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.

This indicator bottomed out in January 2008 with 707 Total Residential Sales reported.  At this point in time, the average residential sales prices had retreated to May 2005 levels. This indicator trended up for a few months before testing the lows again in January 2009 with 822 total residential sales.  In November 2009, this indicator  was at 1,387, up 47.4% from November 2008, but down 24.7% from near term highs in July 2009.  This increase in sales activity over the last 10 months has helped the Average Residential Sales Price find what looks like a bottom.

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.

This indicator topped out in July 2006 when the average residential sales price was $312,356.  By this time, the number of transactions had been trending down for about a year.  This indicator hovered around the $285,000 range for about a year until beginning a 14 month slide in October 2007.  At the bottom of this slide in January 2009, the Average Residential Sales Price bottomed out at $166,886, a 46.6% decrease from it's July 2006 high.  It would seem that local real estate buyers find this a very attractive price range as the graph indicates strong support at this level coupled with a surge in the number of transactions.

Please click the link below to access a pdf file with the data and graphs.

November 2009 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.

In Hillsborough County, the number of monthly foreclosure filings hovered around the 500 range until January 2007 when the indicator spiked to 711.  By August 2007 there were over 1,000 filings.  By January 2008, over 1,500 filings.  By September 2008, over 2,000 foreclosure filings.  This indicator remains around the 2,000 range through October 2009.  In November 2009, we see the number of filings has dropped to 1,453, 16% less than a year ago.  This pipeline of new foreclosures, and eventual REO properties being sold at a loss, continues to put downward pressure on pricing on our market.

Please click the link below to access a pdf file with the data and graphs.

November 2009 Foreclosure Activity in Hillsborough County 

Rob Young
Benefit Title Services, LLC
212 S. Magnolia Ave.
Tampa, FL 33606
Phone: (813) 251-1420
Toll Free: 800-237-9190
Fax: (813) 251-1454
RYoung@BenefitTitle.com