Pinellas Inventory Down, Prices Steady
In Pinellas County, single family home and condominium inventory figures are down as compared to last month. Homes seem to have gone up in value in the last year, but condos appear to have gone down a little bit in value.
Let's start by looking at the Absorption Rate, which is the inventory turn. It tells us how long it should take to sell what is on the market today.
For single family homes, the AR in April was 25.4%. In March, the AR was 23.7%. The difference is very small, but it does show that houses sold just a bit faster in April than in March, so if you are a seller this is some good news. Perhaps the market was just a bit more active in April.
During April, there were 3,288 single family homes listed for sale in the Pinellas MLS as compared to 3,450 in March. So, if you are a seller you have a little less competition than you did in the previous month. If you are a buyer, you have fewer houses from which to select.
All together, in April there were 835 single family homes sold in Pinellas as compared to March's sold figure of 819. Really, that's not much of a difference.
For condominiums, the AR for April stood at 20.4% as compared to March's 20.2%. Statistically, that's virtually the same figure and shows that condo sales and demand are holding steady in Pinellas County.
There were 3,425 condos listed in the MLS in April. In March, there were 3,535 units listed. April condo sales totaled an even 700 units while in March we saw 714 condo sales. That's just about the same figures and to me it shows that condo demand stayed about the same during this two month period.
Unlike single family homes which rose in median value during the previous twelve months, condos continued their downward pricing slide. The median condo price in April of this year was $87,800 versus $90,000 for the same period in 2011. That's not a big drop, but it is a drop nonetheless.
So, it seems to me that sales are holding steady as inventory shrinks. As we all remember from basic Economics class, if inventory shrinks and demand remains the same, prices will go up. So, I'm looking for higher prices in the coming months for both single family homes and condos. It's just a matter of time.
Happy Selling!
Let's start by looking at the Absorption Rate, which is the inventory turn. It tells us how long it should take to sell what is on the market today.
For single family homes, the AR in April was 25.4%. In March, the AR was 23.7%. The difference is very small, but it does show that houses sold just a bit faster in April than in March, so if you are a seller this is some good news. Perhaps the market was just a bit more active in April.
During April, there were 3,288 single family homes listed for sale in the Pinellas MLS as compared to 3,450 in March. So, if you are a seller you have a little less competition than you did in the previous month. If you are a buyer, you have fewer houses from which to select.
All together, in April there were 835 single family homes sold in Pinellas as compared to March's sold figure of 819. Really, that's not much of a difference.
For condominiums, the AR for April stood at 20.4% as compared to March's 20.2%. Statistically, that's virtually the same figure and shows that condo sales and demand are holding steady in Pinellas County.
There were 3,425 condos listed in the MLS in April. In March, there were 3,535 units listed. April condo sales totaled an even 700 units while in March we saw 714 condo sales. That's just about the same figures and to me it shows that condo demand stayed about the same during this two month period.
Unlike single family homes which rose in median value during the previous twelve months, condos continued their downward pricing slide. The median condo price in April of this year was $87,800 versus $90,000 for the same period in 2011. That's not a big drop, but it is a drop nonetheless.
So, it seems to me that sales are holding steady as inventory shrinks. As we all remember from basic Economics class, if inventory shrinks and demand remains the same, prices will go up. So, I'm looking for higher prices in the coming months for both single family homes and condos. It's just a matter of time.
Happy Selling!
-30-
posted by Terry Ward at 10:21 AM
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