I’m pleased to present my Tierra Verde Real Estate Report for the closed months of December 2011 and January 2012.  This report utilizes statistics from My Florida Regional Multiple Listing Service (MFMLS).

This two-month period has been merged into one report to account for the days I was away, attending graduate school in Oklahoma City.  I wish to thank Monica Gervais, our office administrator, and Jim and Loretta Powers, my brokers at Wave Realty of Tampa Bay, for assisting my real estate customers during my absence.  Before delving into the details of the below report, please remember that I live and work in Tierra Verde and appreciate your referrals—especially now that I have tuition to pay!  I prescreen real estate professionals and offer referrals to anyone anywhere in the world, so think of me if you or someone you might know is interested in buying or selling real estate.   

Since my November report, the number of distressed properties in Tierra Verde decreased from 33 to 27.  The six sales in this category account for 50% of the total sales that occurred on the island between 12/11 and 01/12.  

Sellers should be aware of Average Days on the Market (Active vs. Sold Listings) and disparity between Average Listing and Selling Price (per sq. ft.).  I’ve included these eye-opening statistics (below).  A surprising item is the total inventory of non-distressed active property listings.  This category experienced a drop from 135 to 102 as of February 2, 2012.  At this time of year, we usually see an increase in active home listings. 

The low inventory bodes well for home sellers.  Home prices remain depressed and buyers are still bottom feeders.  The good news is properties are selling as evidenced by the number of sales in December (eleven) and January (three). 

As we head into our busy spring buying season, I predict that our real estate market will flourish, especially given that mortgage interest rates are inching up.  It is difficult for homebuyers to obtain financing, so if you’re looking to buy and intend to finance, it’s advisable to get preapproved (not just prequalified) and lock in a rate.  But there are cash buyers out there! 

My mantra is, was, and remains . . . what shows best and is priced less sells!  

Listings Reported to My Florida Regional MLS®
Between 12/1/2011 & 12/31/2011:

110 Non-Distressed Listings
(Represents a decrease of 25 listings over November 2011)
Comparative Market Analysis - 110 Non-Distressed Listings
89 Active, 5 Active with Contract, 5 Pending Sale, and 11 Sold/Closed
Average Listing Price per Square Foot for Active Listings:  $263
Average Days on Market for Active Listings:  356
Average Selling Price per Square Foot for Sold Listings:  $188
Average Days on Market for Sold Listings:  482

31 Special Sale Provision (REO/Bank-Owned or Short Sale) Listings (Decrease of two listings over November 2011)
Comparative Market Analysis - 31 REO/Bank-Owned & Short Sale Listings
15 Active, 7 Active with Contract, 5 Pending Sale, 4 Sold/Closed 
Average Listing Price per Square Foot for Active Listings:  $184
Average Days on Market for Active Listings:  341
Average Selling Price per Square Foot for Sold Listings:  $117
Average Days on Market for Sold Listings:  219

Listings Reported to My Florida Regional MLS®
Between 1/1/2012 & 1/31/2012:

102 Non-Distressed Listings
(Decrease of nine listings over December 2011)
Comparative Market Analysis - 102 Non-Distressed Listing
89 Active, 5 Active with Contract, 5 Pending Sale, and 3 Sold/Closed
Average Listing Price per Square Foot for Active Listings:  $263
Average Days on Market for Active Listings: 356
Average Selling Price per Square Foot for Sold Listings:  $238
Average Days on Market for Sold Listings:  182

27 Special Sale Provision (REO/Bank-Owned or Short Sale) Listings (Decrease of four listings over December 2011)
Comparative Market Analysis - 27 REO/Bank-Owned & Short Sale Listings
15 Active, 7 Active with Contract, 5 Pending Sale, 0 Sold/Closed 
Average Listing Price per Square Foot for Active Listings:  $184
Average Days on Market for Active Listings:  341
Average Selling Price per Square Foot for Sold Listings:  N/A
Average Days on Market for Sold Listings:  N/A

Connie Langhorst
Broker Associate, GRI, SFR
Wave Realty of Tampa Bay
2626 5th Ave. N., St. Petersburg, FL 33713
727.480.5954 Cell
727.328-1300 Office
813.436.5486 eFax
GoVida@TampaBay.rr.com
www.ConnieSellsFlorida.com

Think Connie L . . . When You Buy or Sell

"Special Sale Provision" listings are REO/Bank-Owned and Short Sales. For Sale by Owner properties are not included. Statistical information in this report is believed to be accurate, but should not be relied upon without verification.