MLS Inventory Tops 20,000 Total Units

My friend John Ringlespaugh of Tourtelot Brothers Real Estate in St. Petersburg, Florida likes to keep track of the number of listings available in the Pinellas County Multiple Listing Service. According to John's figures and what we learned in Economics 101, real estate prices should be falling -- and falling fast! Here's what John reported to me on Friday, February 23rd ...

Total Number Of Properties In the Pinellas MLS: 21,893
Residential Properties: 17,907
Multi-Family: 610
Rentals: 1,825
Vacant Land: 761
Commercial Listings: 790

Deduct the rental units from that tally sheet, and you have about 20,000 units for sale. That's a lot of available properties! If you're a residential buyer, you have mega-choices to make because the number of residential listings last Friday was nearing 18,000.

Here's how residential listings break down according to John Ringlespaugh's categories ...

Single Family Residences: 8,379
Condominiums: 7,230
Townhomes: 1,454
Condo Hotels: 193
Mobile Homes: 214
Others/Misc: 437

So, what does this mean?

If you're a buyer, it means you have a wide selection and you can now be selective. It means you can probably negotiate a lower price and better terms. It means you can probably get the seller to make consessions. It means you can take a little more time and be a little more reflective in what you're doing. It's a great time to be a buyer!

If you're a seller, this huge inventory means you have to become realistic about your pricing and the quality of your property. I'm going to give sellers Economics Rule 102: In an overly saturated market only the best items get sold. Today's market may not be overly saturated yet, but there sure is a glut of available property. If buyer's don't view your property as among the best of what they see, they won't buy it. It has to be the best value for the money, be in the best condition, be in the best neighborhood. You have to be willing to negotiate the best deal from the buyer's viewpoint. Sellers also need patience and a great marketing program. Mostly though, sellers need to start lowering their asking prices.

So, a tip of the hat to John Ringlespaugh for preparing this data. If you would like to know more about the real estate market in Tampa Bay, visit my website at www.TheStPeteRealEstateSite.com.

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