Short Sales

The number of U.S. homeowners who owe more on their mortgages than their homes are worth is at historic rates. There were over 4500 “short sale” closings of single family homes in Hillsborough, Pasco and Pinellas counties in 2010. One out of every five sales in the Tampa Bay area was a short sale in 2010.

Sale prices raged from $9,900 to $2,899,000! The average short sale transaction was $158,572 while the median sales price was $130,000.

Residential home sale data shows that buyers are realizing substantial discounts compared to traditional (equity) sales. While not as deeply discounted as bank owned homes, short sale homes are often in superior condition.

The housing boom and bust cycle has brought Tampa Bay real estate prices back to levels last seen in the previous decade. From the urban centers of Tampa, St Petersburg, Clearwater to the beaches and countryside, real estate values in some communities are 50% off their highs.

How fast do REO homes sell in the Greater Tampa Bay Market? What is the difference between asking prices and sale prices for bank owned homes? Is the inventory of bank repos increasing? What is the average sales price per square foot?

See the links for Hillsborough County, Pasco County and Pinellas County for details.

For neighborhood, zip code or price range trends, contact the Bohannons at Coldwell Banker Residential Real Estate.

* All data is from the Tampa Bay MLS.