September In Pinellas: Pretty Good Month!
September appears to have been a pretty good month for real estate sales in Pinellas County according to the latest info from the Pinellas Realtor Organization.
Let's start with a quick look at the Absorption Rate (AR) which is determined by dividing the number of units sold in the month by the total number of units listed.
For single family homes, the AR moved up to 11.2% from August's 10.3% -- a pretty good jump in inventory turn. Condo's may have fared even better! The AR for condos for September moved up to 7.4% from August's 5.7% figure. That's the direction we want to see.
Single Family Homes
During September there were a total of 6,358 single family homes listed for sale in the Pinellas MLS system. That's a decrease from August's 6,446. If you are a seller, this is good news. It means there is less competition from other sellers, and it also means that buyers have fewer homes from which to select so your house may have a little better chance of being sold.
Sales for September also took a nice jump upward. Total sales totaled 715 units in Pinellas, as compared to last month's sales total of 665 single family homes sold.
Prices, however, continue to fall. The median price for September dropped to $138,500 as compared to $165,000 from September of 2008. That's a 16.1% decline in median price during the twelve months ended September 30, 2009. Sellers need to keep this on-going price decline in mind when pricing homes for the market and negotiating with potential buyers.
Condominium Sales
There has been some recent activity in new condos in downtown St. Petersburg, so the condo numbers may look better than they really are.
During September, there were 5,691 condos listed in the MLS system as compared to 5,796 last month. But, there were 419 condos sold in September as compared to only 333 in August. I think that jump in sales may reflect recent activity in some of the new downtown condos. We'll have to keep an eye on condo sales during the coming few months to get a reading on that market.
The condo median price fell like a rock in the past year. Between September 2008 and September 2009 the median dropped from $150,000 to $129,000.
I ran across this little bit of info and thought I'd pass it along: So far in 2009 in Pinellas County, 45% of real estate sales have been to cash buyers, 33% to a conventional mortgage, 19% to FHA/VA buyers and 1% to seller financing. That cash-buyer figure is interesting, isn't it?
Good luck to all!
Let's start with a quick look at the Absorption Rate (AR) which is determined by dividing the number of units sold in the month by the total number of units listed.
For single family homes, the AR moved up to 11.2% from August's 10.3% -- a pretty good jump in inventory turn. Condo's may have fared even better! The AR for condos for September moved up to 7.4% from August's 5.7% figure. That's the direction we want to see.
Single Family Homes
During September there were a total of 6,358 single family homes listed for sale in the Pinellas MLS system. That's a decrease from August's 6,446. If you are a seller, this is good news. It means there is less competition from other sellers, and it also means that buyers have fewer homes from which to select so your house may have a little better chance of being sold.
Sales for September also took a nice jump upward. Total sales totaled 715 units in Pinellas, as compared to last month's sales total of 665 single family homes sold.
Prices, however, continue to fall. The median price for September dropped to $138,500 as compared to $165,000 from September of 2008. That's a 16.1% decline in median price during the twelve months ended September 30, 2009. Sellers need to keep this on-going price decline in mind when pricing homes for the market and negotiating with potential buyers.
Condominium Sales
There has been some recent activity in new condos in downtown St. Petersburg, so the condo numbers may look better than they really are.
During September, there were 5,691 condos listed in the MLS system as compared to 5,796 last month. But, there were 419 condos sold in September as compared to only 333 in August. I think that jump in sales may reflect recent activity in some of the new downtown condos. We'll have to keep an eye on condo sales during the coming few months to get a reading on that market.
The condo median price fell like a rock in the past year. Between September 2008 and September 2009 the median dropped from $150,000 to $129,000.
I ran across this little bit of info and thought I'd pass it along: So far in 2009 in Pinellas County, 45% of real estate sales have been to cash buyers, 33% to a conventional mortgage, 19% to FHA/VA buyers and 1% to seller financing. That cash-buyer figure is interesting, isn't it?
Good luck to all!
posted by Terry Ward at 8:07 AM
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