February 2010 Sales and Foreclosure Activity
GTAR has release their February statistical data.
AVERAGE RESIDENTIAL SALES PRICE
The Average Residential Sales Price represents the average sales price of closed residential sale transactions as reported through the MLS for single family homes, townhomes, condominiums, and villas. As noted on the GTAR website, these figures do not represent private sales or new construction sales unless entered into MLS. This is only one of many available indicators, but taken consistently over time, provides a good view of residential market activity.
The February 2010 average residential sales price of $169,864 represents a 5.71% decrease over last month, a 4.46% decrease over last quarter (3 months ago), and a .26% increase over February of 2009. Although we're close, we have not broken through the low hit in January 2009. After about 18 months of finding news lows every month, we have spent the last 12 months supporting the low found in January 2009.
The reality of what we've been through - The February 2010 average residential sales price represents a 29.96% decrease from 2 years ago, a 38.95% decrease from 3 years ago, and a 45.62% decrease from the high of $312, 356 hit in July 2006.
TOTAL RESIDENTIAL SALES
Total Residential Sales represents the number of closed sale transactions as reported through the MLS for single family homes, townhomes, condominiums, and villas. As noted on the GTAR website, these figures do not represent private sales or new construction sales unless entered into MLS. This is only one of many available indicators, but taken consistently over time, provides a good view of residential market activity.
In February 2010, GTAR reports 1,272 residential sales. This is up 25.32% from last month, down 8.29% over last quarter (3 months ago), and up 28.48% over February 2009.
This February figure is also down 58.55% from the high reached in June 2005 when 3,069 residential sales were reported, but up 79.92% from the recent low reached in January 2008 when only 707 residential sales were reported.
Please click the link below to access a pdf file with the data and graphs.
February 2010 Market Activity Data and Graphs
Monthly Foreclosure Activity
The first public notice of a foreclosure is the recording of a legal document called the Lis Pendens. This typically happens after the homeowner has missed about 3 mortgage payments. The Final Judgment of Foreclosure is recorded next, detailing the amount owed including principal, past due interest, fees, etc., Finally the foreclosure sale is held. The winning bidder at the foreclosure sale, or the foreclosing lender if no one bids, acquires title via the next recorded document, the Certificate of Title. This process takes about 8 months, barring any delays. Because lenders are not really in the business of owning real estate, they will now attempt to sell this REO (Real Estate Owned) property and move it off their books, often times at deeply discounted prices.
In February 2010, there were 1,991 Lis Pendens filed in Hillsborough County alone. Keep in mind that there were on average 398 Lis Pendens filed in Hillsborough County during the 24 month period from August 2004 to July 2006. Over the last 24 months there have been an average of 1,900 Lis Pendens filed every month.
As of this writing on Saturday, March 20th, there are 1,144 Lis Pendens filed so far in March.
Please click the link below to access a pdf file with the data and graphs.
