What Did The Foreclosure Market Look Like This Past Year

Dated: February 11 2016

Views: 218

Living on the Beach is a great dream and what would make it better, but by getting a deal on that Condo on the Gulf!

But is that still a possibility  in todays market?????

The Florida Realtors just released the statistics on last year and here is what the market looked like in Pinellas County for Condo's.

Here is a snapshot of what the market looked like in 2015 vs. 2014

Traditional Sales were +21.4%

Foreclosures/REO's - (-8.9%)

Shortsales- (-31.9%)

For the last 3 months in 2015 (Q4 2015 vs Q4 2015)

Traditional Sales were +14. 7%

Foreclosures/REO's-  (-30.7%)

Shortsales- (-37.9%)

If you just look at the month of December (12/2015 vs. 12/2014)

Traditional Sales- +15.2%

Foreclosures/REO's- (-27.9%)

Shortsales- (-47.4%)

The market has rebounded and Foreclosures/REO's are harder to find than in the past. If you can find one, the deal that was there a few years ago is not what you can expect to find now, the prices are competitive and the Tampa/Clearwater/St Petersburg are is ranked in the top 20 hottest markets in Real Estate for the first 3 months in January. Check out the article below for more......

The 20 Hottest U.S. Real Estate Markets in January 2016

After a December that was unseasonably balmy for a large swath of the East Coast, January saw a return to winter norms: frigid temperatures and mountains of snow (even in the drought-parched West, thanks to El Niño). Real estate markets around the country also followed the regular January pattern, according to realtor.com® data: fewer homes on the market, and those that are for sale move like semi-frozen molasses. But just like the seeds that are waiting to sprout once temperatures warm up (hey, is it April yet?), we’re seeing signs that buyers are getting ready to jump into the market this year when the time is right.

“Our initial readings on January affirm the positive growth we expect to see in the residential real estate market in 2016,” says Jonathan Smoke, chief economist of realtor.com. “Our traffic, searches and listing views exhibited the January ‘pop’ we saw last year, which made for a strong spring. In addition, a large number of prospective buyers have been telling us since the second half of 2015 that they plan to purchase in the spring and summer of 2016.”

For now, buyers have fewer choices than they will later in the year, but of course there’s also less competition. Smoke expects listing inventory for January to trend down 7% over December, following the usual winter pattern. The median age of inventory is now 100 days, which means it’s taking homes 6% longer to sell in January than in December, but that’s still 4% faster when compared with January 2015.

The median listing price for January is estimated at $227,000, remaining virtually flat over December, but still up 8% year over year.

By analyzing listing views and age of inventory in the nation’s largest markets, Smoke’s team was able to identify the top 20 that are beating the winter chill. Listings in these markets are viewed two to five times more often than the national average, and houses move 30 to 50 days more quickly than the rest of the U.S. They have also seen days on market drop by a combined average of 7% year over year.

San Francisco retains the first spot this month—again—as California maintains its dominance with seven of the top 10 markets. One surprise: Nashville is the biggest gainer, moving up six spots to end at No. 7. Also, Texas and Florida now feature multiple markets on the list. Overall, Florida real estate markets just keep getting hotter, and the state will give California a run for its money in 2016 as the warm-weather housing market to beat. Maybe.

The hot list

  1. San Francisco, CA

  2. San Jose, CA

  3. Dallas, TX

  4. Vallejo, CA

  5. San Diego, CA

  6. Sacramento, CA

  7. Nashville, TN

  8. Stockton, CA

  9. Denver, CO

  10. Los Angeles, CA

  11. Santa Rosa, CA

  12. Oxnard, CA

  13. Palm Bay, FL

  14. Yuba City, CA

  15. Modesto, CA

  16. Detroit, MI

  17. Midland, TX

  18. Santa Cruz, CA

  19. Tampa/St Petersburg/Clearwater

  20. Fort Wayne, IN

Click the link below to see the Shortsales and Foreclosures on the market along the Gulf Beaches


Latest Blog Posts

Dealing With Popcorn Ceilings

Popcorn is great with a movie or possibly for stringing around an old-fashioned Christmas tree, but it’s a little less universally loved when it’s applied to the ceiling as a texture. “Popcorn

Read More

Oct 1 2020 71067 1

Where Are Home Values Headed Over the Next 12 Months?As shelter-in-place orders were implemented earlier this year, many questioned what the shutdown would mean to the real estate market.

Read More

Sep 1 2020 71067 1

Builders & Realtors Agree: Real Estate Is BackWhen shelter-in-place orders brought the economy to a screeching halt earlier this year, many believed the residential housing market would follow suit.

Read More

Aug 3 2020 71067 1


Read More