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Pinellas County Real Estate Statistics for March 2012

Click Here for a PDF report showing all charts and stats

For the month of March the single family market continues to be the strength of the market. While single family sales are down 3.1% from March 2011 to March 2012, sales are up almost 32% year to date, and the median sales price is up nearly $12,000 year to date. There was 21% increase in year over year sales in the condo market and as well as a 54% increase in month over month sales. However, even with a decrease in condo sales and in listings, there has still been a year over year decrease of 11% and a month over month decrease of 6.5% in the median sales price of condo’s in Pinellas County.

In the distressed market there have been ten straight months where short sales have continued to outpace foreclosure sales as banks are speeding up there short sale approval process. Of the 481 distressed property sales last month 58% were short sales and 42% were bank-owned sales. To give some perspective on how much the numbers have improved in March 2011 foreclosure accounted for 70% of the distressed market and short sales accounted for 30%.

Financing continues to be a problem as cash buyers have accounted for 60% to 65% of the market over the last year. Financing will be a key factor over the next year as the real estate market continues its recovery. Sellers will need to feel confident they can get financing to buy a new house before they will put their current house on the market.

According to David Bennett, President and CEO of the Pinellas Realtor Organization, “The pendulum is just starting to swing back towards a seller’s market. With the number of listings so low sales prices have been starting to increase, hopefully fewer homeowners are underwater and more of them will be able to sell.

Click Here for a PDF report showing all charts and stats

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

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