September: I had A Feeling About This
Did you ever get one of those sinking feelings that says things aren't going quite as well as you'd hoped?
I had one for the entire month of September. Turns out I was right!
Let's start by looking at the Absorption Rate (AR) which, as you know, is determined by dividing the number of units sold during the month by the total number of listings in the MLS.
The AR for single family homes during September was 4.8%. That's painfully poor. In August it was 5.9%. That's only slightly less painful.
The AR for condos during September was 3.1% versus August's 3.7%, so condo sales are still sliding downward.
The actual number of single family homes listed in September grew to 9,233 in Pinellas County; in August there were 9,141 single family homes on the market. So, inventory increased somewhat during the month -- but not a whole lot.
Sales for September fell to only 442 homes throughout the county, while in August 540 single family homes were sold. Percentage-wise, that's quite a big drop as you can calculate yourself.
Here's what is really surprising to me ... the median price fell to $199,000 for September. In August it was $219,900. So, there are more single family homes on the market, fewer being sold, and many of those that did sell appear to have been lower priced properties.
The condo report is similar to the single family home data.
In September, some 8,527 condos were on the market versus 8,464 in August. Condo sales in September were only 267 units, while the sales figure for August was 311. The median price for condos went up! From $155,900 in August to $162,600 in September.
So, this means more condos went on the market, fewer of them were sold, but the ones that did sell were probably priced a little higher than they were last month.
What does this all mean? I dunno. Maybe it means we should all work smarter, be more patient, and not get discouraged. Perhaps we should all start to enjoy the lovely fall weather, watch the World Series, cheer our favorite football teams, load up on Holloween candy, and hope that buyers will begin to realize that this is a great time to make offers on real estate. In other words, keep your chin up.
For more information on real estate in the Tampa Bay area, visit my website at http://www.thestpeterealestatesite.com/.
I had one for the entire month of September. Turns out I was right!
Let's start by looking at the Absorption Rate (AR) which, as you know, is determined by dividing the number of units sold during the month by the total number of listings in the MLS.
The AR for single family homes during September was 4.8%. That's painfully poor. In August it was 5.9%. That's only slightly less painful.
The AR for condos during September was 3.1% versus August's 3.7%, so condo sales are still sliding downward.
The actual number of single family homes listed in September grew to 9,233 in Pinellas County; in August there were 9,141 single family homes on the market. So, inventory increased somewhat during the month -- but not a whole lot.
Sales for September fell to only 442 homes throughout the county, while in August 540 single family homes were sold. Percentage-wise, that's quite a big drop as you can calculate yourself.
Here's what is really surprising to me ... the median price fell to $199,000 for September. In August it was $219,900. So, there are more single family homes on the market, fewer being sold, and many of those that did sell appear to have been lower priced properties.
The condo report is similar to the single family home data.
In September, some 8,527 condos were on the market versus 8,464 in August. Condo sales in September were only 267 units, while the sales figure for August was 311. The median price for condos went up! From $155,900 in August to $162,600 in September.
So, this means more condos went on the market, fewer of them were sold, but the ones that did sell were probably priced a little higher than they were last month.
What does this all mean? I dunno. Maybe it means we should all work smarter, be more patient, and not get discouraged. Perhaps we should all start to enjoy the lovely fall weather, watch the World Series, cheer our favorite football teams, load up on Holloween candy, and hope that buyers will begin to realize that this is a great time to make offers on real estate. In other words, keep your chin up.
For more information on real estate in the Tampa Bay area, visit my website at http://www.thestpeterealestatesite.com/.
-30-
posted by Terry Ward at 1:35 PM
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