Archive for the 'Pinellas Market Statistics' Category
Pinellas MLS June 2010 Analysis on Pinellas County Home Values
August 4th, 2010 categories: Pinellas Homes for Sale, Pinellas Market Statistics
There were 11,823 homes for sale in Pinellas County as of June, a 7.35% decrease from last year. Meanwhile, the Pinellas MLS reports that single family residential sales were up 7.5% since June of ‘09 and condo sales remained at the same level. So yes, despite what you hear on the news, homes are still readily selling. And 51.08% of June sales were CASH transactions (hint hint to you ’regular’ home buyers – investors are out in full force!). 
What’s happening with pricing? The Pinellas MLS reports that the median price for single family homes dropped slightly—1.2% while condo sales experienced a 17% drop year over year. The average sales price for single family homes and condos combined only dropped 3.1%. This is corroborated with S&P’s July 27, 2010 Case-Shiller Home Price Index for Tampa (single family homes and condos combined) which reports a 1.5% drop year over year.
Meanwhile, our friends at Trulia (yes, I’m being facetious) are reporting a 17.3% drop for Tampa Bay and our other favorite friends Zillow are reporting a 6.5% drop for Pinellas County. Lesson learned? Friends shouldn’t let friends do Zesstimates!
Head spinning? You’re not alone. Trust us, the Pinellas MLS stats are the best source of data.
Are you concerned about what the numbers will tell us next month? Hit the ‘Submit Your E-mail’ button below and you won’t miss our next update on Pinellas County Home Values.
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Homes for Sale In Pinellas: The Numbers Are Up
May 8th, 2010 categories: Pinellas Homes for Sale, Pinellas Market Statistics
About 40% of the homes for sale in Pinellas County are being sold for cash. And half of those sales are to investors. Pinellas MLS statistics indicate that home sales are up 38.3% over this time last year. WOW!
Sand Picture Taken by Accident Somewhere in Florida That Has Absolutely Nothing to Do with this Post!
I just enjoyed a Business Week article by Prashant Gopal. In it, she (or help me Peach readers is that a “he” name?! – I digress – sorry…) Anyway, SHE OR HE quotes that Richard C. Davis of the TV show Flip This House as saying
“Everybody made money on the way up. Then the market turned. Amateur hour is over.”
It reminded me to remind you that now is when the experienced, serious investors are buying up the homes for sale in Pinellas County. Because it’s a great time to buy!
Feel free to start your Pinellas MLS search with Realtor access. Or give us a call at 727-366-0325 and we’ll do it for you!
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What’s Normal Anymore? Palm Harbor Realtors Not so Sure.
February 3rd, 2010 categories: Pinellas Market Statistics
What’s normal anymore? I met a new friend - Janie - while at Steve’s Produce stand today that got me thinking about a new study - Housing in America: the Next Decade – by John McIlwain of the Urban Land Institute. As we were surfing through the bin of Ruskin tomatoes, I shared that we are Palm Harbor Realtors.
Janie said “Oh, my God, you poor thing, a Realtor! How ARE you surviving?!”
The not-so-funny thing is that I get a similar response from just about everybody these days. Condolences are part of my new normal.
After explaining that things are actually quite good for some of us Palm Harbor real estate agents- I confided that we are, in fact, experiencing the Wild Wild West with the flood of Pinellas short sales on the market. And that, yes, while things are good, they are anything but normal – well – uh, that is, my old normal.
Janie, like most, then wanted to know what we expect the market will do? The study referenced at the beginning of this post says the housing market will not return to what it was prior to the downturn but rather the “new normal”. Hmmm……
He predicts that nationally,
- Residential real estate will drop another 10% in 2010.
- In 2011, prices will start appreaciating by Read the rest of this entry »
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Pinellas Property Values Still Declining while NAR Sings Sunshine and Lollipops?
November 24th, 2009 categories: Pinellas Market Statistics
Zillow reported this week that Pinellas Property Values are still declining. While we aren’t fans of using Zillow to determine value, it’s fun to check out their reports and see how their data compares with the real data from the Pinellas Board of Realtors. This time, they aren’t so far off. 
Pinellas Property Values have declined in these sample Tampa Bay cities as follows in the past year: Palm Harbor 17.7%, Tarpon Springs homes 16.5%, Madeira Beach 21.2%, Clearwater 14.4% and Belleair Beach 19.7%.
Meanwhile, the National Association of Realtors Chief Economist Lawrence Yun is predicting that nationally prices will climb about 4% in 2010. When I first heard this, I laughed like crazy. Then I got mad. Then, this morning, I felt a lot better after discovering The Eastern Connecticut Real Estate Blog’s post The NAR Predicts Sunshine and Lollipops. At last, a reality check!
We’ve got too many Pinellas Foreclosures on the horizon to even begin thinking about a recovery yet.
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Pinellas Homes For Sale Update: On The Market or In The Market?
October 25th, 2009 categories: LIST and SELL MY HOME FAST!, Pinellas Market Statistics
Folks with Homes for Sale in Pinellas County Florida should ask themselves this critical question: Do I want to be on the market or in the market? Roughly 20% of Pinellas FL homes for sale are actually in the market while 80% of them are only on the market with yard signs flapping wastefully in the breeze. Gone are the Days where Pinellas Realtors used to fight over listings. In fact, we, and other top producing agents, currently turn down 2 out of 3 listing opportunities. Flapping signs aren’t fun 
and waste everyone’s time. Buyers certainly will not waste theirs.
On the upside, August brought a 26.4% increase in single family unit sales over August 2008, although prices dropped in the same period by 19.3%. As Ann Guiberson, President and CEO of the Pinellas Realtor organization said so brilliantly in the recent issue of Pro-View magazine for Realtors, ”this seems to be a sign of what’s good vs. what’s better than a sign of a reversal in the market”. We’re no where near out of the woods, in fact most experts agree that we are just at the beginning of the second foreclosure hill in this roller coaster ride. More on that soon.
Don’t dismay if you want to be in the market, homes are selling! Particularly with a stealth plan in place that includes pricing your home to win the war, sprucing it up to win the beauty pageant, and promoting it with a proven stealth marketing system to win the attention of buyers galore.
It’s a lot more than having a sign in the yard – although ours is kind of nice even at night, wouldn’t you agree? Call us at 727-366-0324 with questions.
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Pinellas County Homes for Sale Declining Steadily
August 20th, 2009 categories: Pinellas Market Statistics
The number of Pinellas County homes for sale dropped for the forth month in a row! In June, the Pinellas MLS and our graph below show that absorption rates for single family homes rose to a whopping 7% for condos and 11.1% for single family Pinellas County homes for sale.
Pinellas MLS Statistics:
What’s really encouraging for the Pinellas real estate market is that we are approaching the number of sales we experienced in the latter half of 2006. And there are even very preliminary indications that Pinellas County home values are beginning to stabilize, but it’s much too soon to tell for sure.
Keep in mind that even when prices do stabilize, experts agree that it’s going to be a long FLAT road for years to come.
Contact us with questions!
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Pinellas Real Estate Sales May ‘09: On The Road to Recovery
July 7th, 2009 categories: Pinellas Market Statistics
These Palm Harbor Realtors were once again pleased to see the latest sales numbers for Pinellas homes just released from the Pinellas Realtor Organization (PRO). The number of Pinellas condos and Pinellas homes actively on the market continues to decline at a good clip, whereas the total number of properties sold is up for the FOURTH month in a row. WOW!The absorption rate (A/R on the above chart) is the quick indicator that’s shown above that Tampa Bay Realtors use. As you’ll note, the absorption rate for single family home sales is higher than it was in August of 2006!
Note that the average sales price of Pinellas condos was up significantly from March 2009, which made no sense to us at first glace, because the condo sales prices we’re seeing are dropping like stones due to tough financing issues specific to condos (a topic for another day). But we dove much deeper into the stats (so much for watching that Boston Legal rerun tonight), and discovered that there was a huge surge in high-end condo sales between $400K and over $1M, which explains the delta. It’s going to be interesting to see if that trend continues, and we’ll keep you posted. So, if you’re ready to dive in and buy that $1M+ Clearwater Beach condo, the getting is good.
By the way, click the “Submit Your E-Mail” button below to subscribe to The Pinellas Peach. We’ve got some really interesting sales stats for Pinellas Foreclosures vs. Pinellas Short Sales vs. “regular” sales coming your way as fast as we can write ‘em!
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Pinellas Real Estate Sales as of March 2009
May 11th, 2009 categories: Pinellas Market Statistics
As Pinellas Realtors, we know that we have challenges ahead. Yet, as we study the statistics here at the Pinellas Peach, the signs are becoming clearer with each passing month that we are in a slow recovery pattern, at least in terms of the absorption rate. In fact, within the Keller Williams Realty Palm Harbor Florida office, we’ve all felt a significant uptick in buyer activity (and truly appreciate those rare days off!). Want proof?
Units Sold: There are more Pinellas condos and Pinellas homes selling now than have since 2007. Single family home sales were up 19.3% year over year in March. Condo sales showed a 17% increase over March of last year. If we had our magic wand, we could tell you if this trend will hold.
Inventory: The number of Pinellas homes on the market continues to drop, and were at their lowest point since March of 2006 when we were still in a boom Pinellas Real Estate Market. The Tampa Tribune reported similar findings in April for all of Tampa Bay.
Absorption Rate (A/R): The Pinellas County Real Estate absorption rates are higher than they have been since a couple of years. Yes, folks, you can sell your Crystal Beach Florida homes if you want to!
Pinellas Homes and Declining Median Sales Prices: OK, every silver lining has it’s dark cloud. Prices are Read the rest of this entry »
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Home Sales on the Rise – Good News for the Palm Harbor Real Estate Market
March 26th, 2009 categories: Pinellas Market Statistics
The National Association of Realtors reported some welcome statistics in an industry report released on Monday, March 23rd. According to NAR, sales of existing homes unexpectedly rose in February, recovering from a sharp drop in the previous month.
This brings us to a seasonally adjusted annual rate of 4.72 million units, up 5.1% from a rate of 4.49 million in January. There were some economists that projected a decline of almost the same percentage of what turned out to be an increase!
Apparently it was first-time home buyers that made up half of all purchases in February, and it was sales of distressed properties that accounted for about 45% of all transactions. The large number of foreclosed properties did adversely impact the median price for existing homes. NAR’s chief economist Lawrence Yun stated: “Our analysis shows that distressed homes typically are selling for 20% less than the normal market price, and this naturally is drawing down the overall median price.”
However, we are back to a bright side here as there is a marked decrease in the homes on the market. This is due in part to home owners withdrawing their listing if they don’t need to sell, homeowners not listing at all, or the ones that need to sell are starting to price their home realistically.
By the way, the consensus among those of us that are active Palm Harbor Realtors is that we have been writing buyer contracts like crazy the past month or so …. not only for Dunedin homes and Palm Harbor Homes but Clearwater Condos and every conceivable type of Tampa Bay real estate. Maybe we aren’t the only ones signed up to Surf the Tampa Bay MLS?
Maybe this all adds up to the start of something good!
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Pinellas Real Estate Prices: Exactly How Much Have They Fallen?
December 1st, 2008 categories: Pinellas Market Statistics
As Palm Harbor Realtors, we’re often asked exactly how much Pinellas real estate prices have fallen. It’s usually the buyers that are asking because Pinellas home sellers are having a harder time accepting the reality of today’s market. Prices will rise again to 
those crazy 2006 levels, but it’s going to be many years before that happens (speculation for another post). Yet this Zillow graph helps put perspective on the fact that homes always appreciate over the long term. In the mean time, if you know someone selling their Palm Harbor home now, give ‘em a hug and a stiff drink and then, and only then, share this.
Before we get to the numbers, it’s important to acknowledge that the fall in Ozona Florida or Dunedin real estate prices is actually a market correction from the falsely inflated prices we saw in the peak in July 2006. Things were nuts then, and would you agree that we’ve had a wake up call about the current state of the US economy, helped largely in part by the lending madness we saw a few years ago?
So the numbers…. The St. Pete times reported on November 26th that Tampa Bay homes lost 18.5% of their value the past year, according to September’s S&P Case-Shiler home price index. As of end of 3rd Quarter ‘08, Zillow’s reporting a 17.1% drop in Tampa Bay Read the rest of this entry »
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