Saturday, July 09, 2011

What category of homes is selling in New Tampa in 2011?

62% of the reported MLS single family home sales in New Tampa in the first half of the year were "traditional" sales (not distressed sales), followed by 22% which were REO's/Foreclosures, and "Short Sales" at 16%.

Once again we see a large percentage (57%) of the homes "under contract" are "Short Sales", yet in the YTD Solds they were the smallest category of homes sold at 16% of the total YTD sold. Fourteen "Short Sale" homes under contract have been under contract since 2010 and haven't closed yet. Based on past sales we can predict a large percentage of the "short sale" homes under contract and waiting for a response from the Sellers' lenders won't close and convert to SOLD Short Sales.

There is a significant difference in the single family homes for sale between Wesley Chapel (see previous post) and New Tampa.  72% of the homes on the market in New Tampa are not "distressed sales", and won't require the long wait on short sales or the bank required "one sided" addendum to the Purchase and Sale Contract on foreclosures.  This compares to the 52% of the "traditional" single family homes listed for sale in Wesley Chapel which are not classified as "distressed sales".

There are approximately 300 single family homes listed for sale in New Tampa (Zip code 33647).

*Information reported from MLS deemed reliable but not guaranteed.

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