How is the Treasure Island Real Estate market doing, have we reached the bottom yet?
Isn’t this the million $ question everybody has? Well, I do not promise you an answer (because I do not have a crystal ball) but I will give you some interesting numbers and fact so you can draw your own conclusion.
Treasure Island has 5694 housing units.
306 are for sale right now, this is only 5.3%
86 homes or condos have sold so far in 2009 with 133 days in average on the market.
6 of them sold for over $800,000. Last year it was 6 units over $800,000 in all 12 month.
Nothing sold for less than $100,000
Between $100,000 and $200,000 we sold 22 units
Between $200,000 and $300,000 we sold 22 units
Between $300,000 and $400,000 we sold 11 units
Between $400,000 and $500,000 we sold 8 units
Between %500,000 and $ 600,000 we sold 10 units
Between $600,000 and $ 700,000 we sold 4 units
Between $700,000 and $800,000 we sold 2 units
Between $800,000 and $2,550,000 we sold 6 units.
If your home or condo here in Treasure Island is listed under $400,000, you have a good chance to find a buyer, over $400,000 the air gets really thin.
Sales of existing single-family homes in Florida rose 25 percent in first quarter 2009 compared to the same period a year earlier, according to FAR
Existing home sales rose 28 percent last month with a total of 15,850 homes sold statewide compared to 12,339 homes sold in June 2008, according to FAR. Statewide existing home sales in June increased 13.8 percent over May’s statewide activity.
In Florida’s year-to-year comparison for condos, 5,241 units sold statewide compared to 3,771 units in June 2008 for a 39 percent increase. The statewide existing condo median sales price last month was $112,900; in June 2008 it was $180,400 for a 37 percent decrease according to the Florida Association of Realtors.
How is the Treasure Island Real Estate market doing, have we reached the bottom yet? Having all the above information, I think it is it safe to say that we are doing much better than last year. Still, from my experience as a Realtor here in Treasure Island I have to say that there is no balance yet. My phone rings off the hook for a whole week and as soon as you hear some “bad news” on TV or Internet, my phone goes dead for a few days. Buyers know that they can get some incredible deals right now, but they are still a little jumpy. They do not want to miss the boat but then again they are afraid the prices might go down even further.
That brings us back to the second part of our question, How is the Treasure Island Real Estate market doing, have we reached the bottom yet?
Yes and No. Foreclosure fillings are way down, short sales close faster, there is a lot of cash money out there (48% of all sales in Pinellas county in the first 3 quarters were cash deals) A few subdivision in Treasure Islandhave already seen the worst, other still have a little ways to go. Last year we did not have any real estate for sale under $100,000. Right now we have 7 listings already under $100,000 active on the market and a ton of Short sale to be closed soon. Yes, the prices are still adjusting but we will soon see a “new normal”
My advice to sellers is to price your home or condo at fair market value if you are serious about selling. If you are way overpriced, do not even bother putting it on the market, nobody will make an offer and you will get very frustrated about the whole situation.
My advice to buyers is, do NOT be shy, make offers, this is the time to buy. Have your Realtor do a detailed comparable market analysis for you so you know you are getting a good deal.
Ok, this is it for today. Thank you for your interest in , How is the Treasure Island Real Estate market doing, have we reached the bottom yet? I hope I was able to give you some good information so you can form your own opinion.
Have a beautiful day