Clearwater/St. Pete Real Estate Inventory Shrinking, Sales Rising

The first month of 2012 saw a continued decline in active inventory. Compared to 2011, there was an overall decrease of 33%, a decrease of 27% on non-distressed properties, and a decrease of 48% on short sales and foreclosures.

Sales are on the rise by a modest 2% from a year ago but 62% of them were non-distressed properties.

Cash buyers are on the rise again. In December of 2011, cash buyers accounted for 59% of the market. This was one of the lowest rates of cash buyers all year. However, it looks as though cash buyers may be on the increase again, as it jumped 5% in January to 64%. Currently this is only month over month and not a long term trend. Keep an eye on February and March numbers to see if the trend continues.

Source :Pinellas County Realtors Organization

Sales Rise. Supply of Unsold Condos Falls to Low Level.

As existing home sales have risen in recent months and the supply dwindles, the overall inventory of condos for sale in Tampa Bay has sunk to levels not seen for years. The lower the supply, the stronger the market.

Pinellas County has less than an eight month supply of unsold condos, meaning it would take about eight months to sell the condos currently on the market.

Pinellas County sales jumped from 4,956 in 2010 to 5,893 in 2011, nearly a 19 percent increase.

Please call Sharon or Kim at BeachWay for more information. 727.397.4524

Source: Tampa Bay Times 2/14/12

Builders' optimism grows

Increased interest by potential buyers left U.S. home builders more optimistic about the housing market in January for the fourth straight month. The National Association of Home Builders/ Wells Fargo builder sentiment index rose to the highest level since June 2007, And, for just the third time the index has been at 20 or above in two years.

Source: Tampa Bay Times 1/19/12

Pinellas County Condo Sales Climb 25 Percent in November

Overall residential unit sales increased from 885 to 1059, or 20% from November 2010 to November 2011. The median sales price is up $14,000 year to date. Active listings decreased 30% from November 2010 to November 2011.

Condo sales from November 2010 to November 2011 are up nearly 25%. Listings decreased from 5,422 to 4,166, or down 23% year over year.

Source: Pinellas County Realtor Organization

Supply of Tampa Bay area homes for sale shrinks to 5-year low

By the numbers

8,316 Homes and condos listed for sale in Pinellas County (BeachWay condos are located in Pinellas).

37% Decrease from a year ago in those moderately priced homes.

The amount of Tampa Bay area real estate for sale has fallen to levels not seen for almost six years.

Pinellas County listings for homes and condos fell last month to 8,316, a level last seen in December 2005.

Real estate experts say a healthy inventory supply is six months, meaning it would take about six months to sell all the inventory that is currently on the market. The lower the supply, the stronger the market.

Pinellas' supply peaked at 18 months in March 2007. Today, Pinellas' supply is 7.1 months.

John Tucillo, chief economist at Florida Realtors, said the inventory of less expensive homes has shrunk, but the market is still saturated with higher-priced homes. "You're almost getting a bifurcated market," he said. "We're seeing shortages in some price ranges."

Moderately priced homes are disappearing from the market.

Listings decreased 37 percent in the $140,000 to $159,000 price range in Tampa Bay. The figure fell from 2,587 in September 2010 to 1,638 last month, according to data from local Realtor organizations.

Florida, among the hardest-hit when the housing market imploded, appears to be stabilizing, according to a report from the real-estate website Realtor.com.

Edited from article appearing in www.tampabay.com.