August Sales Figures Almost Duplicate July's
If you liked July's sales figures, you're gonna enjoy August as well.
Let's start with the Absorption Rate (AR). The AR, as you know, is the inventory turn for Pinellas County and is determined by dividing the number of units sold during the month by the total number of units listed in the Multiple Listing Service (MLS).
For single family homes, the AR for August was 6.1 perecent. It was also 6.1 percent in July. Starting to get the picture? For condos the AR for August was 4.3 percent. In July it was also 4.3 percent.
I guess that kind of explains why August felt a lot like July to me.
Single Family Homes
Listings and sales of single family homes for July and August were virtually the same in real numbers.
Listings for August stood at 8,621 according to MLS data. In July there were 8,643. Almost identical.
Sales were almost exactly the same. In August there were 526 single family homes sold in Pinellas County, while in July the number of sales stood at 529. Very close.
The median price of single family homes has taken a significant reduction in the last year. The median price in August of 2007 was $219,900. In August 2008 it fell to $175,900. That is a 20 percent reduction in median price. Sellers who are serious about selling need to price their homes to reflect that loss in median pricing during the last twelve months. The last time we saw a median price that low for single family homes was in 2003.
Condominium Sales Data
The data for condos for August is just about the same as the data for July.
In August the MLS reports that there were 7,134 condos on the market. In July, that number stood at 7,276. Pretty close.
August sales totaled 306 condo units. In July, there were 312 units sold according to MLS for Pinellas County.
Here's something that is interesting. The median price for condos was $150,800 for August of 2008, but was only at $155,900 for August of 2007. That's a drop of only 3 percent. You have to remember, however, that condos took a big price hit last winter, so maybe condo prices are starting to stabilize a bit. Only time will tell.
I guess you could read this and say that the real estate market is in the summer doldrums and nothing much is happening. Frankly, I think there are a few other factors that are at work here in August. The biggest of which is probably market uncertainty regarding Fannie and Freddie, and what kind of effect the uproar with these two mortgage giants is going to have. Also, tropical storm and hurricane threats have probably had an adverse effect on sales.
On the bright side however, you have to admit that things didn't get any worse. I'll take that as a moral victory.
For more information on real estate in the Tampa Bay area, please visit my website at http://www.thestpeterealestatesite.com/.
Let's start with the Absorption Rate (AR). The AR, as you know, is the inventory turn for Pinellas County and is determined by dividing the number of units sold during the month by the total number of units listed in the Multiple Listing Service (MLS).
For single family homes, the AR for August was 6.1 perecent. It was also 6.1 percent in July. Starting to get the picture? For condos the AR for August was 4.3 percent. In July it was also 4.3 percent.
I guess that kind of explains why August felt a lot like July to me.
Single Family Homes
Listings and sales of single family homes for July and August were virtually the same in real numbers.
Listings for August stood at 8,621 according to MLS data. In July there were 8,643. Almost identical.
Sales were almost exactly the same. In August there were 526 single family homes sold in Pinellas County, while in July the number of sales stood at 529. Very close.
The median price of single family homes has taken a significant reduction in the last year. The median price in August of 2007 was $219,900. In August 2008 it fell to $175,900. That is a 20 percent reduction in median price. Sellers who are serious about selling need to price their homes to reflect that loss in median pricing during the last twelve months. The last time we saw a median price that low for single family homes was in 2003.
Condominium Sales Data
The data for condos for August is just about the same as the data for July.
In August the MLS reports that there were 7,134 condos on the market. In July, that number stood at 7,276. Pretty close.
August sales totaled 306 condo units. In July, there were 312 units sold according to MLS for Pinellas County.
Here's something that is interesting. The median price for condos was $150,800 for August of 2008, but was only at $155,900 for August of 2007. That's a drop of only 3 percent. You have to remember, however, that condos took a big price hit last winter, so maybe condo prices are starting to stabilize a bit. Only time will tell.
I guess you could read this and say that the real estate market is in the summer doldrums and nothing much is happening. Frankly, I think there are a few other factors that are at work here in August. The biggest of which is probably market uncertainty regarding Fannie and Freddie, and what kind of effect the uproar with these two mortgage giants is going to have. Also, tropical storm and hurricane threats have probably had an adverse effect on sales.
On the bright side however, you have to admit that things didn't get any worse. I'll take that as a moral victory.
For more information on real estate in the Tampa Bay area, please visit my website at http://www.thestpeterealestatesite.com/.
-30-
posted by Terry Ward at 3:37 AM
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