Real Estate In November Looked A Lot Like October
I wish I had some kind of eye-popping news to share with everybody about real estate sales in Pinellas County for November, but I don't. It was pretty flat. In fact, if you read on, you will see that November looks very similar to October.
Let's start as always with the Absorption Rate (AR) for November. As you know, the AR is calculated by dividing the number of units sold in the month by the total number of units in the MLS. The result is your inventory turn.
For single family homes in November, the AR moved up a little to 8.3% from October's 7.9%. So, the average home will require about 12 months to be sold in Pinellas County.
For condominiums, the November AR moved down to 6.3% for November from October's 6.6%. This means condos will average almost 16 months on the market before selling.
Single Family Stats
During November, there were 6,540 single family homes listed for sale in the MLS system as compared to October's 6,666. So, inventory dropped a little in the last 30 days, but the reason probably had more to do with sellers removing homes from the market than due to an upsurge in sales volume. During November, only 542 single family homes were sold compared to October's 528 sales. So, sales volume was pretty much stagnant month to month.
From a price standpoint, if we compare November 2010 to November of 2009 we find that prices continued to fall. The median price for November of this year was $128,000 as compared to last November's median price of $146,500. That's a drop of 12.6%.
By the way, for those of you who keep track of such things, the median sales price for a single family home in November of 2005 was $259,000. So, if you're a seller, you might want to keep that kind of info in mind when you are setting your sales price and negotiating with a buyer. As they say, prices ain't what they used to be!
Condo Sales
Condos continue to lag the market despite the fact that so many lovely units are priced so low. Demand just seems to be down for this kind of lifestyle, especially in the communities that restrict residence to those over the age of 55. St. Petersburg is no longer the Mecca for retirees because so many seniors are opting for the new communities throughout Florida and for the tried-n-true retirement areas of Miami. Additionally, many of those who want to buy condos must sell their family home first, and in many cases that is proving to be a difficult task given the overall state of the economy. So, the condo market locally is very slow and prices in such communities are suffering due to lack of demand and the inability of many would-be buyers to make a purchase.
How slow is the condo market?
Well, in November there were 5,422 condos in the MLS in Pinellas County -- about the same as October's 5,484 units. Of those, only 342 were sold during November and only 362 in October. So, that's a pretty flat market and it is not setting any sales records.
Condo prices are continuing to fall. The median selling price in Pinellas was $107,500 for November 2010, a drop of 7.3% from November 2009's median price of $116,000.
By the way, the median condo price in November 2005 was a robust $177,000. Quite a large drop in only five years.
So, that's the way things are with only one month left in 2010. Hopefully the figures will be better in the year's final 30 days.
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Let's start as always with the Absorption Rate (AR) for November. As you know, the AR is calculated by dividing the number of units sold in the month by the total number of units in the MLS. The result is your inventory turn.
For single family homes in November, the AR moved up a little to 8.3% from October's 7.9%. So, the average home will require about 12 months to be sold in Pinellas County.
For condominiums, the November AR moved down to 6.3% for November from October's 6.6%. This means condos will average almost 16 months on the market before selling.
Single Family Stats
During November, there were 6,540 single family homes listed for sale in the MLS system as compared to October's 6,666. So, inventory dropped a little in the last 30 days, but the reason probably had more to do with sellers removing homes from the market than due to an upsurge in sales volume. During November, only 542 single family homes were sold compared to October's 528 sales. So, sales volume was pretty much stagnant month to month.
From a price standpoint, if we compare November 2010 to November of 2009 we find that prices continued to fall. The median price for November of this year was $128,000 as compared to last November's median price of $146,500. That's a drop of 12.6%.
By the way, for those of you who keep track of such things, the median sales price for a single family home in November of 2005 was $259,000. So, if you're a seller, you might want to keep that kind of info in mind when you are setting your sales price and negotiating with a buyer. As they say, prices ain't what they used to be!
Condo Sales
Condos continue to lag the market despite the fact that so many lovely units are priced so low. Demand just seems to be down for this kind of lifestyle, especially in the communities that restrict residence to those over the age of 55. St. Petersburg is no longer the Mecca for retirees because so many seniors are opting for the new communities throughout Florida and for the tried-n-true retirement areas of Miami. Additionally, many of those who want to buy condos must sell their family home first, and in many cases that is proving to be a difficult task given the overall state of the economy. So, the condo market locally is very slow and prices in such communities are suffering due to lack of demand and the inability of many would-be buyers to make a purchase.
How slow is the condo market?
Well, in November there were 5,422 condos in the MLS in Pinellas County -- about the same as October's 5,484 units. Of those, only 342 were sold during November and only 362 in October. So, that's a pretty flat market and it is not setting any sales records.
Condo prices are continuing to fall. The median selling price in Pinellas was $107,500 for November 2010, a drop of 7.3% from November 2009's median price of $116,000.
By the way, the median condo price in November 2005 was a robust $177,000. Quite a large drop in only five years.
So, that's the way things are with only one month left in 2010. Hopefully the figures will be better in the year's final 30 days.
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posted by Terry Ward at 3:31 AM
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