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Real EstateTrends
Real Estate Trends
For the Hillsborough &
Pasco County Markets
March 2009
The data provided has been researched from the Greater Tampa Association
of Realtors Mid-Florida Regional Multiple Listing Service.
The opinions and forecast of future Real Estate Trends are provided by
Mario Polo.

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Where Is The Market Going?
Where Are We Going
March 2009
February numbers are in and the data suggest that we have had more sales activity compared to February
2008. We look forward to a much better sales year.
POSITIVE NEWS:
The Economic Stimulus Bill was passed and this should increase sales throughout the year. Each First-
Time Homebuyer (any buyer who has not owned a home for the past 3 years) will be entitled to receive
a 10% Tax Rebate, not to exceed $8000, which will not have to be repaid unless the home is sold within
the first 3 years.
Commentary continued on page 2
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Where Is The Market Going?
Where Are We Going
March 2009
Commentary continued from page 1
These are positive signs which we will watch closely in the months ahead.
P.S. The following is a recap of the listing and sales history from 2004 through February 2009. This
information is provided from our Mid-Florida Regional Multiple Listing Service and most of these transactions
occurred in Hillsborough and Pasco Counties.
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Monthly Closed Sales
Monthly Closed Sales
March 2009
MONTHLY SALES ARE:
The number of closed sales that have taken place in a particular month. This is a strong indicator in determining
the direction of the market. The data on the following pages suggest that 2009 may be a much better sales year
than the previous 2 years.
POSITIVE NEWS:
February 2009 Closed Sales were 1120 which was a 37.7% increase of February 2008 Closed Sales. I believe
that our monthly first quarter closed sales will increase 15% - 25% compared to the first quarter of 2008.
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Monthly Closed Sales
Monthly Closed Sales Line
Prepared by ERA The Polo Group, Inc.
3500
3000
2500
Number of Sales
2000
1500
1000
500
0
Jan Feb March April May June July Aug Sept Oct Nov Dec
1336 1557 2043 2067 2163 2716 2453 2216 1722 1909 1750 2304
2004
1652 1948 2644 2783 3003 3203 2932 2937 2710 2234 2298 2646
2005
1681 1718 2403 2108 2371 2340 1887 1895 1718 1577 1470 1898
2006
1121 1209 1357 1249 1301 1446 1268 1384 1006 1133 977 1099
2007
791 813 1162 1235 1316 1394 1336 1327 1345 1198 1036 1207
2008
942 1120
2009

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Projected Closed Sales
Projected Closed Sales
Prepared by ERA The Polo Group, Inc.
2000
1800
1600
1400
1200
Number of Sales
1000
800
600
400
200
0
Jan Feb March April May June July Aug Sept Oct Nov Dec
1121 1209 1357 1249 1301 1446 1268 1384 1006 1133 977 1099
2007
791 813 1162 1235 1316 1394 1336 1327 1345 1198 1036 1207
2008
942 1100 1300 1400 1500 1600 1700 1800 1800 1600 1700 1800
2009

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Average Sales Price
Average Sales Price
March 2009
POSITIVE NEWS:
Our Residential Average Sales Price leveled off compared to January 2009. We are hoping that our Average
Sales values will remain stabilized. We will watch this closely in the months ahead.
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Average Sales Price
Average Sales Price Line
Prepared by ERA The Polo Group, Inc.
$350,000.00
$300,000.00
$250,000.00
$200,000.00
Sales Price
$150,000.00
$100,000.00
$50,000.00
$0.00
Jan Feb March April May June July Aug Sept Oct Nov Dec
2004 $192,910.00 $182,812.00 $180,227.00 $190,980.00 $195,350.00 $215,389.00 $214,660.00 $208,023.00 $206,724.00 $208,495.00 $206,575.00 $209,059.00
2005 $219,186.00 $213,087.00 $225,553.00 $228,809.00 $237,533.00 $257,600.00 $260,221.00 $248,690.00 $257,283.00 $269,403.00 $264,381.00 $261,815.00
2006 $256,189.00 $258,271.00 $261,635.00 $266,072.00 $269,312.00 $287,019.00 $275,266.00 $274,378.00 $263,973.00 $265,923.00 $262,666.00 $259,363.00
2007 $259,065.00 $265,149.00 $254,856.00 $261,731.00 $266,082.00 $273,190.00 $269,058.00 $262,629.00 $249,042.00 $259,460.00 $250,283.00 $267,117.00
2008 $246,260.00 $240,077.00 $230,204.00 $222,254.00 $244,977.00 $227,565.00 $225,692.00 $213,002.00 $207,809.00 $187,344.00 $182,313.00 $186,297.00
2009 $160,530.00 $160,145.00

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Current Inventory
Current Inventory
March 2009
NORMAL MARKET:
A normal market is widely considered to be one that has six months of homes available for sale. Our current
availability of homes for sale is 17,403, which is 10,683 more homes available than our current monthly sales
can absorb.
POSITIVE NEWS:
Compared to February 2008, our Current Inventory has decreased by 3083 units. Hopefully this trend will
continue.
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Current Inventory
Current Inventory Line
Prepared by ERA The Polo Group, Inc.
25000
20000
15000
10000
5000
0
Jan Feb March April May June July Aug Sept Oct Nov Dec
9252 5896 5697 5317 5102 4921 4626 4474 4405 4686 4707 4433
2004
4687 4386 4084 3772 3709 3835 4047 4457 5318 6886 7420 7858
2005
9656 10865 12230 13707 14112 16082 17036 17785 16991 18029 18090 17154
2006
18707 19234 19814 20409 20793 20821 20649 20680 20218 20942 20768 19354
2007
20237 20486 20141 20117 19758 19363 19391 19481 19109 19148 19042 17650
2008
17733 17403
2009

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Months of Inventory
Months of Inventory
March 2009
NORMAL MARKET:
As stated previously, a normal market is considered to be one that has six months of homes available for
sale. This is considered to be a balanced market where neither buyer or seller has an advantage based on
available supply.
POSITIVE NEWS:
When we compare February 2008 to February 2009, we can see a decrease of almost 10 months of
inventory. A Huge Difference. We expect this trend to continue in the months ahead.
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Months of Inventory
Months of Inventory Line
Prepared by ERA The Polo Group, Inc.
30
25
20
Months of Inventory
15
10
5
0
Jan Feb March April May June July Aug Sept Oct Nov Dec
6.93 3.79 2.79 2.57 2.36 1.81 1.89 2.02 2.56 2.45 2.69 1.92
2004
2.84 2.25 1.54 1.36 1.24 1.2 1.38 1.52 1.96 3.08 3.23 2.97
2005
5.74 6.32 5.09 6.5 5.95 6.87 9.03 9.39 9.89 11.43 12.31 9.04
2006
16.69 15.91 14.6 16.34 15.98 14.4 16.28 14.94 20.1 18.48 21.26 17.61
2007
25.58 25.2 17.33 16.29 15.01 13.89 14.51 14.68 14.21 15.98 18.38 14.62
2008
18.82 15.54
2009

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Summation
Summation
March 2009
OVER ALL POSITIVE NEWS:
1. February 2009 Monthly Sales increased 37.3% compared to February 2008.
2. Compared to February 2008, our Current Inventory has decreased by 3083 units.
3. Months of Inventory, when compared to February 2008, has decreased by almost 10 months
4. $8000 Tax Credit Bill was approved and is starting to improve sales.
As Sales improve in 2009, all of these indicators will create further positive trends for 2009.
Summation continued on page 12
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Summation
Summation
March 2009
Summation continued from page 11
The data suggests that our market will improve in the months ahead. We had 37.7% of increased sales and the
March numbers suggest that there will be a similar increase in sales.
•Our Financial System is still under stress
•Our new Stimulus for Home Buyers is improving sales. The Stock Market went below 7000 and has now
rebounded. Hopefully this will cause some stability.
•The World Economies are struggling for answers.
•March closings will be strong indicator of how strong sales will be this summer.
We look forward to an exciting year in home sales for Tampa Bay, even though our unemployed numbers are
increasing and our financial markets are in trouble.
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