Click to view the Pinellas County real estate Monthly Indicators
The media sometimes obsesses over the negatives, but last year brought several important improvements in key metrics that should not be brushed aside, such as an improved inventory picture. Foreclosures also dominate news stories, and for good reason. People should occupy homes, not banks. Which means qualified buyers need reliable access to mortgage capital, and distressed properties may need further attention in 2012 to expedite transfer of ownership and tax-base recapture. As we delve into a new year, we’re seeing mostly positive signs. Let’s examine some of them.
New Listings were down 18.3 percent for detached homes and 29.9 percent for attached properties. Pending Sales increased 2.9 percent for single-family homes but decreased 11.3 percent for townhouse-condo properties.The Median Sales Price was up 9.8 percent to $118,000 for detached homes and 14.5 percent to $85,000 for attached properties. Months Supply of Inventory decreased 39.7 percent for single-family units and 36.7 percent for townhouse-condo units.
U.S. economic data has been encouraging. The unemployment rate flirted with a 3-year low and an initial reading on the fourth quarter of 2011 GDP was in-line with expectations. Mortgage rates posted yet another fresh new record low. At the risk of sounding redundant (at the risk of sounding redundant), the missing puzzle piece is still jobs. Improvements in the labor market will spur housing demand through new household formations, improve family financials and galvanize consumer confidence.
Click to view the Pinellas County real estate Monthly Indicators