So, How's The Real Estate Market?
One of the most frequently asked questions I get is simply this: "So, how's the real estate market?"
That's a fair question.
I have stopped doing my monthly reports because I feel like the new real estate writer at the St. Pete Times is doing a pretty good job. So, I've kinda slacked off doing those monthly reports.
Instead, what I will give you is some info that I have not seen in the paper -- and it is an answer to the above referenced question.
Comparing October of 2011 with October of 2010, there were 891 properties sold in that month in 2010 and 1,079 sold in 2011. So, volume is up by 21%.
The total value of properties sold in October 2010 was $166, 951,900. In October 2011, it was $176,313,900. An increase in total sales value of 4.3%.
The average selling price for October 2010 was $189,600. For October 2011 it was $163,400. So, average selling price dropped 13.8%.
How many properties are on the market? Well, inventory is way down. In October 2010 there were a total of 12,150 properties on the market in the MLS. For October 2011 there were only 8,256. That's a decline of 32%. There are today roughly one-third fewer properties on the market than last fall. So, buyers have less to choose from, but sellers have less competition.
So, the answer to "how's real estate" is that sales volume is up, property values appear to be still declining, and the selection of properties on the market is quite a bit less than a year ago. Is this good news or bad news? Depends on whether you are a buyer or a seller.
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That's a fair question.
I have stopped doing my monthly reports because I feel like the new real estate writer at the St. Pete Times is doing a pretty good job. So, I've kinda slacked off doing those monthly reports.
Instead, what I will give you is some info that I have not seen in the paper -- and it is an answer to the above referenced question.
Comparing October of 2011 with October of 2010, there were 891 properties sold in that month in 2010 and 1,079 sold in 2011. So, volume is up by 21%.
The total value of properties sold in October 2010 was $166, 951,900. In October 2011, it was $176,313,900. An increase in total sales value of 4.3%.
The average selling price for October 2010 was $189,600. For October 2011 it was $163,400. So, average selling price dropped 13.8%.
How many properties are on the market? Well, inventory is way down. In October 2010 there were a total of 12,150 properties on the market in the MLS. For October 2011 there were only 8,256. That's a decline of 32%. There are today roughly one-third fewer properties on the market than last fall. So, buyers have less to choose from, but sellers have less competition.
So, the answer to "how's real estate" is that sales volume is up, property values appear to be still declining, and the selection of properties on the market is quite a bit less than a year ago. Is this good news or bad news? Depends on whether you are a buyer or a seller.
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posted by Terry Ward at 6:49 AM
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