August Sales Figures Show Nothing New -- Perhaps That's An Improvement!
The only thing you can say about the August real estate sales figures for Pinellas County is that nothing much happened. These days, that might be an improvement!
The Absorption Rate (AR) as you know is calculated by dividing the number of units sold in the month by the total number of units listed for sale in the Multiple Listing Service (MLS). In August, the AR for single family homes was 5.9% -- exactly the same as it was in July. For condos the AR for August was 3.7% -- and that is the same as it was in July. So, no gains from a percentage standpoint. But no losses either!
Single Family Figures
During August there were 9,141 single family homes listed for sale in the MLS. In July there were 9,198. Although this amounts to a reduction of only 57 fewer homes on the market, I consider any reduction in inventory a positive sign.
Don't get the impression that this reduction in inventory came as a result of sales. It didn't. In August the MLS reports 540 single family sales as compared to 541 sales in July. As you can see, there may be a few fewer homes on the market now, but it's not because sales suddenly got hot.
What's more, it appears that buyers are going more for lower priced houses. The median sale price dropped to $219,900 in August as compared to $225,000 in July.
Condo Figures
It seems like a fairy tale now, but once upon a time condos were big in Pinellas County. Today, not so much.
In August the MLS reports that there were 8,464 condos for sale. The good news is that in July there were 8,614 for sale. So, that's a net drop of 150 condo listings in the past 30 days. As I wrote earlier, I think any drop in inventory has to be viewed as being positive.
Condo sales, however, didn't do much in August as compared to July. In August there were 311 condo sales as compared to 319 in July. So, condo sales remain pretty flat and are not the cause for the reduction in inventory unless no other condos were listed in August.
What is disappointing about condo sales is that the median price really fell a lot in August, indicating that what market there is for condos seems to be in the lower priced units. The August median price fell to $156,000 from July's $175,000 -- quite a drop in only 30 days. I wonder if there's a reason for this?
So, I see some positive signs in that things did not appear to get any worse during August despite a lot of bad news about real estate and mortgages in the media. Is this the beginning of a real estate turnaround? C'mon, let's not go overboard. The stars are still out of alignment.
For more information about real estate in the Tampa Bay area, visit my website at http://www.thestpeterealestatesite.com/.
The Absorption Rate (AR) as you know is calculated by dividing the number of units sold in the month by the total number of units listed for sale in the Multiple Listing Service (MLS). In August, the AR for single family homes was 5.9% -- exactly the same as it was in July. For condos the AR for August was 3.7% -- and that is the same as it was in July. So, no gains from a percentage standpoint. But no losses either!
Single Family Figures
During August there were 9,141 single family homes listed for sale in the MLS. In July there were 9,198. Although this amounts to a reduction of only 57 fewer homes on the market, I consider any reduction in inventory a positive sign.
Don't get the impression that this reduction in inventory came as a result of sales. It didn't. In August the MLS reports 540 single family sales as compared to 541 sales in July. As you can see, there may be a few fewer homes on the market now, but it's not because sales suddenly got hot.
What's more, it appears that buyers are going more for lower priced houses. The median sale price dropped to $219,900 in August as compared to $225,000 in July.
Condo Figures
It seems like a fairy tale now, but once upon a time condos were big in Pinellas County. Today, not so much.
In August the MLS reports that there were 8,464 condos for sale. The good news is that in July there were 8,614 for sale. So, that's a net drop of 150 condo listings in the past 30 days. As I wrote earlier, I think any drop in inventory has to be viewed as being positive.
Condo sales, however, didn't do much in August as compared to July. In August there were 311 condo sales as compared to 319 in July. So, condo sales remain pretty flat and are not the cause for the reduction in inventory unless no other condos were listed in August.
What is disappointing about condo sales is that the median price really fell a lot in August, indicating that what market there is for condos seems to be in the lower priced units. The August median price fell to $156,000 from July's $175,000 -- quite a drop in only 30 days. I wonder if there's a reason for this?
So, I see some positive signs in that things did not appear to get any worse during August despite a lot of bad news about real estate and mortgages in the media. Is this the beginning of a real estate turnaround? C'mon, let's not go overboard. The stars are still out of alignment.
For more information about real estate in the Tampa Bay area, visit my website at http://www.thestpeterealestatesite.com/.
-30-
posted by Terry Ward at 3:56 AM
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