A very hot March
(MLS stats Click Here .pdf)
Absorption Rate: With falling inventory and the trend for increased sales, the absorption rate continued to rise to 11.5 percent for single-family and 9.5 percent for condos. Currently the months’ supply of inventory is 5.5 single-family and 7.6 condo.
Inventory: The number of listings on the market continues to drop on a year-over-year basis. After a slight increase in listings earlier this year, listings dropped again in March. They were down nearly 16 percent for single-family and over 17 percent for condos since March 2009.
Units Sold: The biggest gain took place in sales. Single-family unit sales were up dramatically at nearly 27 percent over March 2009. Condo unit sales increased a whopping 58.5 percent over last year. That’s a pretty torrid pace considering how difficult the condo market has been for the past three years.
Median Price: The median sales price for single-family homes was barely below the March 2009 level, with a 1.1 percent decline. The condo median price fell 12 percent from last year.
Contracts Pending: With single family pending contracts up 60 percent and condo pending contracts up 32 percent from last year, there is great promise of a couple more good months ahead.
Most of the single-family home sales were in the $100,000 to $200,000 range at 37.4 percent and the second highest grouping was in the below $100,000 range at 33 percent. In the higher ranges, 24.7 percent sold in the $200,000 to $400,000 category while 4.7 percent were sold at more than $400,000. Around 1 percent were sold for $1 million or more.
Condo sales were brisk in the below $100,000 range at 46.7 percent. It is interesting to see 12.1 percent selling in the over-$400,000 category, with a surprising 3.1 percent sold at more than $1 million. Are we seeing recovery in the luxury market? The $100,000 to $200,000 range pulled in 26 percent of the sales, while 15.3 percent were in the $200,000 to 400,000 segment.
Pinellas County looks attractive again!
Don’t miss out on this GREAT TIME to buy or you could be sorry!
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