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Pinellas County Real Estate Statistics for December 2010

Click Here for Dec 2010 MLS Stats
Is the real estate recovery finally here? The statistics for December 2010 give us indications that it
may or may not be. Traditionally, sales slump around the holidays; however, December 2010 seems
to have bucked the trend, as condo and single family sales are up double digits across the board. On
the other hand, when you start looking at the types of sales, it becomes more evident that the recovery
may not be here quite yet. In December short sales and foreclosures accounted for nearly half of all
sales, when previous statistics have shown that short sales and foreclosures usually account for just
over one third of all sales. The increase in short sale and foreclosure closings is likely a result of the
expiration of the foreclosure moratorium and banks wanting to get REO properties off their books
before the end of the year.
Sales of all residential properties were up 24.4%, or an additional 244 units in December, as
compared to the same time period last year. The median sale price of all residential sales dropped
from $133,000 to $118,000, or down 11% since December 2009. The increase in short sale and
foreclosure closings for December had a strong impact here.
One small bright spot in the market is that this is the fourth straight month that overall residential
listings have dropped. If January’s statistics show a drop for the fifth consecutive month, this may
show signs of a recovery. In previous years, listings tend to jump in January, when the holiday season
comes to an end and kids go back to school. Overall residential listings were up 7.2% from December
2009 to December 2010.
Single family home sales increased almost 29% in December 2010, as compared to December 2009.
This also marks the fourth straight month of increased single family sales. However, the median sales
price fell for single family homes by almost $15,000, or 11% from December 2009. The drop in the
single family median home price is largely a result of the increased closings of short sales and
foreclosures. For December 2010, more than half of all sales were foreclosures or short sales. Single
family listings rose 6.7%, from 5,928 in December 2009 to 6,327 in December 2010.
Condo sales also fared well in December, as sales increased by 18% or 76 additional units sold from
December 2009. While volume is increasing, the median condo sales price fell 19% from December
2009. This represents a drop of almost $24,000 in the median sales price mostly a result of the
increase of foreclosures and short sales. Condo listings were up less than one percent.<a

Pinellas County Real Estate Market Statistics for November 2010

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

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