Port Richey Home Sales 2nd Quarter 2016 shows a significant decrease of homes on the market at 139. Inventory keeps slipping away. 1st Quarter 2016 totaled 172. You can view last quarter’s post here.
To clarify: What does this mean? The buyers are looking for the right home to buy within their budget. However, homes come on the market and are sold within a day or two before most of the buyers are made aware of them. Sooner or late, prices rise due to the shortages which eliminates some buyers who qualified for a lower amount.
Port Richey Home Sales 2nd Quarter 2016.
Currently Active on the Market totals 139.
Lowest list price: Regency Park, $45,000 for 744 sf. A 2/1 built in 1979.
Highest list price: $2,699,999 for $6337 sf with 2.29 acres. Located on waterfront of the main channel to the Gulf.
Active With Contract and Pendings Total 156.
Active With Contract 68
These are under contract and will be closing in the near future.
Solds between April 1 and June 30, 2016 totals 284.
Lowest Sold Price $26,000 in Brown Acres for 1,040 sf built in 1967. It is a 3 bedroom, 1 bath.
Highest Sold Price: $675,000 at Paradise Estates. A Gulf-front home of 3,723 sf built in 2008.
List Price: $98,376
Closed Price: $92,935
Days On Market Prior to Contract: 61
Sold Price/List Price Ratio:97%
Days on the market have risen from 47 1st Quarter to 61 this Quarter. Consequently, this is an indicator of a slow-down in sales but not always. It may be that summer is here and everyone has things to do with their kids now that school is back in session as of today.
*Statistics are courtesy of MLSMFR for Pasco County.
Formerly, the two most popular subdivisions in Port Richey are Embassy Hills and Regency Park. These were started in the early 1970’s and built for the more affluent Northern buyers; mostly retirees. They tended to have Spanish exterior styles, barrel tile roofs, and small backyards. Today, these homes sell from the $40’s and up.
To be sure, you can reach out to us for more information.
Toni Weidman, GRI
Port Richey Home Sales 2nd Quarter 2016