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Pinellas County Real Estate Statistics for February 2011

February 2011 statistics Pinellas County Click Here to download

The real estate market in Pinellas County is showing more signs of stabilization. For the month of
February sales were up for both single family and condo, likely a result of the increases in pending
sales in January. Listings were down across the board and the median sales price remains relatively
unchanged. During the first half of 2010 the first time homebuyer tax credit was impacting closings
while the later tax credit was beginning to affect pending contracts. Since there is no longer a tax
credit, we might have expected sales and contracts to be lower; however sales were up nearly 25%
and pending contracts increase by 17%. Pinellas County’s fire sale prices and low interest rates are
the big driver now in spite of the continued high jobless rate.

For February 2011 single family home sales were up nearly 20% as compared to the same time period
last year. The median sales price for single family homes was down $30,000 or 30% from February
2010, however it remained nearly constant from last month. Listings for single family homes fell 3%
from February 2010. In the first two months of 2010 the median sales price was stagnant, but saw a
modest jump in March.
Condo sales were up almost 24% from February 2010 to February 2011. The median sales price
trended similar to single family homes, declining 28% for the month of February, as compared to
February 2010. However, there was a modest increase from January 2010. Condo listings were down
about 8% from February 2010 to February 2011. This also marks the seventh straight month condo
listings have decreased.

Overall residential market sales increased by almost 25% from February 2010 to February 2011, and
were up 13% from month to month. Overall residential listings were down about 5% since February
2010. The median sales price for residential properties plummeted nearly 29% year over year making
Pinellas County one of the best bargains in the nation.
Cash is still king for the local market, indicating that likely many sales are to investors. There should
start being some modest increases in sales price as the decrease in listings creates more upward
pressure on the sales price. Another bright spot in the market for the month was the modest increase in
non-distressed sales versus a relatively stagnant number of distressed sales.

February 2011 statistics Pinellas County Click Here to download