Pinellas County Real Estate Report - December 2012

Single family active listings are down 27.19% from December of 2011, but the average sales price for

single family active listings is up 15.72%. Active condo listings are down 20.02% from December

2011, but the average sales price for active condo listings is up 8.7%

 

Residential properties are at a 4.5 month supply and single family homes are the weakest link with a 3.8

month supply of inventory. 

 

Source: Pinellas Realtors Association

Prices Up. Inventory Down. Have You Missed The Boat? Not (Yet) At BeachWay!

Inventory is still low and prices have inched higher. Many investors who have been sitting back waiting for the best possible deal may have missed the boat. These investors will be starting to feel the pressure to buy before prices increase further.

Single family active listings are down 27.19% from December of 2011, but the average sales price for single family active listings is up 15.72%. Active condo listings are down 20.02% from December 2011, but the average sales price for active condo listings is up 8.7%.

The lack of inventory, low interest rates and slowly rising prices are set to create the perfect storm. 
Source: Pinellas Realtor Organization

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

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 20^th 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.

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.