Leisure Beach, Hudson, West Pasco, Florida August Distressed Home Market Report

Leisure Beach, Hudson, West Pasco, Florida August Distressed Home Market Report

Well this Hudson, Florida Realtor was at first very discouraged at seeing these Charts I created using data from The West Pasco Board of Realtors MLS site. The first thing that jumped out at me in these charts was how many more homes are under contract than closed in August 2009. Now do not read too much into that. I think that has alot to do with Distressed Homes (Short Sales.)

You see a normal property in Florida closes in about a month. However, some banks have been taking up to 90 days to close in some cases. However, when it comes to short sales they typically take 4-5 months to close, so they build up a back log. On some occasions it closes in a month, in others it takes even longer, but 4-5 months is the norm these days. And this creates a backlog in the MLS in the Active with Contract and Pending Sale categories. So it is not as if September is going to be spectacular based upon how many properties are under contract.

Now you can see that Hudson is pretty similar to West Pasco in general. There are 10 months inventory in the Hudson Real Estate Market. And while only 38 homes sold in Hudson for the month of August 2009, which equates to just barely more than 1 house per day closing, this Hudson Florida Realtor sees it as over 70 sides of a deal to get in on, not to mention alot of great oppurtunities for a Home Buyer, especially with the $8000 First Time Home Buyer Tax Credit (which is actually only a 10% credit, with a limit of $8000)

Sadly, one of my favorite Subdivisions in Hudson, Florida had no sales at all in August 2009. Leisure Beach has 23 homes for sale presently, but only 4 people took advantage of the great values available in August, half of which are Distressed homes. Unfortunately none of them have closed yet. And as every Realtor knows, and most buyers, until it closes, it has not closed

Hudson, FL Midyear Real Estate Market Report

702 units are currently for sale in Hudson Florida and there are 115 units under contract

but only 286 units sold year to date so that comes out to about 18 months inventory. YIKES!

But lets Break that down for a better view of things

SFR

Currenlty there are 503 Single Family Homes on the market in this little town. Now of the 115 units currently under contract 102 of them are Single Family Homes. Not a good time to be selling a condo or mobile.

243 Single Family Homes closed in the first half of the year which equates to about 2 years inventory. So i expect a good many of the 115 contracts currently on the market, alot of them will not make it to the closing table. If i was optomistic I would be saying we are seeing a surge in home purchases, but in May 1/2 of our deals fell apart before getting to the closing table

CONDO

There are 80 Condos on the market as of today. However only 2 are under contract, and only 14 actually closed Year to Date. That means we have about 3 years inventory on the market.

Mobile/manufactured Homes

There are 75 mobiles on the market and year to date 19 have closed. so it has a better rate than condos.

Short Sales, Foreclosures & Bank owned properties

Single Family homes

Homes in Foreclosure comprise 20% of the current market actives but 40% of the homes sold year to date. Of the 243 Homes that closed this year, 93 of them were in some stage of Foreclosure. That is a whopping 38% of the market share.

Condo

Surprisingly only 10 of the 80 condos on the market for sale are in some stage of foreclosure. Of the 14 sold year to date 2 were in some form of foreclosure.

Obama Urges Americans to Refinance

Pres. Obama’s new program has rolled out and you may be eligible even if you are underwater, or upside down, in your current mortgage

for more info click on title of this blog post, or go to http://www.makinghomeaffordable.gov/

Top Economists Say Recovery Has Begun

Economic recovery is about making people feel more confident, says Mark Zandi, chief economist of Moody’s Economy.com.

Zandi evidenced increasing home sales and gains in the stock market are some promising signs that the worst is over and people will start spending again.

“We’re starting to see some pent-up demand for goods,” he says.