December Real Estate Showed Small Gains In Pinellas
The month of December showed small gains in real estate in Pinellas County.
The Absorption Rate (inventory turn) for single family homes moved up to 31.4% as compared to November's 29.4%. This means it would take a little over 3 months to sell a property listed on the MLS in Pinellas County during December.
In January, 2012, the Absorption Rate was 14.5%. So, it would have taken just under 7 months to sell a house listed then. As you can see, things are indeed improving in the sale of single family homes. More demand means faster inventory turns -- and that's what we all want!
The Absorption Rate for condominiums during December was 18.2%, as compared to 17.7% in November -- not much of an improvement. Essentially, it will take about 5-1/2 months to sell a condo listed in December. So, condos remain kinda sluggish.
Back in January of this year, the Absorption Rate for condos was 10.7%, meaning it would take about 9 months or so to sell. Again, we are seeing improvements in the market, but slowly.
Single Family Homes
In December, the Pinellas Multiple Listing Service had 2,879 single family homes listed for sale. This is virtually the same number of homes that were listed in November: 2,882. In January of this year, there were 3,853 single family homes listed; that's about 30% more homes in inventory then than now. Buyers need to keep this in mind -- fewer homes mean less selection and rising prices.
Sales of single family homes in December were 904, a nice jump compared to the 852 sales made in November. By comparison, in January only 558 single family homes were sold. So, you can see the sales of single family homes are heating up during the last 12 months in Pinellas County -- a sure sign of rising prices.
Proof of those rising prices can be seen in the median prices for single family homes. In December of this year, the median stood at $140,000. A year ago in December 2011 the median was $125,000. That's an increase in median price of 12% comparing this December to December 2011.
Condominium Sales
Condominiums saw fairly good activity for December. I guess it would best be described as nice and steady.
During December, a total of 3,207 condos were listed in Pinellas County's MLS. This is just a bit fewer than were listed in November at 3,311 units. During January of this year, there were 3,915 condos in the MLS.
Some 584 condos were sold in December as compared to 587 in November. Like I said, nice and steady. Still, that's an increase in sales as compared to January of this year when only 419 condos were sold. So, it looks like condo sales increased by about 20% this year from where we started. That's a good sign.
The median price on condos remained pretty flat in the past year. In December of 2012, the median price was $90,000; in December of 2011 it was $87,900. That's an increase of only 2.4% and it means that condo buyers still are not feeling pressed to raise their offers for the area's current condo units. Perhaps condo prices will go up in 2013, but only if there is a shortage in supply. Not much chance of that!
Like I said, small gains but gains nonetheless. Seems like single family homes remain the hot button in Pinellas County real estate.
Happy Selling!
The Absorption Rate (inventory turn) for single family homes moved up to 31.4% as compared to November's 29.4%. This means it would take a little over 3 months to sell a property listed on the MLS in Pinellas County during December.
In January, 2012, the Absorption Rate was 14.5%. So, it would have taken just under 7 months to sell a house listed then. As you can see, things are indeed improving in the sale of single family homes. More demand means faster inventory turns -- and that's what we all want!
The Absorption Rate for condominiums during December was 18.2%, as compared to 17.7% in November -- not much of an improvement. Essentially, it will take about 5-1/2 months to sell a condo listed in December. So, condos remain kinda sluggish.
Back in January of this year, the Absorption Rate for condos was 10.7%, meaning it would take about 9 months or so to sell. Again, we are seeing improvements in the market, but slowly.
Single Family Homes
In December, the Pinellas Multiple Listing Service had 2,879 single family homes listed for sale. This is virtually the same number of homes that were listed in November: 2,882. In January of this year, there were 3,853 single family homes listed; that's about 30% more homes in inventory then than now. Buyers need to keep this in mind -- fewer homes mean less selection and rising prices.
Sales of single family homes in December were 904, a nice jump compared to the 852 sales made in November. By comparison, in January only 558 single family homes were sold. So, you can see the sales of single family homes are heating up during the last 12 months in Pinellas County -- a sure sign of rising prices.
Proof of those rising prices can be seen in the median prices for single family homes. In December of this year, the median stood at $140,000. A year ago in December 2011 the median was $125,000. That's an increase in median price of 12% comparing this December to December 2011.
Condominium Sales
Condominiums saw fairly good activity for December. I guess it would best be described as nice and steady.
During December, a total of 3,207 condos were listed in Pinellas County's MLS. This is just a bit fewer than were listed in November at 3,311 units. During January of this year, there were 3,915 condos in the MLS.
Some 584 condos were sold in December as compared to 587 in November. Like I said, nice and steady. Still, that's an increase in sales as compared to January of this year when only 419 condos were sold. So, it looks like condo sales increased by about 20% this year from where we started. That's a good sign.
The median price on condos remained pretty flat in the past year. In December of 2012, the median price was $90,000; in December of 2011 it was $87,900. That's an increase of only 2.4% and it means that condo buyers still are not feeling pressed to raise their offers for the area's current condo units. Perhaps condo prices will go up in 2013, but only if there is a shortage in supply. Not much chance of that!
Like I said, small gains but gains nonetheless. Seems like single family homes remain the hot button in Pinellas County real estate.
Happy Selling!
-30-
posted by Terry Ward at 8:29 AM
1 Comments:
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