The following information was supplied by local real estate expert appraiser, Francois (Frank) Gregoire for an appraisal he prepaired on October 6, 2011.
The Old Northeast neighborhood is defined as 5th Ave N/NE north to 30th Ave N and from 4th Street N in St. Petersburg, Florida
Based upon an examination of data from the MyFlorida Multiple Listing Service (MLS), the
number of active listings of detached single family residences in this area has
declined slightly over the past year.
As of the effective date of this appraisal the MyFlorida MLS reports about 62 active listings of non-waterfront detached single family residences within the neighborhood boundaries described.
- These homes range in price from $118,000 to $1,199,000.
- 32% of these listings are marketed as distressed (short sales or bank-owned).
- The median time on the market is just over 4 months
- 28 of the 62 active listings are under contract or pending sale
- Over 57% of the non-waterfront residential listings in this area reported as under
contract or pending sale are marketed as “short sales or bank-owned”.
The following information is regarding non-waterfront detached single family homes that have sold within the last twelve months:
- 104 sales in the Old Northeast area reported by the MyFlorida MLS
- The average time on the market for these sales is
just nearly 5 months.
- Sales prices range from $23,000 to $750,000.
- Over 32% of the non-waterfront single family home sales in this area reported by the
MyFlorida MLS were marketed as “short sales or bank-owned”.
- The median sales price for single family residence in this area for the past year
is $285,000. In the most recent quarter, the median sales price is $246,250, a
decline from the previous quarter.
- The absorption rate over the past 12 months
ranged from 7 to 10 sales per month. In the most recent quarter, it was 7.3
sales per month.
- Listed properties that sell tend to do so within 90 – 100
- Overall, residential properties in this area tend to sell for 93% – 95%
of the listed price.
Although there are some encouraging signs in this market, the supply continues to exceed
demand. Competition from short sales has a negative effect on prices and
values. The vast majority of residences in all sizes and categories under
contract or pending sale are offered as short sales and bank owned properties.
Although residences offered under non-distress conditions do attract interest,
these properties must be priced to compete with the distressed properties to be