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Pinellas County Real Estate Statistics for January 2011

Click to download Jan 2011 MLS state from Pinellas County FL

Real estate statistics for Pinellas County in January are showing mixed signals. While the volume of sales showed a big
increase over last year, the median price on all residential properties dropped an equally large amount.
January is traditionally one of the slowest months for closings due to the holiday effect in November
and December, so it was unusual to see the numbers of sales climb substantially. January 2011 was
the best January for closings since 2006. However, the number of contracts pending fell slightly. Keep a close eye over the next few months to see how many of these contracts will close.

January residential sales were up over 27% from January 2010 to January 2011. However, the month
to month increases slowed a bit due to the unusually high number of sales in December. The median
sales price for residential sales in January dropped 28% or $36,000 when compared to the same time
period last year.
Single family sales were up almost 36% in January 2011, compared to January 2010. Sales were
down from December 2010 which was not surprising. The median sales price continued its decline
from $135,000 for 2010 to $100,000 in January. The number of pending contracts is about the same
as a year ago and listings remained relatively stable on a year over year basis.
Condo sales in January were over 15% higher than the same time period last year. Median price in
2010 was $114,000, and following along with the single family trend, the January 2011 median price
fell to $75,500. Comparing January 2010 to January 2011 the median sales price for condos dropped
almost 33%, from $113,000 to $75,500. Condo listings dropped nearly 6% and the pending contracts
also dipped by more than 5% since January 2010.
Other key numbers for the month:
 For January 2011 the distressed market accounted for just 47% of all sales, a decrease of 15%
from last year. Currently 48% of all residential listings are distressed properties.
 Overall, the months’ supply of inventory is now about 12 months, with more than 10 months
for single family homes and over 14 months for condos. The supply is about 4 months for
distressed properties and over 11 months for non-distressed.
 The median price for bank owned properties is $60,000 ($101,000 a year ago) while non-bank
properties, it is $144,000 ($137,000 last year).
With financing still predominately all cash and the number of foreclosures and short sales on the
market, we are likely to be working in this market for 2011. By now many Realtors have figured out
how to co-exist with the distressed market. Since 76% of contracts pending are foreclosures or short
sales, we can see that the biggest headache comes from short sales.

Click to download Jan 2011 MLS state from Pinellas County FL