on foreclosures, we might see a decline in the October inventory of houses for sale in the Tampa Bay area. Well I was right. The number of houses on the market is down to 14,173 in October from 15,430 in September. As I’ve said in previous posts, a decline in the number of houses on the market is almost always a good thing. It usually leads to a more balanced market. Unfortunately, in this case it is probably not a good thing. The number of houses sold was also down from 1604 in September to 1361 in October. So, the current months inventory is trending up at 10.4 months from 9.5 in September and up significantly from the 7.1 months of inventory in June. As I said in last month’s post, I am concerned once these foreclosures are released to market. Some have been released while others are still on hold. So maybe the plan is to release them gradually so as to not flood the market.

Of some concern is the fact that, although sales were showing improvement over last year, on a monthly basis there is now a decline over last year. Yes, there are less houses on the market but this month’s inventory (Number of houses listed/Number of houses under contract) is higher than this time last year. Year to date, sales are still better than last year but where we once saw an increase of almost 20 % in sales over last year, right now there is only a 4.5% YTD increase in single family home sales over last year. The condo market is showing an 19% YTD increase in sales.

So how do we combat all this seemingly bad news? As I mentioned in last week’s post, there are several programs out there to help both buyers and sellers. The Lease to Own program is one program that can help both buyers and sellers. Remember, I am now certified and only certified agents can have their buyers and sellers participate in this innovative way to buying and selling. I am also in the process of becoming a Certified HAFA (Home Affordable Foreclosure Alternatives) agent. More on that next week.

If you have any questions about the Tampa area real estate market or Lease to Own or HAFA, let me know. Remember you can also comment or ask questions on the blog post.