Sept 2021 Market Stats, Including A Local Luxury Market In-Depth Analysis

Sept 2021 Stats

It is indeed a Seller’s Market, with our local Multiple Listing Service, (MLS), reflecting only ONE MONTH’S INVENTORY of properties for sale in Sept of 2021! However, in an article from the Florida Realtors Association dated August 27th, 2021, according to data from Florida Atlantic University economist Ken H. Johnson and Florida International University professor Eli Beracha, Lakeland and the Tampa Bay area were the most overpriced in Florida, both at a little more than 31% above where they should be! Their data came from their analysis of over 100 metro areas, using 25 years of data from Zillow on single-family homes, townhomes, and condos, out of nine metros in Florida. Said Johnson:

“While we’re almost certainly nearing the peak of the current housing cycle, it’s nowhere near as serious as it was more than a decade ago, when Florida homes were overvalued by 60% or more,” Johnson said. “Prices eventually will level off or fall, and recent buyers who want to sell would be hard-pressed to earn their money back.”

Will that happen in our market in the near future? That seems unlikely, with the latest US News and World Report’s list of the top metros in the US for the “BEST PLACES TO RETIRE,” listing 11 Florida cities in the top 20!  Indeed, out of the top ten, eight are in Florida, including Tampa as #6! (FYI: Tampa means Tampa Bay, which is annoying for those of us on the Pinellas side of the bay!) In this new COVID-era, the ability to enjoy the great outdoors year-round is even more important than ever before. Being able to enjoy it in the sunshine, with the sand between your toes or out on the water….That is what puts us in the top 10! 

September’s local statistics support this supposition. Our market, like our weather, is Hot, Hot, HOT! New Listings in our MLS were almost the same as September of 2020, with a whopping total of 20 additional units for 2021! (Anything more is better, as inventory is perilously low!) The number of SOLD units for September of 2021 also rose very, very slightly. Indeed, it is a difference with no significance number-wise. But the fact that we are seeing a return to 2020 numbers is significant. Having said that, 2020, the year that will be remembered for bringing COVID into our lives, was already a time of grave inventory shortages and rising prices. But, if we look at 2021 numbers only, we see that 6% more homes sold in September than did in August. The most shocking number in the chart above is that the number of Active Listings in September of 2021 was 44% less than in September of 2020… but on an upward trend from August of 2021. The bottom line is that properties are moving quickly in 2021, with the average number of Days on the Market for SOLD properties in September of 2021 being 19. That is 60% less than September of 2020, when it was 48 Days! Here is another fun fact: September of 2021 had an AVERAGE SALES PRICE 17% higher than September of 2020! For a more ‘drilled-down’ view of what is happening in our luxury market, visit this link: https://bit.ly/Sept21LuxuryReport

What do all these numbers mean to you? If you are interested in selling your property, odds are that priced properly, it would sell very quickly, for a GREAT price. As the Florida Atlantic University Economist, Ken Johnson said we cannot count on these unprecedented increases continuing. Indeed, some market correction is bound to occur! For a precise estimate of your property’s value, please give us a call. My Team and I would love to see your home in person and provide you with a Custom Comparative Market Analysis. I am an experienced Broker/Owner with three offices and a robust team of professionals that perform consistently in the top ½ of 1 % of ALL Realtors in Pinellas County! Let us show you what we can do for you! Experience the NextHome Beach Time Realty Difference! Call our office at 727-363-3300.

Sept 2020 stats

DAY 214 of COVID-19 Battle Plan: Virtual Life & New Challenges

First of all, I cannot believe I did my first “COVID-19 Battle Plan” post 214 days ago on March 22nd! I guess time flies when you are having fun! LOL! Not!  But… we are adjusting. I hope this does not become our new normal. So many things have changed. Then again, many have just evolved.  Some, I think, will be a permanent new state of affairs. Take, for example, virtual showings. Virtual showings, while much more prevalent now, have been part of our Realtor toolbox for ages! Check out my video done in early 2018. We were using an iPhone and a gimble and had a lot of fun with it. (Fortunately, I was blessed to be ably assisted by Niki Maturi, my Assistant Extraordinaire; Photographer; Videographer; and Graphic Artist!) I thought about this fun video earlier this week, because it was a virtual showing. Prior to this, I had made many videos to send to a client while previewing and sometimes, using Facebook Messenger or Skype, we held live video tours. This particular virtual showing was videoed live and then later edited for a promo video. (Niki and I actually had a lot of fun doing this and subsequently have done several “I LOVE MY JOB!” videos.) But now, rather than an occasional occurrence, we are conducting virtual tours and Open Houses for our clients almost daily. Of course, there are differences. One big change is that we would all be wearing masks! Another less sobering one is that before it was Skype or Facetime we used. Now it is more often ZOOM or What’s App, especially for our International Buyers!

Here is a BIG CHANGE: With inventory today at a two-month supply, the beachfront house in this video would have sold very quickly, even at $1000/sf,  if only for the lot value! Instead it took almost 1.5 years to sell and finally did close at $1,561,000 versus original asking price of $1,795,000. With over 1000 people per day moving to Florida, we are STARVING for inventory. There were 36% fewer listings in our area in Sept 2020 versus Sept 2019! But our total Sales/Dollar Volume for September  2020 versus 2019 was up by $1.5 billion or 38%! The average sales price is also up by 18% for 2020 versus 2019! The ‘moral’ of the story is that it is a VERY GOOD TIME TO BE A SELLER! And with mortgage rates almost ludicrously low and rental rates exceedingly high, it is also a GOOD TIME TO BUY!

The challenges in today’s market are:  As a Buyer, how to you buy intelligently? (Forget about buying cheaply unless you are prepared to do extensive rehab.)  And as a Seller, how do you achieve the best price? I recently had a listing appointment with a client that intended to do a FSBO, i.e., a For Sale By Owner. I am going to talk about that transaction and the challenges in another post. Suffice it to say that in our market, at every Open House, there is both a live and virtual stream of people to reach and manage. Then there is the potential for bidding wars. (Personally, I do not like them – but that too will be covered in a future post.) There is also the issue of the appraisals. Cash is KING, as always. Today CASH is even more important, as escalating prices are not always acknowledged by the appraiser.  That means advocating for your non-cash Buyers is another important skill.  Safety, while always a concern, now has a whole new twist!

What’s the bottom line? Life and business go on. We evolve! 214 days later I still get out of bed one foot at a time. I lament that moment when I reluctantly, but religiously step on the scale. (More so 214 days later than I did, by the way! ;o) I work seven days per week, every week – not 5 or 6!  But, I  am not complaining! I am happy to have a job. And that job manages to help me keep my people employed. And my people help our property management clients to earn income, paying their bills. As so on and so forth. The truth is, like in the video, I am truly grateful and “I DO love my job!”

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Day 17 of COVID-19 Battle Plan

I have been researching and watching with admiration and amusement the different ways agents are working to get attention for their listings. Honestly, I really don’t know what the hell I have been doing with my life… These people are so cool, I can’t hardly stand it! I hope you enjoy this as much as I did!

# 3 Favorite: Because I love this song AND Wish I could dance like this!

 

#2: I don’t need to tell you why!

 

#1 – Who doesn’t love JT!!!! And this one, like the one before, really shows off…. the house as well as the moves!!!! And I give his cannonball a solid 8.5! Honestly, I feel certain I would love to meet and party with this guy! Chris Glapa, if you ever come to Florida, there is a home for you at NextHome Beach Time Realty!

 

 

My team and I are also showing and selling! We are armed with Lysol or Clorox wipes, booties, hand sanitizer and a mask. We drive separately and stay well back from one another.  In addition, we require that anyone we show complete a form attesting that they have not traveled in the last 14 days, are asymptomatic, etc. Here is a copy of the form: https://www.dropbox.com/s/3xdby898q2vql3y/COVID-19%20Screening.pdf?dl=0  Please feel free to adopt it for yourself. I was not the originator. Another dear Realtor friend sent it to me, suggesting we use it to protect ourselves and our clients. As the Realtor, we also sign the form and provide it to our Buyers FIRST, just to let them know that we are equally as concerned with their safety and health as we are for our own! So far, 100% of the people we have asked have signed and thanked us for our diligence.

I have been wracking my brain to come up with novel ideas to attract attention to my listings. We have several things in the works… Stay Tuned!  It does not involve me dancing. But… I do have some talented friends. And we all ‘Get By With a Little Help from Our Friends!’ I am glad to say, that HOPEFULLY today or tomorrow we will have one of our listings under contract and a new property coming to market this week! In the last week, we have had two accepted offers and written two others. Not exactly a BOOMING first week in April; but, not too shabby considering!

#BeSafe #BeSmart #BeKind #HUMANSOVERHOUSES

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Day 14 of COVID-19 Battle Plan

Wondering about the SBA Loans, like the EIDL or PPP? Me too!

If you are like me and anxious to apply for your Payroll Protection Program Loan from the Small Business Administration, below are some links that the National Association of Realtors sent us. I am still confused by some aspects of this and have an email into my CPA for guidance. I use Fifth Third as my bank and they, like many others, are not yet ready to accept applications. I am worried that the money will dry up before I get my application in. This loan means that I will be able to restore my employees back to full employment. That is a HUGE deal for me and them! Below are links for more information that I hope you will find helpful. The guides are applicable to any independent contractor or small business.

If like the guy above, working in your home office is driving you B-O-N-K-E-R-S, here are some Working at Home Tips from a ADHD Queen. AND, IF it works for me, IT WILL work for Anyone! 

So if you are like me, you will be filling in the applications for these programs from your home office.

I am accustomed to working from home and have done so for many years. I do not find it a hardship. Although, I do miss terribly the interaction with my co-workers. Here are my best practices to happily working at home:

  1. Time block! I do it in 1/2 hour intervals.  Alexa reminds me when that block is over. I also keep track of what I actually did versus what I was scheduled to do.
  2. PRIORITIZE: For me, money-making actions have never been so important. I have people depending upon me for wages and no vacation rental income coming in! Do your ‘MUST DO’ items first.
  3. Do not graze all day! Just because the fridge is there is no reason to open the door and stare temptation in the face. This is vital to me, as I hate myself when I overeat!
  4. Reward yourself with breaks at defined times. Then, it is ok to open the fridge. I, for example, have a planned coffee and lo-carb cookie break every afternoon.
  5. Pick a quiet space. If you are lucky enough to have a designated spot, terrific. If not, you will have to make the other household members respect your need to work.
  6. Make sure you have a comfortable work space, or you may wind up like this poor sod in the video above!
  7. And if you are responsible for homeschooling your kiddos and working at home, I just want to say “Thank You”, “Bless You,” and if you need someone to do a liquor run for you, I hear Norman’s will deliver!   

#BeSafe #BeSmart #BeKind #HUMANSOVERHOUSES