Tuesday, December 25, 2012

Local Condo Sales Continue to Soar.

Northerners looking to escape the cold and snow are traveling to Florida this winter. It is during this time that our market generally sees an uptick in sales. Pinellas County’s real estate market is currently considered to be stable. This continues to push median sales prices higher. Distressed listings as a percentage of total listings are slowly decreasing, this also indicates that most of the bargains are starting to disappear, and is part of what is forcing prices higher.
Single family homes sales from November 2011 to November 2012 increased 34.6% and the total average sales price increased 10.06%. However, single family active listings are down 30.75%. The lack of inventory is pushing the average sales price higher, but Realtors® are struggling to find properties.
Condo sales are up 37.79% from November 2011 to November 2012 and have gradually increased over the past three months.
Edited from Source: Pinellas Realtor Organization

Thursday, November 1, 2012

Pinellas Condo Sales & Prices Surge in September

The lack of inventory has been the biggest news in the Pinellas County real estate market. Up until now the inventory shortage hasn’t had much of an effect on the market. For the last several months there have been steady increases in sales.

In the condo market sales were up 11% and the median sales price surged by almost 14%, or $12,500. This is most likely due to a 22% drop in active listings over the last 12 months. Pending sales increased by 13% and the month’s supply of inventory dropped by almost 3 months or 31%.

Source: Pinellas Realtor Organization

Condo Sales Skyrocket 22 Percent in August

Active inventory has continued its decline for the 20th straight month from January of 2011and down by 30% from last August.
In the condo market sales were up 22% from August 2011 to August 2012. 

Source: Pinellas Realtor Organization

Condo Sales Continue To Rise in July

Pinellas County Real Estate Statistics for July 2012
Residential sales were up just over 17%. Median sales prices were up 4.5% from $114,000 to $120,000 from July 2011 to July 2012. Listings continued to slide by almost 30% for the same time period.
Condo sales were up almost 16% with the median sales price increasing by about 2.5% from July 2011 to July 2012. Condo listings fell by 25% pushing down the month’s supply of inventory to 6 months.

Tuesday, June 5, 2012

Zillow Thinks Prices Have Bottomed Out in Tampa Bay Area

Editor's note: The data below is from the Zillow Real Estate Market Report for the first quarter of 2012.

U.S. home values were up 0.5 percent from February to March.
Zillow estimates that national home values are back at 2003 levels.
A combination of rising rents, low mortgage rates and bottoming-out home prices have Zillow's analysts predicting that housing markets will bottom out by late 2012 or early 2013.
Markets that Zillow thinks have already bottomed include Boston, Dallas, Denver, Miami, Orlando, Philadelphia, Phoenix, Pittsburgh, St. Louis and Tampa Bay.

Tuesday, April 10, 2012

Canadians are Buying Florida, Especially Ontario Residents

Ontario residents have big presence in global homebuying hot spots

Homebuyers from Ontario -- Canada's wealthiest and most populous province -- were among the most active in 10 U.S. real estate markets identified as international hot spots in an Inman News report released this month.

Inman News explores the 10 most popular areas in the U.S. for foreign homebuyers, based on public records of foreign buyers who cite a non-U.S. address. Six of the 10 market areas are in Florida, while the remaining four are in Arizona, New York, Hawaii and Nevada.

The 10 markets, ranked by highest share of foreign buyers who used a non-U.S. home address, according to public records data complied by DataQuick, are:

1. Lakeland-Winter Haven, Fla.
2. Cape Coral-Fort Myers, Fla.
3. Orlando-Kissimmee-Sanford, Fla.
4. North Point-Bradenton-Sarasota, Fla.
5. Miami-Fort Lauderdale-Pompano Beach, Fla.
6. Phoenix-Mesa-Glendale, Ariz.
7. New York County, N.Y. (Manhattan)
8. Honolulu, Hawaii.
9. Tampa-St. Petersburg-Clearwater, Fla.
10. Las Vegas-Paradise, Nev.

In eight out of 10 areas, Canada was the leading home country during that time, accounting for between 41.7 percent of foreign buyers in Lakeland-Winter Haven and 90.2 percent in Phoenix-Mesa-Glendale.

Share of Canadians among global homebuyers in 10 U.S. markets

Phoenix-Mesa-Glendale, Ariz.


North Port-Bradenton-Sarasota, Fla.


Las Vegas-Paradise, Nev.


Tampa-St. Petersburg-Clearwater, Fla.


Miami-Fort Lauderdale-Pompano Beach, Fla.


Cape Coral-Fort Myers, Fla.


Orlando-Kissimmee-Sanford, Fla.


Lakeland-Winter Haven, Fla.




New York County (Manhattan), N.Y.


Ontario ranked No. 1 among all Canadian provinces for home-purchase activity in six of 10 markets in the report, and Ontario also ranked in the top three among Canadian provinces for buying activity in the other four U.S. markets identified in the report. Quebec ranked first among Canadian provinces for its share of homebuyers in the Miami market area, and ranked second in market share among Canadian provinces in five of the 10 U.S. markets, fourth in one market, and sixth in two other markets.

While Ontario and Quebec are the most populous provinces in Canada, they are proportionally overrepresented in the six Florida metros featured in the report.

While they make up about 38 percent and 24 percent, respectively, of the overall Canadian population, about 56 percent of more than 6,500 Canadian buyers in those metros combined came from Ontario between May 2011 and January 2012, while just over a third (34 percent), came from Quebec. Every other Canadian province or territory accounted for 2 percent or less of Canadian buyers in that time period.

Ontario is home to Canada's capital, Ottawa, and is the wealthiest of Canada's provinces and territories. The province accounted for nearly 38 percent of country's gross domestic product in 2010; Quebec accounted for nearly 20 percent, according to Statistics Canada. Alberta and British Columbia followed at 16 percent and nearly 13 percent, respectively.

Alberta had the highest GDP per capita in 2010 among the provinces and territories: $70,826 (in Canadian dollars). British Columbia's per capita GDP ($44,847) was just below Ontario's, though above that of Quebec. Alberta and British Columbia also had some of the lowest unemployment rates in the country in February: 5 percent and 6.9 percent, respectively, compared to 7.4 percent at the national level. By contrast, Ontario and Quebec had jobless rates somewhat above the national level at 7.6 percent and 8.4 percent.

The share of Canadian buyers who used a Canadian home address among the total pool of global homebuyers in the 10 U.S. markets ranged from a high of 90.2 percent for the Phoenix market area to a low of about 8 percent for the Manhattan market area.

Tampa-St. Petersburg-Clearwater, Fla. (share of Canadian buyers, by province)





Newfoundland and Labrador




British Columbia


Nova Scotia




New Brunswick




Prince Edward Island


Share of overall foreign buyers from Canada in Tampa-St. Petersburg-Clearwater (May 2011-January 2012): 72.3 percent.

In contrast to the other Florida metros on this list, the Quebecois make up most of the Canadian buyers in the Miami metro area.