Mobile Menu
Select Page

Tampa’s Latest 2014 Housing Market and Foreclosure Stats

The Greater Tampa Association of Realtors (GTAR) has released their March 2014 statistical data and I thought it might be nice to share a couple graphs with you and offer my opinion on this data.

The March 2014 average residential sales price of $209,382 represents a 40% increase over the post-crash bottom of $149,516 seen in January 2011. In the shorter term, however, it represents a 4.93% decrease from the post-crash high of $220,230 seen in June, 2013. If historical trends remain in place, I would expect to see the Average Residential Sales Price increase from this point through June 2014, in stride with the number of monthly sales.

Please click the link to access a pdf chart of GTAR Statistics – Average Residential Sales Price Through March 2014

TOTAL RESIDENTIAL SALES

Total Residential Sales represents the number of closed sale transactions on the GTAR Website , these figures do not represent private sales or new construction sales unless entered into MLS. This is only one of many available indicators, but taken consistently over time, provides a good view of residential market activity.

In March 2014, GTAR reports 2,107 Total Residential Sales. This is down 15% from the post-crash high of 2,480 reached in May, 2013, but up 198% from the post-crash bottom of 707 seen in Januaty 2008.

It’s interesting to see the repeating annual low points every January (except when November 2010 was slightly lower than Jan 2011) and the annual highs in the summer months around June. Another item I think worth noting is that each annual low point starting with January 2009, is higher than the previous annual low. That is until we reach January 2014, which is lower than January 2013. Time will tell if this chart is “rounding out” and beginning a downward trend.

Please click the link to access a pdf chart of GTAR Statistics – Total Residential Sales Through March 2014

Monthly Foreclosure Activity

The first public notice of a foreclosure is the recording of a legal document called the Lis Pendens. This typically happens after the homeowner has missed about 3 mortgage payments. The Final Judgment of Foreclosure is recorded next, detailing the amount owed including principal, past due interest, fees, etc., Finally the foreclosure sale is held. The winning bidder at the foreclosure sale, or the foreclosing lender if no one bids, acquires title via the next recorded document, the Certificate of Title. This process takes about 8 months, barring any delays. Because lenders are not really in the business of owning real estate, they will now attempt to sell this REO (Real Estate Owned) property and move it off their books, often times at deeply discounted prices.

In March 2014, there were 501 Lis Pendens filed in Hillsborough County. Keep in mind that there were on average 398 Lis Pendens filed in Hillsborough County during the 24 month period from August 2004 to July 2006. This represents a 26% increase. Over the last 24 months there have been an average of 879 Lis Pendens filed every month. This month represents a 43% decrease from that recent 24 month average, and a 79% decrease from the high of 2,391 reached in September of 2008.

The problems with robosignings led to a rapid decrease in new foreclosure filings after January 2010. Many thought there would be a lot of “pent up energy” to bring pending delinquent loan files to court once the robosigning issues got cleared up, but that doesn’t seem to be the case.

Overall, foreclosure filings have been on a downward trend for the last 18 months or so. This is a product of the strengthening economy, unemployment figures and a general clearing out of troubled loans.

Please click the link to access a pdf chart of Hillsborough County Lis Pendens Filings Through March 2014

This report was provided by Benefit Title Services, LLC and compiled using information from the Greater Tampa Association of Realtors.

Please follow and like us:
Facebook
Facebook
Twitter
Pinterest
Pinterest
Google+
Google+
http://thetamparealestateinsider.com/real-estate-news-info/tampas-latest-2014-housing-market-and-foreclosure-stats/
LinkedIn
RSS

Related Post

Written by Rae Catanese, Realtor

Licensed Realtor since 2002, Tampa Bay’s own Rae Catanese regularly gives expert advice and insider tips about the Tampa Bay real estate market via her blog, The Tampa Real Estate Insider. If you are thinking of buying or selling a home in the Tampa, St. Petersburg or Clearwater areas-then this blog is for you. I typically post articles once a week. To make sure you don’t miss my newest posts, you can subscribe here! Have a real estate question? Email me here!

View all author posts →

Submit a Comment

Your email address will not be published. Required fields are marked *