Greater Seminole Heights Market Inventory

The greater Seminole Heights has taken a beating in the real estate market for nearly 3 years. However, our local print a broadcast media is not reporting what is changing. Like the rest of Hillsborough County our market inventory is dropping but nobody is reporting it to the public. They keep regurgitating the gloom and doom of the national news outlets.

By way of history, in the summer of 2005, daily inventory of homes in Hillsborough County struggled to maintain 3,000 active listing. By late 2005 inventory had risen to about 6500 homes. It continued to rise through out 2006 topping 14,000. 300k listings in Seminole Heights stopped moving by the summer of 2006. Everything else in the neighborhood pretty much came to a halt by the end of 2006.

The are 3 Tampa Grids on our local board maps that comprise the greater Seminole Heights area. Below is a break down of inventory in each of those grids. We have no townhouses in any of these grids. Only grid 201 contains any condominiums. The 3 grids take in 10,000 or so homes.

There are under 175 listings in grid 240 which is the bulk of Old Seminole Heights.

There is less than 120 listing in grid 260 which is Southeast Seminole Heights and the trunk of Old Seminole Heights.

There is less than 165 listing in grid 201 which is South Seminole Heights and Riverside Heights.

(For those not familiar with the Seminole Heights area, there are three neighborhood associations that comprise Seminole Heights. The area includes two National Register Historic Districts.)

Nearly half the properties under 100k are in Southeast SH, many of them are short sales and need significant rehab. So in these 3 grids that are most of the Heights there are about 320 homes that are move-in ready on the market out of nearly 10,000 homes.

I guess my point is that if you are looking for a historic bungalow in decent condition in Seminole Heights, pickens are getting tight. Just as prices fell because there was a huge glut of homes on the market. Price will stop falling and may even bounce back a bit if inventory continues to shrink.

As to the other media story about not being able to get a mortgage, I have yet to have a customer with respectable credit not be to qualify and obtain financing. Note respectable does not mean perfect credit scores.

DON'T BELIEVE THE HYPE.

WWW.HEIGHTSBUNGALOWS.COM

Rick Fifer, Florida Executive Realty

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