Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
loves2read; I reviewed the Venice numbers when they were first posted, and it appears that the numbers include condos.
As far as the future of foreclosure properties, I monitor the lis pendens filed in Sarasota county with some regularity. The past 2 months have shown a slight rise in filings, which could indicate additional bank owned properties down the road. Unless the loan modification efforts are more successful.
With the bank lending rates; ie benchmarks being historically low I don't think ARM resets will have any significant role in near term foreclosures, now I think it's really about jobs and retirement portfolios.
You are correct in your assumption that the majority of the properties are sold "all cash". But this area always has had a high "all cash" purchase rate.
I have no way of knowing what percentage of purchases are out of US or even non-FL. but most purchases have historically been out of FL. and with the dollar strength I think it's safe to say the non-US buyers are becoming a smaller percentage of total sales. Although I think the US west coast market may be seeing Asian investment with the relative strength of the Asian and Aussy currencies.
very interesting to read that info--and as you say it all depends on the individual home under consideration...
and are you counting CONDOs in areas like Venice which is really condo heavy in those numbers or is it strickly SFR's?
and are you anticipating that foreclosures will start to increase after banks/mortgage companies adhere to the meeting with the homeowners and everyone realized that there is no way to make up that mortgage money...
I thought most people were looking for greater numbers to come on foreclosures market after the next ARM date vs fewer ones...
would you have any info on what % of buyers were paying cash vs mortgage
and what % of buyers were from out of the US -- Canadians or Europeans or even primary residence out of FL...
I think a lot of this is investment buying--people who took their money of the market when they could see the flop start (there was largest $$$ of money in cash deposits last year around May of any time in US history from what our finance guy said)-- some people certainly were not fully in the stock market...and with the stock market still being recalcitrant, some people are making choices based on what is a good price/buy vs what is the best price/buy...
but I am not there so that is just my opinion...
Hey loves2read,
Yes FLBob was correct I did include all properties, mobiles, condos, SFH's, etc. I can do some break outs so you can see that as well. The numbers will be nearly the same in North Port because there are very few condos so I'm not going to redo those numbers.
The next adjust in the ARM rates is in May and many of those mortgages were on the higher end homes so I'm expecting to see more foreclosures on the keys-Bird, Longboat, Siesta, Manasota, etc.
I am seeing many lis pendes when reviewing the court records as well but our asset managers at the banks are saying that they aren't getting many new properties. This scenario is true of all the foreclosure agents in the area that I have spoken to recently. I think it has to do with recent requirement of making the banks or their representatives show up.
Like Bob, we are seeing many more cash buyers than financed properties. It seems as though on many of the properties there are bidding wars going on. I have a foreclosure right now in south Venice with seven offers on it, it's priced at $89K. And I have a property in Silver Oak in Palmer Ranch that is priced at $769,900 with several offers on it. So, it's not just the low end that's getting a lot of action. If the property shows well and is priced right it will sell and it will sell quick. There are buyers out there. We are seeing a lot of Canadian buyers but I don't have a percentage that I can take from the MLS. That's not one of the fields that is recorded.
Good observations, loves2read!
I'm gonna post this and then work on some numbers for you
Great work SoFlGal. So glad you are part of this forum and can keep us up to date on the market. Thanks again!
Hey no problem thanks Angel and snivlem! Here's some break out numbers to put more of a point on things. Looks like the condo market, especially in Sarasota, is lagging behind-which is no surprise.
Port Charlotte single family homes
# of listings in Port Charlotte= 1298 active listings
# of listings sold from Mar 22-Apr 22: 155
# of listings sold from Feb 22-Mar 22: 153
# of listings sold from Jan 22-Feb 22: 121
# of listings sold from Dec 22-Jan 22: 103
# of listings sold from Nov 22-Dec 22: 100
# of listings sold from Oct 22-Nov 22: 119
751 single family homes sold in the last six months in PC. Average number of homes sold per month over the last 6 months in PC: 125 homes
#sold (125 homes) X 12 (months) = 1500
divide 1500 by 52 weeks= 29 units per week
If 29 units sell each week divide that number into the number of active listings 29 divided by 1298 = 45 weeks is the absorption rate or about a years worth of inventory in Port Charlotte.
Port Charlotte condos and townhomes
# of listings in Port Charlotte= 202 active listings
# of listings sold from Mar 22-Apr 22: 11
# of listings sold from Feb 22-Mar 22: 20
# of listings sold from Jan 22-Feb 22: 12
# of listings sold from Dec 22-Jan 22: 6
# of listings sold from Nov 22-Dec 22: 8
# of listings sold from Oct 22-Nov 22: 12
69 condos and townhomes sold in the last six months in PC. Average number of condos sold per month over the last 6 months in PC: 12 condos
#sold (12 condos) X 12 (months) = 144
divide 202 by 52 weeks= 4 units per week
If 4 units sell each week divide that number into the number of active listings 4 divided by 202 = 51 weeks is the absorption rate or about a years worth of inventory in Port Charlotte.
Venice single family homes
# of listings in Venice= 819 active listings
# of listings sold from Mar 22-Apr 22: 79
# of listings sold from Feb 22-Mar 22: 69
# of listings sold from Jan 22-Feb 22: 67
# of listings sold from Dec 22-Jan 22: 54
# of listings sold from Nov 22-Dec 22: 67
# of listings sold from Oct 22-Nov 22: 63
399 single family homes sold in the last six months in Venice. Average number of homes sold per month over the last 6 months in Venice: 67 homes
#sold (67 homes) X 12 (months) = 804
divide 804 by 52 weeks= 16 units per week
If 16 units sell each week divide that number into the number of active listings 16 divided by 819 = 51 weeks is the absorption rate or about a years worth of inventory in Venice.
Venice condos and townhomes
# of listings in Venice= 461 active listings
# of listings sold from Mar 22-Apr 22: 34
# of listings sold from Feb 22-Mar 22: 31
# of listings sold from Jan 22-Feb 22: 23
# of listings sold from Dec 22-Jan 22: 16
# of listings sold from Nov 22-Dec 22: 19
# of listings sold from Oct 22-Nov 22: 20
143 condos and townhomes sold in the last six months in Venice. Average number of condos sold per month over the last 6 months in Venice: 24 condos
#sold (24 condos) X 12 (months) = 288
divide 288 by 52 weeks= 6 units per week
If 6 units sell each week divide that number into the number of active listings 6 divided by 461 = 77 weeks is the absorption rate or about a year and a half worth of inventory in Venice.
Sarasota single family homes
# of listings in Sarasota= 2667 active listings
# of listings sold from Mar 22-Apr 22: 236
# of listings sold from Feb 22-Mar 22: 210
# of listings sold from Jan 22-Feb 22: 180
# of listings sold from Dec 22-Jan 22: 195
# of listings sold from Nov 22-Dec 22: 194
# of listings sold from Oct 22-Nov 22: 206
1026 single family homes sold in the last six months in Sarasota. Average number of homes sold per month over the last 6 months in Sarasota: 171 homes
#sold (171 homes) X 12 (months) = 2052
divide 2052 by 52 weeks= 40 units per week
If 40 units sell each week divide that number into the number of active listings 40 divided by 2052 = 51 weeks is the absorption rate or about a years worth of inventory in Sarasota.
Sarasota condos and townhomes
# of listings in Sarasota= 1876 active listings
# of listings sold from Mar 22-Apr 22: 119
# of listings sold from Feb 22-Mar 22: 91
# of listings sold from Jan 22-Feb 22: 79
# of listings sold from Dec 22-Jan 22: 49
# of listings sold from Nov 22-Dec 22: 73
# of listings sold from Oct 22-Nov 22: 67
478 condos and townhomes sold in the last six months in Sarasota. Average number of condos sold per month over the last 6 months in Sarasota: 80 condos
#sold (80 condos) X 12 (months) = 960
divide 960 by 52 weeks= 19 units per week
If 19 units sell each week divide that number into the number of active listings 19 divided by 1876 = 99 weeks is the absorption rate or about a two years worth of inventory in Sarasota.
my daughter and SIL are probably going to just try to rent out their condo--there are so many units still out there and most people want a 2/2 unit vs a 1/1...
thanks for doing the break out of SFR and condos
they also were in a bidding war on one of their Englewood or South Venice offers---
very frustrating for them when they want to actually buy a house to live in vs making investment for rental property--which to me is not really about improving the neighborhood but turning a profit for the buyer...
The last six months are always the best in RE in Florida. Jan-April is when houses sell. Let's see the Sept thru Dec numbers.
As far as foreclosures, there was a slight halt by Fannie, Freddie and other lenders since before x-mas. All those plus the current ones will be coming online over the next year.
If you really want to know how many houses the banks own then just searh the property appr. web site: Search by name: Wells Fargo, HSBC, US BANK, etc. The numbers will overwhelm you. At best 1/3 of REO are listed.
This market still has 30%-50 more to go down. Just to many units to population. Don't forget they were building a unit (house, condo, etc.) for every 1.7 people in this area. That means if 2 people live in a unit, they are moving the average up.
The last six months are always the best in RE in Florida. Jan-April is when houses sell. Let's see the Sept thru Dec numbers.
As far as foreclosures, there was a slight halt by Fannie, Freddie and other lenders since before x-mas. All those plus the current ones will be coming online over the next year.
If you really want to know how many houses the banks own then just searh the property appr. web site: Search by name: Wells Fargo, HSBC, US BANK, etc. The numbers will overwhelm you. At best 1/3 of REO are listed.
This market still has 30%-50 more to go down. Just to many units to population. Don't forget they were building a unit (house, condo, etc.) for every 1.7 people in this area. That means if 2 people live in a unit, they are moving the average up.
My 2 cents.
I can pull back a year or even further. The only problem is that the market is changing so quickly the figures aren't very relevant. Interestingly enough my partner and I are busier in the summer months than in the winter.
Did a search for a few banks in Charlotte county:
Wells Fargo-27 records
US Bank-11 records
HSBC-36 records
IndyMac-2 records
Fannie Mae- 18 records
SunTrust-22 records
Countrywide/Bank of America-20 records
Bank of NY-20 records
Wachovia-23 records
These are some of the bigger banks that own property in the area. Out of the 4291 properties currently on the market in Charlotte county the number of 179 properties is not very large.
I'll work on pulling the stats that go back a year.
Excellent information SoFLGal!
No wonder you are such a good agent! You really have a handle on everything that goes on in your area! All I can say is WOW!
The last six months are always the best in RE in Florida. Jan-April is when houses sell. Let's see the Sept thru Dec numbers.
As far as foreclosures, there was a slight halt by Fannie, Freddie and other lenders since before x-mas. All those plus the current ones will be coming online over the next year.
If you really want to know how many houses the banks own then just searh the property appr. web site: Search by name: Wells Fargo, HSBC, US BANK, etc. The numbers will overwhelm you. At best 1/3 of REO are listed.
This market still has 30%-50 more to go down. Just to many units to population. Don't forget they were building a unit (house, condo, etc.) for every 1.7 people in this area. That means if 2 people live in a unit, they are moving the average up.
My 2 cents.
Here are some figures for you going farther back. If you look at every city there is a year over year increase in the amount of sales. I'm not saying this is going to continue but it's something I'm watching. Now I'll work on some average selling prices over the last two years. And thank you BH
Port Charlotte single family homes (not including condos, townhomes, villas, mobiles, etc)
# of listings in Port Charlotte= 1298 active listings
# of listings sold from Mar 22-Apr 22, 09: 155
# of listings sold from Feb 22-Mar 22, 09: 153
# of listings sold from Jan 22-Feb 22, 09: 121
# of listings sold from Dec 22-Jan 22, 08-09: 103
# of listings sold from Nov 22-Dec 22, 08: 100
# of listings sold from Oct 22-Nov 22, 08: 119
# of listings sold from Sept 22-Oct 22, 08: 109
# of listings sold from Aug 22-Sep 22, 08: 83
# of listings sold from July 22-Aug 22, 08:95
# of listings sold from June 22-July 22, 2008:103
# of listings sold from May 22-June 22, 08:90
# of listings sold from Apr 22-May 22, 08:117
# of listings sold from Mar 22-Apr 22, 08: 118
# of listings sold from Feb 22-Mar 22, 08: 97
# of listings sold from Jan 22-Feb 22, 08: 96
# of listings sold from Dec 22-Jan 22, 07-08: 64
# of listings sold from Nov 22-Dec 22, 07: 109
# of listings sold from Oct 22-Nov 22, 07: 96
# of listings sold from Sept 22-Oct 22, 07: 78
# of listings sold from Aug 22-Sep 22, 07: 107
# of listings sold from July 22-Aug 22, 07:89
# of listings sold from June 22-July 22, 2007:104
# of listings sold from May 22-June 22, 07:120
# of listings sold from Apr 22-May 22, 07:129
Port Charlotte condos and townhomes
# of listings in Port Charlotte= 202 active listings
# of listings sold from Mar 22-Apr 22: 11
# of listings sold from Feb 22-Mar 22: 20
# of listings sold from Jan 22-Feb 22: 12
# of listings sold from Dec 22-Jan 22: 6
# of listings sold from Nov 22-Dec 22: 8
# of listings sold from Oct 22-Nov 22: 12
# of listings sold from July 22-Aug 22:4
# of listings sold from June 22-July 22:3
# of listings sold from May 22-June 22:4
# of listings sold from Apr 22-May 22:7
Venice single family homes (not including condos, townhomes, villas, mobiles, etc)
# of listings in Venice= 816 active listings
# of listings sold from Mar 22-Apr 22: 79
# of listings sold from Feb 22-Mar 22: 69
# of listings sold from Jan 22-Feb 22: 67
# of listings sold from Dec 22-Jan 22: 54
# of listings sold from Nov 22-Dec 22: 67
# of listings sold from Oct 22-Nov 22: 63
# of listings sold from Sept 22-Oct 22, 08: 68
# of listings sold from Aug 22-Sep 22, 08: 62
# of listings sold from July 22-Aug 22, 08: 66
# of listings sold from June 22-July 22, 2008: 73
# of listings sold from May 22-June 22, 08: 115
# of listings sold from Apr 22-May 22, 08: 97
# of listings sold from Mar 22-Apr 22, 08: 80
# of listings sold from Feb 22-Mar 22, 08: 91
# of listings sold from Jan 22-Feb 22, 08: 52
# of listings sold from Dec 22-Jan 22, 07-08: 36
# of listings sold from Nov 22-Dec 22, 07: 72
# of listings sold from Oct 22-Nov 22, 07: 73
# of listings sold from Sept 22-Oct 22, 07: 66
# of listings sold from Aug 22-Sep 22, 07: 69
# of listings sold from July 22-Aug 22, 07: 62
# of listings sold from June 22-July 22, 2007: 70
# of listings sold from May 22-June 22, 07: 96
# of listings sold from Apr 22-May 22, 07: 93
Sarasota single family homes (not including condos, townhomes, villas, mobiles, etc)
# of listings in Sarasota= 2655 active listings
# of listings sold from Mar 22-Apr 22: 236
# of listings sold from Feb 22-Mar 22: 210
# of listings sold from Jan 22-Feb 22: 180
# of listings sold from Dec 22-Jan 22: 195
# of listings sold from Nov 22-Dec 22: 194
# of listings sold from Oct 22-Nov 22: 206
# of listings sold from Sept 22-Oct 22, 08: 209
# of listings sold from Aug 22-Sep 22, 08: 209
# of listings sold from July 22-Aug 22, 08: 210
# of listings sold from June 22-July 22, 2008: 224
# of listings sold from May 22-June 22, 08: 291
# of listings sold from Apr 22-May 22, 08: 245
# of listings sold from Mar 22-Apr 22, 08: 213
# of listings sold from Feb 22-Mar 22, 08: 207
# of listings sold from Jan 22-Feb 22, 08: 164
# of listings sold from Dec 22-Jan 22, 07-08: 120
# of listings sold from Nov 22-Dec 22, 07: 146
# of listings sold from Oct 22-Nov 22, 07: 146
# of listings sold from Sept 22-Oct 22, 07: 150
# of listings sold from Aug 22-Sep 22, 07: 174
# of listings sold from July 22-Aug 22, 07: 202
# of listings sold from June 22-July 22, 2007: 221
# of listings sold from May 22-June 22, 07: 213
# of listings sold from Apr 22-May 22, 07: 196
North Port single family homes (not including condos, townhomes, villas, mobiles, etc)
# of listings in North Port= 812 active listings
# of listings sold from Mar 22-Apr 22, 09: 139
# of listings sold from Feb 22-Mar 22, 09: 146
# of listings sold from Jan 22-Feb 22, 09: 141
# of listings sold from Dec 22-Jan 22, 09: 119
# of listings sold from Nov 22-Dec 22, 08-09: 120
# of listings sold from Oct 22-Nov 22, 08: 130
# of listings sold from Sept 22-Oct 22, 08: 122
# of listings sold from Aug 22-Sep 22, 08: 94
# of listings sold from July 22-Aug 22, 08: 143
# of listings sold from June 22-July 22, 2008: 100
# of listings sold from May 22-June 22, 08: 128
# of listings sold from Apr 22-May 22, 08: 155
# of listings sold from Mar 22-Apr 22, 08: 101
# of listings sold from Feb 22-Mar 22, 08: 101
# of listings sold from Jan 22-Feb 22, 08: 86
# of listings sold from Dec 22-Jan 22, 07-08: 52
# of listings sold from Nov 22-Dec 22, 07: 78
# of listings sold from Oct 22-Nov 22, 07: 87
# of listings sold from Sept 22-Oct 22, 07: 57
# of listings sold from Aug 22-Sep 22, 07: 88
# of listings sold from July 22-Aug 22, 07: 89
# of listings sold from June 22-July 22, 2007: 90
# of listings sold from May 22-June 22, 07: 88
# of listings sold from Apr 22-May 22, 07: 94
Punta Gorda Homes for sale (not including condos, townhomes, villas, mobiles, etc)
# of listings in Punta Gorda= 899 active listings
# of listings sold from Mar 22-Apr 22: 53
# of listings sold from Feb 22-Mar 22: 59
# of listings sold from Jan 22-Feb 22: 47
# of listings sold from Dec 22-Jan 22: 41
# of listings sold from Nov 22-Dec 22: 34
# of listings sold from Oct 22-Nov 22: 57
# of listings sold from Sept 22-Oct 22, 08:50
# of listings sold from Aug 22-Sep 22, 08:40
# of listings sold from July 22-Aug 22, 08: 36
# of listings sold from June 22-July 22, 2008:52
# of listings sold from May 22-June 22, 08: 63
# of listings sold from Apr 22-May 22, 08: 79
# of listings sold from Mar 22-Apr 22, 08: 59
# of listings sold from Feb 22-Mar 22, 08: 55
# of listings sold from Jan 22-Feb 22, 08: 49
# of listings sold from Dec 22-Jan 22, 07-08: 32
# of listings sold from Nov 22-Dec 22, 07: 38
# of listings sold from Oct 22-Nov 22, 07: 39
# of listings sold from Sept 22-Oct 22, 07: 43
# of listings sold from Aug 22-Sep 22, 07: 45
# of listings sold from July 22-Aug 22, 07: 58
# of listings sold from June 22-July 22, 2007:46
# of listings sold from May 22-June 22, 07: 62
# of listings sold from Apr 22-May 22, 07: 49
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Why not do a year?
