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Pinellas County Real Estate Market Statistics for November 2010

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Click Here for MLS Stats Nov 2010

In November residential unit sales were about the same as November 2009. Right now condo sales are the strongest sector of this market with an increase of more than 12% year over year while sales of single family homes fell by 7.5% since last year. Not too surprisingly, the inventory of single family homes grew by more than 7% and the condo inventory remained at the November 2009 level.
After last month’s spike, the median price for single family homes dropped back to $128,000 for a 12.6% decrease from a year ago. The condo median price also fell by 7.3% to $107,000.
There has been a steady increase in pending contracts for the past six months. In November there were 15.72% more contracts written than a year ago. 56% of these contracts are for bank-owned properties, an increase of over 87% from November 2009. At the same time the 17% of non-bank contracts represent a 17% decrease year over year. In the condo market just over 50% of the contracts are for bank-owned properties, an increase of 92.5% from last year. Bank owned single family properties represent more than 60% of the contracts written, an 82.6% increase from a year ago.
Distressed properties for November 2010 account for just under half of all residential sales. The median sales price for non-distressed properties for the month of November is $160,000, median price of bank-owned properties is 37.5% of the median sales price for non-distressed properties or $60,000 and pre-foreclosure/short-sales are selling 80% of the median sales price for non-distressed properties or $127,000.
Another interesting trend to note is the days on market comparison of short sale properties. So far this year the length of time it takes to close a short sale has actually increased by almost one full month. Days on market for non-distressed properties declined by almost three weeks and bank-owned properties days on market have stayed relatively the same for the year.
It appears that the condo market is the bright spot in the Pinellas County with double digit increases in sales during the month of November 2010 compared to November 2009. It also interesting to note condos are selling at 85% of their list price, and single family homes are selling at 80% of the list price. Cash is king locally as 56% of all sales in Pinellas County are all cash.

Click Here for MLS Stats Nov 2010

Signs of Movement in the Market Ahead

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Overall residential unit sales dropped significantly in September and were down 18.5%. Single family home sales fell 22.9% and condo sales dipped by 11.2% compared to September 2009. The market is still taking a breather after all the sales related to the tax credit. All residential listings were up slightly – about a 3% increase. Single family listings increased by 6% and condo listings dropped again by 3% when compared to last year at this time.
The median price for single family homes declined to $130,000, a decrease of 5.1% while condo median price at $114,000 fell by 11.3% from September 2009.
The bright spot this month are the pending contracts – they rose by 10.6% over the September 2009 level. This is the third month of steady growth in this status. Tempering that news there was a 5.2% growth in contracts written for single family homes and a leap of 20.4% for condos, again both due to three months of steady growth after the tax credit fall-off.
Bank owned properties and short sales make up 57% of all the single family pending contracts written in September, while 47% of condo pending contracts were bank owned. Single family bank owned sales reached 52% and 37% for condos. Of the homes available for sale in September, 39% of the single family homes and 27% of condos were bank owned. Finally going forward 44% of the single family new listings and 37% of the condo new listings in September were bank owned.
Right now we’re all waiting to see what impact the foreclosure debacle will have on closings coming up. It could make potential buyers jittery about making offers on foreclosed homes and will probably delay closings while lenders and title companies figure out how to handle the situation. The pending numbers seem to indicate the market is moving again, so we certainly did not need another crisis.

Click Here to view the September 2010 analysis

Housing States for Pinellas County zip codes 33701 & 33704

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If you live in Pinellas County in downtown St. Pete this data will give you a picture of what the houseing market looks like, to me the market looks flat, which isn’t bad! The sales prices in downtown for single family homes seem to be holding their own. We have about a 9 months supply of property on the market which is a little above what we would like to see of 6 months supply.

If you would like a market value on your home! give us a call today.

July 2010 Housing Stats Pinellas County!

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July 2010 Pinellas County real estate stats

July 2010 Market Stats Click Here

Some interesting things to notice here with the housing stats, the number of available single family homes in Pinellas County is up for the 1st time based on a year over year comparison since 2007. July 2009 active listings in Pinellas County were 6,525, July 2010 6,675 that’s a +2% increase. Sales were also down by -23% from July 2009. This I fell is due to the huge number of sales over the last 4 month where sold homes were up from 2009 number ranging from +7.5% to +31.5% this was due to the tax credit.

If you have any questions about the real estate market in your neighborhood in Pinellas County call us!

2010 Tax values are in! but don't head to the Skyway Bridge just yet!

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So how about that news from the Pinellas County Property Appraiser’s office this week? Well before you head out to jump off the Sunshine Skyway read this to get a better understanding of just what that the real estate tax assessment means for you.

Many Pinellas County residents will open that little purple and white envelope this September and suffer from the shock of just how low the Property Appraiser thinks their home is worth. Take heed though, it’s not as bad as you think. You see the Property Appraiser isn’t valuing the home based on interior finishes, which do affect the value and what a buyer is willing to pay, rather they are appraising the exterior condition, square footage of the home and property sales in the area. They are including short sales and foreclosures as comparables to come up with a value. With the recent spike in foreclosed properties selling well below fair market value, because banks don’t want to hold a property over 30 days and the number of short sales that have been sold, would make it appear that the surrounding property values have plummeted. Not true though.

You have to take this “Assessed Value” with a grain of salt because there are many other factors that determine a property’s value. For instance, your property’s interior condition, features and layout play a huge part in determining how appealing a home will be to a buyer, recent sales of comparable properties within a 1 mile radius, sold in the past 6 months or less, plus or minus 15% in Square Footage. If there are enough arms length sales an appraiser will not use short sales or REO’s (bank owned properties) in consideration of valuing the property.

On another note, be aware that there are companies and investors out there that will call or send you a letter if they drive by and see that the property may be distressed and state that your property’s assessed value is X and that they are willing to buy it from you for that value minus repairs. DON’T agree to this as your property may be worth considerably more than the assessed value.

In order to ease your mind and get an accurate picture of your property’s current value speak to an experienced, knowledgeable and trustworthy realtor who works in the area the property is located in. Be sure that you ask that they show you the comparables and ask them why they chose those properties. You want to know the value of your home, not a number that they think you want to hear to get the listing. Also visit open houses in your area and check the newspaper for recent sales.

And yes, of course you can call us for a free consultation and market analysis of your property anytime. 727-851-6189

Pinellas County Real Estate Update:

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If you have been waiting for a clear signal that the real estate market is recovering than look no further, home sales were up +9% in the West and +7% in the south. In most major markets including Tampa Bay we have see a large jump in home sales in the 1st qtr of 2010 over the 1st qtr of 2009

Builders are also starting to feel inventory move and new housing starts were up 1.6% for March 2010. This references the number of permits pulled to build new homes. These homes will be available in 6 months.

Consumer confidence was up by 6 point over just last month, inventory levels are down to the point where we have a 6 month supply of single family homes in Pinellas County, we have not see this level of inventory since 2006. This is just where we need to be, not a buyers market not a sellers market. From this point we should start to see more communities/neighborhoods showing price increases. However, there are still a huge number of foreclosure and short sale listings on the market which could slow this down.

Banks are getting faster at approving short sales so don’t shy away from them.

Wan to know what your home is worth today? Call us!