The share of short sales and foreclosure and REO sales in Tampa Bay has been declining since 2013. In June this year, the share of short sales has reached its lowest level, based on data from the Greater Tampa Association of Realtors (GTAR).
Of the 6,243 single-family homes, townhouses and condos sold in June, only 212 units were short sales. That’s a small share of 3.4%, a big decline from the months in 2012 when short sales were one-fourth to almost one-third of total sales.
Sales of Tampa Bay Single-Family Homes
Traditional Sales 3,751
Foreclosure/REO Sales 826
Short Sales 175
Total 4,752
Sales of Tampa Bay Townhouse and Condos
Traditional Sales 1,274
Foreclosure/REO Sales 180
Short Sales 37
Total 1,491
Total Sales: 4,752 + 1,491 = 6,243
Total Short Sales: 175 + 37 = 212
June 2014 and June 2015 Comparison of Short Sales
Compared to short sales of single-family homes in June 2014, there was a sharp decrease. From 235 short sales in June 2014 to 175 short sales in June this year, the sharp fall was 26%.
Compared to short sales of townhouses and condos in June 2014, there was also a big decrease. Short sales fell deeply by a record 28%, a big contrast to the big increase in traditional sales, which was 32%.
Median Sales Price Comparisons for Tampa Bay Single Family Homes
Traditional Sales $200,000
Foreclosure/REO Sales $103,500
Short Sales $132,000
The over-the-year increase in the median price for short sales, from $120,000 to $132,000, meant that the higher-priced short sales had been moving this year. It can also mean that buyers offered higher bids for short sale properties, knowing that the housing inventory has been falling from month to month.
Median Sales Price Comparisons for Townhouses and Condos
Traditional Sales $125,500
Foreclosure/REO Sales $69,225
Short Sales $76,000
The median sales price for townhouse and condo short sales also decreased over the year from $82,000 in June 2014 to $76,000 in June this year.
Hillsborough County Short Sales of Single Family Homes
Short sales of single family homes dropped from 104 in June 2014 to 72 in June this year, representing a sharp drop of 31% over the year, a record year-over-year drop and month-over-month drop. The median sales price also dropped over the year, from $131,000 in June 2014 to $124,250 in June this year.
Hillsborough County Short Sales of Townhouses and Condos
Short sales of townhouses and condos dropped by 50% over the year, from 26 in June 2014 to 13 in June this year. Foreclosure and REO sales also dropped, from 101 in June 2014 to 82 in June 2015. That’s a drop of 19%.
Pasco County Short Sales of Single Family Homes
The drop in short sales of single family homes was from 54 units to 42 units, posting a drop of 22.2%. This was a big contrast to traditional sales, which shot up by 46%, from 539 units in June 2014 to 786 units in June this year.
Pasco County Short Sales of Townhouses and Condos
There are only a few condo and townhouse short sales in June 2014 and June 2015, with 6 and 8 units sold, respectively. It was the median sales price that dropped sharply, from $89,000 in June 2014 to $67,355 in June 2015. That was a 33.3-percent drop.
Pinellas County Short Sales of Single Family Homes
Short sales dropped from 59 in June 2014 to 51 in June 2015, posting a drop of 13.6%. The higher-priced short sales moved, as the median sales price shot up by 35.1%, from $114,760 in June 2014 to $155,000 in June 2015. The higher-price market in the foreclosure/REO market also moved, as the median sales price increased from $90,000 to $105,000.
Pinellas County Short Sales of Townhouses and Condos
Short sales dropped from 19 to 15, posting a drop of 21.15 over the year. Both median sales prices for short sales and foreclosure/REO sales dropped, with short sales showing the bigger drop. Short-sale median price dropped from $104,500 to $76,000, posting a sharp drop of 27.3%.