November Was Almost A Repeat of October Real Estate Activity In Pinellas County
Boy, if you want to know what happened in Pinellas real estate in November about all you have to do is re-read the story about October.
The Absorption Rate (AR) for single family homes in October was 28.5% while it improved only slightly in November to 29.6%. Not a significant difference.
For condos, the AR in October was 16.3% and it moved only to 17.7% in November. That's an improvement, but hardly earth-shattering news.
About all you can say is that both the AR's are moving in the right direction.
Single Family Homes
In November, there were 2,882 single family homes listed in the MLS for Pinellas County. That's a decrease from October's 2,999 listings. Fewer listings is a troublesome trend that we have been watching for the past year. Fewer and fewer homeowners seem to want to put their homes on the market today even though the sales activity for single family homes is quite brisk if the property is fairly priced. Sellers need to be reminded that we are now in a seller's market and they can do quite well today.
Sales activity for November saw some 852 homes sold versus 856 sold in October. That's virtually the same level.
The median price for a single family home has increased some 21.4% over the last year. The median this November was $142,000 while it was only $117,000 in November of 2011. This is good news for sellers and I don't quite understand the apparent reluctance to put more homes on the market.
Condominiums
Brother, you talk about a flat market! Take a look at condo activity.
In November there were 3,311 condos for sale in Pinellas County. In October, there were 3,313. Statistically, the same inventory level.
There were 587 condos sold in November, and 541 sold in October ... pretty close to the same level of buying activity.
Just as surprisingly, condo prices have proven to be sluggish for the past year. In November 2011 the median condo price was at $87,000, but in November 2012 it stood at only $91,000. In an entire year the median price for condos has increased only 4.7%. I'm hoping that condo activity will improve as we move more into the winter buying season. I've got my fingers crossed.
Anyway, real estate in Pinellas seems to be holding its own but not much more. Maybe we will see more activity after the first of the year ... at least, I hope so.
The Absorption Rate (AR) for single family homes in October was 28.5% while it improved only slightly in November to 29.6%. Not a significant difference.
For condos, the AR in October was 16.3% and it moved only to 17.7% in November. That's an improvement, but hardly earth-shattering news.
About all you can say is that both the AR's are moving in the right direction.
Single Family Homes
In November, there were 2,882 single family homes listed in the MLS for Pinellas County. That's a decrease from October's 2,999 listings. Fewer listings is a troublesome trend that we have been watching for the past year. Fewer and fewer homeowners seem to want to put their homes on the market today even though the sales activity for single family homes is quite brisk if the property is fairly priced. Sellers need to be reminded that we are now in a seller's market and they can do quite well today.
Sales activity for November saw some 852 homes sold versus 856 sold in October. That's virtually the same level.
The median price for a single family home has increased some 21.4% over the last year. The median this November was $142,000 while it was only $117,000 in November of 2011. This is good news for sellers and I don't quite understand the apparent reluctance to put more homes on the market.
Condominiums
Brother, you talk about a flat market! Take a look at condo activity.
In November there were 3,311 condos for sale in Pinellas County. In October, there were 3,313. Statistically, the same inventory level.
There were 587 condos sold in November, and 541 sold in October ... pretty close to the same level of buying activity.
Just as surprisingly, condo prices have proven to be sluggish for the past year. In November 2011 the median condo price was at $87,000, but in November 2012 it stood at only $91,000. In an entire year the median price for condos has increased only 4.7%. I'm hoping that condo activity will improve as we move more into the winter buying season. I've got my fingers crossed.
Anyway, real estate in Pinellas seems to be holding its own but not much more. Maybe we will see more activity after the first of the year ... at least, I hope so.
-30-
posted by Terry Ward at 8:07 AM
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