Interesting Stats

Here are some interesting statistics for sellers and real estate agents.

Right now in Pinellas County, there is a 21-month backlog of condominiums for sale in the MLS. To clear out the existing inventory of single family homes will take from 16 to 18 months. Remember, 6 to 9 months of inventory constitutes a buyer's market, depending on which economist's definition you want to use. So, it's pretty clear we are in a very strong buyer's market today.

Oh, and remember the "good ol' days" when buyers used to run-up the price by bidding against each other for property. Those days are gone. The average difference today between asking price and selling price for a single family home stands at 28% in Pinellas County. Or, you can say that single family homes are averaging only 72% of their asking price. The difference for a condo stands at around 40%, or is selling for an average of only 60% of it's asking price.

Here's another reason why so many sellers are anxious about selling their property. A cool 43% of the properties in the MLS system in Pinellas County are vacant. Not only does the seller not live there, but the property is not generating any income to offset the costs of ownership.

This information comes from the Pinellas Realtor Organization. If you would like to know more about real estate in Pinellas County, visit my website at www.TheStPeteRealEstateSite.com.

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