Click to view December 2011 Pinellas County Residential Real Estate Report
The same story keeps repeating itself in the local real estate market. Listings are down for both the
condo and single family market. There does appear to be more strength in the single family market
versus the condo market. For all of 2011 the median sales price for condo’s dropped by $13,000 even
while listings have been at five year lows and sales have increased by 7.4% from December 2010 to
December 2011. In the single family market the median sales price has managed to see some support
at a floor of $125,000 from December 2010 to December 2011 while listings decreased by almost
62%.
Overall the residential market sales, as well as the median sales price were relatively flat year over
year. Active inventory is at a 6 year low (6.4 months supply of inventory) with just over 24% of the
7,964 active listings being distressed. Of the 1,927 distressed listings, 1,596 are short sales and 331 are
foreclosures.
Condo sales from December 2010 to December 2011 are up 7.5%. The median sales price for condos
dropped by $14,000 and condo listings decreased from 5,205 to 4,010 or 23% for the same time
period.
Single family listings are down from 6,327 to 3,954, or 38% from December 2011 to December 2010.
The median sales as noted previously remained stagnate year over year. Single family sales decreased
by 4.4% for the same time period.
Pending sales for the residential market are up almost 14% from December 2010 to December 2011.
However 74% of those pending sales are either short sales or foreclosures and 26% are non-distressed
properties. When you look at the pending sales that actually close you will see that 65% of the closed
sales in December were non-distressed and 35% are distressed. This may be due to more short sales
being listed as pending from December 2010 to December 2011.
Days on market also continues increase on all property types. Non-distressed properties days on
market increased almost 33%, short sale nearly doubled and bank owned properties increased almost
40% from December 2010 to December 2011.
Click to view December 2011 Pinellas County Residential Real Estate Report