It always takes a few weeks to process the raw statistical data in order to produce reports on the health of the Real Estate market in Pinellas County. Realtors and residents in Pinellas are very lucky in terms of having access to accurate, timely, and relevant statistical reports. Our local Real Estate board, the Pinellas Realtor Organization (also known as PRO), does a great job of digesting all of the data each month and then producing a series of excellent graphs, charts, and reports. If you are ever interested in seeing those reports directly, you can view them on the PRO web site’s Statistics Page. But for a condensed overview of Pinellas’ Real Estate market for September, read on and I’ll give you the basics.
The data would seem to support a continuation of a trend of the past several months, indicating that the market has stabilized. Certainly, prices are much lower that they used to be and sales are still off from the wild ride of a few years ago. But, in terms of stability, prices have not had any huge spikes, up or down, for the past several months. And sales volume has continued to be significantly higher than it was for the same month last year or even the year before. Here are some highlights:
New Listings in Sept: 2,518. Down from 2,779 in Sept 08 and from 3,139 in Sept 07.
Active Listings at end of Sept: 12,773. Down from 20,053 in Sept 08 and from 22,807 in Sept 07.
Pending Sales at end of Sept: 1,540. Up dramatically from 837 in Sept 08 and from 712 in Sept 07.
Avg Days on Market Until Sale: 94. Down from 102 in Sept 08 and from 100 in Sept 07.
Supply/Demand Ratio: 4.85 houses available per active buyer. Down very strongly from 12.78 houses per buyer in Sept 08 and 17.05 houses per buyer in Sept 07.
Inventory Supply at Current Rate of Sales: 8 months inventory. Down from 24 months in Sept 08 and from 32 months in Sept 07.
So, as you can see, the market is definitely healthier than it has been for quite some time in Pinellas. If you’re interested in buying a new home, there are still very good prices and there is still a fair amount of inventory. But houses are, indeed selling, and if inventory continues to go down, logic and history tell us that prices will begin to move up. So if you’re a potential buyer, you might consider putting things in motion! And if you’re a seller, note the data and be of good cheer – houses are selling, and in a reasonable amount of time. There are just two critical conditions for a successful sale – your house needs to be in good condition and you need to have it priced at today’s market prices. If you do that, you have a very good chance of selling if you want to…
If you’d like more detail on any of the items that I posted, please feel free to contact me – my contact phone number and email are always available near the top of the right column of this page. And if you’re interested in buying or selling a home, please call or email. I know St. Petersburg inside and out and I work happily with both buyers and sellers.
[All data referenced in this post is courtesy of the Pinellas Realtor Organization and is believed to be accurate, but is not guaranteed.]
