Clearwater Real Estate Market Report

Clearwater Florida – Last week we wrote about the 10 cities most likely effected by the meltdown on Wall Street. In all the bad new the Tampa / Clearwater real estate market got some good news.  Standard & Poor’s released its S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices report for which we have over
20 years of records. The good news… showed that this July Tampa home prices were almost flat and many believe that was when our local real estate market hit bottom. Of course hindsight is always 20/20 and only time will tell.

It was the first month in 24 months (having to go all the way back to July 2006) that average home values in the Tampa real estate market had not significantly declined from the high of  $238,900.

Is this the bottom of the Clearwater Real Estate Market?

Tampa average home prices in June 2008 had dropped to $175,110 and newly released July 2008 the average home prices were $175,070.

While this is encouraging news it’s still been a painful process to see home values drop over 26% in the last two years and 19.4% in the last 12 months a fact that home sellers have had to come to grips with.

We are seeing more activity and Clearwater homes are being sold in the last few months along with the fact that we have fewer properties for sale that we have in the last year. Right now our prices are back at December 2004 levels (see chart below) – YEESH that’s not good news for home sellers and explains why we see so many short sales and foreclosures in Clearwater

Now obviously these numbers group in all of Tampa Bays diverse neighborhoods and areas from the beaches to rural areas and we all know Clearwater real estate is local and each neighborhood’s average home prices and their declines are unique. We offer you the opportunity to find out exactly what’s happening in your neighborhood by getting our Neighborhood Real Estate Market Report – which is based on real time information and also includes community information on Pinellas schools and more.

Why not find out now?

For those of you that love to track numbers – I’ve included the Case Shiller historical home price indices for you.

Historical Look at Tampa / Clearwater Home Price Indices

So what do you think? Are we at the bottom yet? I’d love to hear your thoughts….

If you are thinking of selling your Clearwater home or homes in Pinellas county we would be happy to discuss specifics on what’s happening in your neighborhood. Give us a call at (727) 710-8036 and if you are someone who is still trying to take advantage of today’s buyers market we can help you so give us a call as well or feel free to search all Pinellas real estate for sale.

Cyndee & Jack Haydon – Clearwater Real Estate agents specializing in Bluest Backyards of our Pinellas beaches and luxury homes.

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7 Comments

  1. Cyndee,

    All the numbers point to some stability for sure (sales/prices), but is it only temporary? Great graphs by the way. Yours put mine to shame….

  2. Cyndee, as always a great report. Are there some good deals out there right now? What percentage are you seeing between the listing and sales price? Can’t wait to see you next month!

  3. Chris – there are definitely some good deals and I am not seeing Asking Price to Sold Price being as helpful right now since those that price right to begin with get better ratio – but due to so many sellers being upside down many start at higher prices and drop to current market value.

    Lenny – Enjoyed your article and have added it here to share with our readers. You do a great job covering S. Tampa real estate. It will be interesting to see what happens next month!

  4. I don’t think we’ve quite hit rock bottom yet, in fact I still think we have aways to go. Should get interesting in the next few months though with this new bill being passed.

  5. i think the economic situation of the world really hits us hard but we can still survive this. btw, nice and comprehensive figures and graphs here.

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