Business & Tech
Sales Up, Short Sales Flat: First Quarter Real Estate Finish in Westchase and Surrounding Areas
A breakdown of real estate statistics in Northwest Hillsborough County.
There are three statistics we tend to focus on: National, Tampa Bay and local. Based on 2010 sales and commentary in recent appraisals, the Westchase area is starting to see a stabilization. Instead of appraisals saying "the market area is declining", we are starting to see the box checked "stable."
, showing that the Westchase 33626 zip code faired the best out of the Westchase, Countryway and the Keystone-Odessa regions.
So how are we doing after the wrap up of the first quarter of 2011?
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First Quarter 2011
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33626
33556
33625
Sold 1Q 2011 compared with 1Q 2010
136 / 97
63/50
50/31
# of Foreclosures 1Q 2011 compared with 1Q 2010
27/5
15/4
21/7
# of Short Sales 1Q 2011 compared with 1Q 2010
33/33
18/18
17/15
Normal Sales
76/59
30/28
12/9
Current Pending Sales
169
119
47
Current Active Listings
246
239
26
What percentage of Active Listings are Foreclosures?
6% or 15
4.1% or 10
4.6% or 12
How many months to sell a house in each zip code based on recent sales?
5.4 Months
11.3 Months
1.56 Months
In summary, statistics show that first quarter sales are up in every zip code, but so are foreclosures. Short sales stayed almost flat everywhere. You may recall in my year end statistic wrap up that Countryway had the most foreclosures and the deepest dip in value. But you can see that there aren't that many homes on the market in Countryway and homes sell quickly in that area.
Westchase sales look very strong.
Rentals are also scarce which is creating competition for rental properties and an increase in the price per square foot price in Westchase. The problem is finding tenants that don't have major blips in their credit history.
"The market is very busy and in the beginning part of the year, sellers were more abundant," said Ryan Schulze, a Coldwell Banker real estate professional and property management specialist who lives in the Keystone-Odessa region. "But now, there are a lot of buyers in the market that are well qualified and ready to buy."
On the flip side, 97.5 percent of the 40 homes that he manages are occupied. To overcome credit issues, Ryan requires a higher security deposit or rent paid upfront to protect his landlords.
Local sales are strong and the Northwest suburbs of Tampa are holding their own through this real estate cycle. In my opinion, we are poised for a strong Spring and Summer selling season.