Good Real Estate Volume For December 2010
The month of December, 2010 saw some improved volume numbers for Pinellas County real estate sales, but median prices continue to fall.
The absorption rate (AR), which is calculated by dividing the total number of units sold for the month by the total number of properties listed in the MLS, went up for both single family homes and condominiums.
The AR for single family homes during December moved up to 11.9% as compared to November's 8.3% figure. This means that there is an inventory backlog of single family homes sufficient for 8.4 months of selling activity.
The AR for condominiums stood at 9.4% for December as compared to 6.3% in November. So, we have an inventory backlog for condos at 10.6 months.
Single Family Home Sales Data
According to MLS data, there were 6,327 single family homes listed for sale in December. This is a decrease from November's inventory of 6,540. Some of this reduction in inventory is probably related to increased sales activity during the month. In December, 754 single family homes were sold in Pinellas -- one of the best figures in recent months. By comparison, only 542 were sold in November, an increase of 212 sales. Let's hope this trend continues!
The median price during December was $125,000 compared to $140,000 in December of 2009, a decrease of 10.7%.
Condominium Sales Data
Condos did well during December as well. There were 5,205 condos in the MLS in December as compared to 5,422 in November. Condo sales looked better as 489 condos were sold during December as compared to only 342 in November. Of course, this increase in sales can surely be attributed to the seasonal nature of condo sales in Pinellas County.
The median price of condos fell substantially compared to the same period last year. The December 2010 median price was $101,000 but in December of 2009 it was a much higher $124,900. That's a drop in median price of 19.1% year over year for condos.
If you were to chart prices on a monthly basis you would see that prices for 2010 were pretty flat for single family homes. The median price in January was $130,000; it moved up and down a little every month during the year but ended at $125,000. I'd say prices for single family homes were pretty flat this year taken as a whole. For condos, prices are still fluctuating. In January the median price for a condo in Pinellas County was $113,000 but in December it had fallen to $101,000. Maybe condo prices will start to stabilize a bit next year.
So, has the real estate market reached bottom? Well, I think not. Overall, the trends are still headed downward from a price viewpoint, but I think it's falling at a slower rate. On the upside, sales volume seems to be headed upward and that's a good thing. Also, we're seeing some improved employment numbers for the county and that's an important measure of future real estate activity.
Let's hope 2011 is better for everyone!
-30-
The absorption rate (AR), which is calculated by dividing the total number of units sold for the month by the total number of properties listed in the MLS, went up for both single family homes and condominiums.
The AR for single family homes during December moved up to 11.9% as compared to November's 8.3% figure. This means that there is an inventory backlog of single family homes sufficient for 8.4 months of selling activity.
The AR for condominiums stood at 9.4% for December as compared to 6.3% in November. So, we have an inventory backlog for condos at 10.6 months.
Single Family Home Sales Data
According to MLS data, there were 6,327 single family homes listed for sale in December. This is a decrease from November's inventory of 6,540. Some of this reduction in inventory is probably related to increased sales activity during the month. In December, 754 single family homes were sold in Pinellas -- one of the best figures in recent months. By comparison, only 542 were sold in November, an increase of 212 sales. Let's hope this trend continues!
The median price during December was $125,000 compared to $140,000 in December of 2009, a decrease of 10.7%.
Condominium Sales Data
Condos did well during December as well. There were 5,205 condos in the MLS in December as compared to 5,422 in November. Condo sales looked better as 489 condos were sold during December as compared to only 342 in November. Of course, this increase in sales can surely be attributed to the seasonal nature of condo sales in Pinellas County.
The median price of condos fell substantially compared to the same period last year. The December 2010 median price was $101,000 but in December of 2009 it was a much higher $124,900. That's a drop in median price of 19.1% year over year for condos.
If you were to chart prices on a monthly basis you would see that prices for 2010 were pretty flat for single family homes. The median price in January was $130,000; it moved up and down a little every month during the year but ended at $125,000. I'd say prices for single family homes were pretty flat this year taken as a whole. For condos, prices are still fluctuating. In January the median price for a condo in Pinellas County was $113,000 but in December it had fallen to $101,000. Maybe condo prices will start to stabilize a bit next year.
So, has the real estate market reached bottom? Well, I think not. Overall, the trends are still headed downward from a price viewpoint, but I think it's falling at a slower rate. On the upside, sales volume seems to be headed upward and that's a good thing. Also, we're seeing some improved employment numbers for the county and that's an important measure of future real estate activity.
Let's hope 2011 is better for everyone!
-30-
posted by Terry Ward at 3:55 AM
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