October Real Estate: Fair But Flat
I've done a quick comparison of October's real estate activity in Pinellas County to the level in September. Overall, I'd say the activity was pretty fair, but also pretty flat.
Let's look at the numbers!
The Absorption Rate (AR) for single family homes in September was 26.9%. For October it was a very similar 28.5%. Not much difference there. This means it will take just about as long to sell a house listed now as it did in September.
For condos in Pinellas, the AR for September stood at 15.3%. In October it was 16.3%. Well, that's flat -- no other description will work.
Single Family Homes
For single family homes in Pinellas County, there were 2,924 properties listed in MLS during September. For October, the number of listed properties stood at 2,999. That's not a significant difference although it is trending in the right direction to give buyers a little better choice. (Just to take a stroll down memory lane, in October of 2007 there were 9,228 single family homes listed for sale in Pinellas. Ahhh ... the good ol' days!)
Sales of single family homes were up a good bit in October as compared to September, and that's good news for everybody. In October, 856 single family homes were sold in Pinellas County as compared to only 786 in September. Statistically, that's a nice jump in a one-month period. Moreover, the median price of single family homes moved up a bit in October. The October median was $132,300 as compared to the median in October 2011 of $127,000. That's an increase in median price of 4.2% in one year. Seller's have to like that direction since it indicates that today's buyers are willing to pay a bit more.
Condominiums
We might be starting to see a little more excitement in the Pinellas condo market.
Here's why.
The number of condos listed in Pinellas moved up this past month. In September, condo listings stood at 3,241 but have moved up to 3,313 during October. Again, this means condo buyers have a bit more from which to choose. (Oh, by the way, in October 2007 there were 8,270 condos listed in MLS.)
Condo sales also improved during October jumping to 541 units sold versus September's 497. I think this movement is a good omen for this winter's condo buying season.
But the best news for condo sales in Pinellas has got to be the median price move in the past twelve months. The median price for condos jumped from $75,000 to $93,000 for the year ended October 31, 2012. That's an increase of 24%! Condo sellers have got to be happy to hear that news.
For those of you who are number crunchers, there were 17,498 condos and single family homes in the MLS in October of 2007. At the end of October this year, there were only 6,312. If you are a buyer or a seller remember this: scarcity drives prices upward. Then, take a look at what has happened to the median price of condos in the past year.
My prediction: other things being equal, prices are going to move up. Buy now or cry later.
Let's look at the numbers!
The Absorption Rate (AR) for single family homes in September was 26.9%. For October it was a very similar 28.5%. Not much difference there. This means it will take just about as long to sell a house listed now as it did in September.
For condos in Pinellas, the AR for September stood at 15.3%. In October it was 16.3%. Well, that's flat -- no other description will work.
Single Family Homes
For single family homes in Pinellas County, there were 2,924 properties listed in MLS during September. For October, the number of listed properties stood at 2,999. That's not a significant difference although it is trending in the right direction to give buyers a little better choice. (Just to take a stroll down memory lane, in October of 2007 there were 9,228 single family homes listed for sale in Pinellas. Ahhh ... the good ol' days!)
Sales of single family homes were up a good bit in October as compared to September, and that's good news for everybody. In October, 856 single family homes were sold in Pinellas County as compared to only 786 in September. Statistically, that's a nice jump in a one-month period. Moreover, the median price of single family homes moved up a bit in October. The October median was $132,300 as compared to the median in October 2011 of $127,000. That's an increase in median price of 4.2% in one year. Seller's have to like that direction since it indicates that today's buyers are willing to pay a bit more.
Condominiums
We might be starting to see a little more excitement in the Pinellas condo market.
Here's why.
The number of condos listed in Pinellas moved up this past month. In September, condo listings stood at 3,241 but have moved up to 3,313 during October. Again, this means condo buyers have a bit more from which to choose. (Oh, by the way, in October 2007 there were 8,270 condos listed in MLS.)
Condo sales also improved during October jumping to 541 units sold versus September's 497. I think this movement is a good omen for this winter's condo buying season.
But the best news for condo sales in Pinellas has got to be the median price move in the past twelve months. The median price for condos jumped from $75,000 to $93,000 for the year ended October 31, 2012. That's an increase of 24%! Condo sellers have got to be happy to hear that news.
For those of you who are number crunchers, there were 17,498 condos and single family homes in the MLS in October of 2007. At the end of October this year, there were only 6,312. If you are a buyer or a seller remember this: scarcity drives prices upward. Then, take a look at what has happened to the median price of condos in the past year.
My prediction: other things being equal, prices are going to move up. Buy now or cry later.
-30-
posted by Terry Ward at 12:59 PM
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