September Real Estate Slowdown In Pinellas
September showed a slowdown in real estate activity in Pinellas County.
The Absorption Rate (AR) for single family homes fell from 32.0% in August to 26.9% during September. For condominiums, the AR fell from August's 17.3% to September's 15.3%. This means it will likely take a bit longer to sell listed property because buyer activity seems to be decreasing ever-so-slightly.
Single Family Homes
Single family home activity seems to have slowed during the last month.
The number of Pinellas homes listed for sale in the Multiple Listing Service decreased from 2,979 in August to 2,924 in September. This is not really a significant loss in real terms, but it does show the continuation of a pattern of fewer and fewer homes being put on the market in recent months.
The far more troubling statistic is actual sales of single family homes. In August, some 954 properties were sold. But in September, only 786 single family homes found buyers. Could this have to do with mortgage difficulties by prospective buyers? Are investors starting to pull in their horns? Is this just a reflection of the lack of available homes from which buyers can make a selection? Don't know just yet ... we will have to wait and see.
One thing is certain, the median price for a single family home has made a nice jump in the past twelve months. The median has improved by 6.1% for the year ending in September 2012. Not bad.
Condominium Sales
Condo listings actually increased in September over August. In August the MLS reported some 3,205 listed properties while in September there were 3,241 units available.
Condo sales, however, dropped from 554 units in August to only 497 in September. Frankly, I think this could be a reflection of the seasonality of condo sales in Pinellas County.
The median price for condos increased nicely in the past twelve months, jumping 14.3%. The actual median moved from $87,500 to $100,000 for the twelve months ended in September. Pretty cool for condo sellers!
So, overall real estate activity slipped a bit in the last month in Pinellas County. Maybe things will pick-up again in October.
Happy Selling!
The Absorption Rate (AR) for single family homes fell from 32.0% in August to 26.9% during September. For condominiums, the AR fell from August's 17.3% to September's 15.3%. This means it will likely take a bit longer to sell listed property because buyer activity seems to be decreasing ever-so-slightly.
Single Family Homes
Single family home activity seems to have slowed during the last month.
The number of Pinellas homes listed for sale in the Multiple Listing Service decreased from 2,979 in August to 2,924 in September. This is not really a significant loss in real terms, but it does show the continuation of a pattern of fewer and fewer homes being put on the market in recent months.
The far more troubling statistic is actual sales of single family homes. In August, some 954 properties were sold. But in September, only 786 single family homes found buyers. Could this have to do with mortgage difficulties by prospective buyers? Are investors starting to pull in their horns? Is this just a reflection of the lack of available homes from which buyers can make a selection? Don't know just yet ... we will have to wait and see.
One thing is certain, the median price for a single family home has made a nice jump in the past twelve months. The median has improved by 6.1% for the year ending in September 2012. Not bad.
Condominium Sales
Condo listings actually increased in September over August. In August the MLS reported some 3,205 listed properties while in September there were 3,241 units available.
Condo sales, however, dropped from 554 units in August to only 497 in September. Frankly, I think this could be a reflection of the seasonality of condo sales in Pinellas County.
The median price for condos increased nicely in the past twelve months, jumping 14.3%. The actual median moved from $87,500 to $100,000 for the twelve months ended in September. Pretty cool for condo sellers!
So, overall real estate activity slipped a bit in the last month in Pinellas County. Maybe things will pick-up again in October.
Happy Selling!
-30-
posted by Terry Ward at 5:46 AM
0 Comments:
Post a Comment
<< Home