March Figures Show Sales Improvement
The Pinellas Realtor Organization (PRO) has released figures for March, 2006 which show that sales have increased over those reported in February. That's good news for sellers throughout the county.
According to PRO's report, sales of single family homes for March were 1,079 as compared to only 801 in February, 2006. Sales of condominiums in March were 568, up from February's sales of only 427 units.
Listed property figures showed that more and more properties are being placed on the market, thus giving buyers a wider selection of properties from which to select. According to PRO's figures, listings of single family homes during March rose to 7,325 homes as compared to 6,544 homes on the market in February, 2006, an increase of 781 homes. It is important to note that in March of 2005, only 3,016 homes were listed for sale in Pinellas County. Condominium listings also increased substantially during March to 5,178 units now for sale versus 4,855 in February. In March, 2005, only 1,617 condos were on the market in Pinellas County.
While sales figures for March 2006 have improved, they still show a lagging market as compared to figures from the same time a year ago. The March 2006 absorption rate for Pinellas County single family homes is 14.7% while it stood at a brisk 43.4% in March, 2005. Condo absorption was 11.0% in March 2006 versus a robust 43.0% in March of a year ago. The absorption rate, or inventory turnover, is determined by dividing the number of units sold during the month by the total number of listings sold in the Multiple Listing Service. The higher the absorption rate, the faster property is being sold.
In summary, while sales activity increased somewhat during March, the number of listed homes continues to increase, thus contributing to a growing inventory of unsold properties throughout Pinellas County. The low absorption figures tend to indicate that the market continues on the sluggish course it has been on for the past few months.
According to PRO's report, sales of single family homes for March were 1,079 as compared to only 801 in February, 2006. Sales of condominiums in March were 568, up from February's sales of only 427 units.
Listed property figures showed that more and more properties are being placed on the market, thus giving buyers a wider selection of properties from which to select. According to PRO's figures, listings of single family homes during March rose to 7,325 homes as compared to 6,544 homes on the market in February, 2006, an increase of 781 homes. It is important to note that in March of 2005, only 3,016 homes were listed for sale in Pinellas County. Condominium listings also increased substantially during March to 5,178 units now for sale versus 4,855 in February. In March, 2005, only 1,617 condos were on the market in Pinellas County.
While sales figures for March 2006 have improved, they still show a lagging market as compared to figures from the same time a year ago. The March 2006 absorption rate for Pinellas County single family homes is 14.7% while it stood at a brisk 43.4% in March, 2005. Condo absorption was 11.0% in March 2006 versus a robust 43.0% in March of a year ago. The absorption rate, or inventory turnover, is determined by dividing the number of units sold during the month by the total number of listings sold in the Multiple Listing Service. The higher the absorption rate, the faster property is being sold.
In summary, while sales activity increased somewhat during March, the number of listed homes continues to increase, thus contributing to a growing inventory of unsold properties throughout Pinellas County. The low absorption figures tend to indicate that the market continues on the sluggish course it has been on for the past few months.
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posted by Terry Ward at 8:56 AM
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