PROView - March 2008 - (Page 12)

Marketplace Analysis The Opportunity Market Over the past several months we’ve heard nothing but negative news about the housing market – unit sales are dropping; values are dropping; prices are dropping. All of the nay-sayers are telling buyers to stay away from housing. 4.2% a year earlier. The rate for condos was 2.9%, down from 3.4% the month before yet up from 2.8% a year before. Month’s Supply of Inventory (MSI)* With an MSI of 7 single family homes priced below $120,000 are in a seller’s market while those priced between $120,000 and $150,000 are in a balanced market, showing an MSI of 13. Homes offered between $150,000 and $200,000 are within a buyer’s market with an MSI of 18. Showing MSI numbers ranging from 200,000 for the lower-priced properties and as high as 88 for homes over Through our various publications, media relations and a joint $1,000,000, the price bracket $200,000 and up continues ad program with regional associations, this is the message your within an extreme buyer’s market. Condos priced below 08 association is relaying to media and consumers. Pinellas County $120,000 have an MSI of 17 and remain in a buyer’s marSold Under Contract – Ann Active Guiberson, President & CEO,PRO ket. The MSI number is 21 for condos priced between Total Averages Total Averages Total Averages $120,000 and $200,000, between 30 and 58 for condos Count BR BA List Price Count January, 2008 Statistics HighlightsPrice Count BR BA List BR BA List Price DOM Sale Price % SP/LP DOM DOM offered 87.80% 134 between $200,000 and $750,000, 27 for condos 763 Price2 2 $716,863 159 822 $521,313 $457,713 32 2 2 $819,469 389 Class 93.16% 35 167 2 2 $296,932 164 122 $144,900 $135,000 822 $210,072 71 above $750,000 and 20 for those above $1,000,000. The majority of single family homes sold continue to be 90.08% 159 364 2 2 $202,765 153 722 $216,300 $194,857 28 2 2 $207,886 97 Median Sales29 2 2 $207,534 115 Price levels $190,594 150 90.93% 177 462 at2 2 between $200,000 and $250,000. For January, 922 $207,211 $188,433 For 121 homes 132 that 2 $168,873 93.34% January, the median sales price for single family homes 189 10.80% of $175,436 sold within 11 3bracket. Condo sales, 22 $157,627 18 2 2 $163,300 97 was 106 $210,000131year earlier. The a 89.20% $176,500, down from$157,650 89 however, were mainly divided 3 2 2 two brackets: 22 $158,638 124 $120,667 822 between $135,267 91.86% 73 sales price for condos was for the month $168,000, 475 10.5% of condos sold within the $100,000 to $120,000 22 $187,934 134 20 2 2 $117,626 $108,059 48 2 2 $130,028 87 median 641 level while another 10.5% were sold within the $200,000 to 88.34% 158 from the2$200,000 figure of January, 2007. 22 $261,544 135 15 2 2 $190,387 $168,199 26 2 $151,000 88 a decline 85.23% 189 56 2 2 $226,016 166 222 $199,450 $170,000 222 $145,900 39 $250,000 bracket. Truth is, right now it is a good time to buy. Informed buyers can strike a good bargain. Sellers now know this is a buyers market. They know they need to get that listing priced right and that having a home sit and sit on the market is not a good thing. Sellers are willing to negotiate. It seems, by and large, they have learned how to navigate in today’s market. 573 2 2 $167,917 143 18 2 2 $137,249 $125,041 1430 Absorption Rate 169 22 $596,534 25 2 2 $612,260 $554,180 873 The single$167,557 home absorption rate was for January 22 29 2 2 $145,364 $128,797 family 147 413 2 2 $134,189 144 15 2 2 $118,200 $107,013 3.8%, down from 5.1% in December last year and from 85 2 2 $226,107 159 122 $184,900 $160,000 888 2 2 $342,679 182 43 2 2 $656,354 $649,214 997 2 2 $300,639 145 29 2 2 $306,831 $273,992 MLS Activity by Area – January 2008 February 2007 January 2008 Active CONDOS * Month’s 91.10% 121 supply of inventory is the number of months it would take to sell 42 2 2 $147,300 85 all the homes on the market2at a given price range for any given point in 90.51% 138 64 2 $699,233 145 time. 88.60% 133 57 2 2 $167,312 94 90.53% 150 35 2 2 $132,948 96 86.53% 106 722 $215,043 101 98.91% 125 62 2 2 $429,499 117 89.29% 105 109 2 2 $417,300 64 Pinellas Cou P Y Total Averages Count BR BA List Price DOM Area 189 4 3 North Beaches 138 $1,494,332 352 3 2 Tarpon Springs 124 $392,253 552 4 3 East$587,014 136 Lake/ Oldsmar 618 3 2 Palm Harbor 125 $465,667 142 3 2 Countryside $320,867 116 207 4 3 Safety Harbor 121 $472,677 503 3 2 Dunedin $286,343 131 662 3 2 Clearwater $345,982 131 123 3 2 Bellair $700,716 142 519 3 2 Largo $313,537 134 639 3 2 South Beaches 156 $930,778 964 3 2 Seminole $337,890 131 614 3 2 Pinellas Park 134 $222,653 21 4 2 Feather Sound 145 $488,229 1794 3 2 St. Petersburg N. $360,149 128 1242 3 2 St. Petersburg S.* $312,734 132 and Pasadena U t Condos Sold Sold nder ContracSold Under Contract U CONDO Active Sold Soldctive Single Family A Total Averages Total Av Total Averages Total Averages Total Averages Total Averages Total Averages Total Averages Count BR Count BR Count Sale PriceList % SP/LP DOM Count BR BA List Price Count BR BA List Price BASale Price DOMPrice Count SP/LPBA List Count BR Count BR BA List Price DOM List Price Area Price DOM Sale % BR DOM Price BA List Price BR BA DOM 88.33% 159 1 $750,000 $716,863 2107 2 12 3 $875,150 North Beaches 2 $849,000 763 2 822 $521,313 113 $457,713 3887.80% 134 $1,037,660 32 915 3 2 2 $773,048 2 131 12 $589,242 2 $565,125 64 3 2 84.09% 164 7 $196,000 $296,932 3171 2 19 3 $244,553 85 Tarpon Springs2 $233,071 167 2 122 $144,900 $135,000 1493.16% 235 $218,755 8 196 3 2 2 $347,513 2 116 7 $250,153 2 $236,482 44 2 94.02% 91 18 $315,367 $202,765 2 1532 47 4 $411,486 East Lake/ Oldsmar$335,421 364 2 722 $216,300 104 $194,857 4490.08% 159 $239,107 28 342 3 2 2 2 $220,621 2 100 17 $228,670 3 $216,935 86 2 2 88.42% 150 23 $341,543 $190,594 2117 2 56 3 $312,700 83 Palm Harbor 2 2 $386,231 462 2 922 $207,211 $188,433 4290.93% 177 $180,821 29 460 3 2 $225,688 2 111 21 $183,045 2 $170,971 85 2 2 93.14% 97 11 $222,384 $175,436 2 1322 9 $287,122 97 Countryside 2 2 $238,743 189 2 11 3 32 $168,873 $157,627 1893.34% 121 $174,375 18 217 3 2 $189,569 2 95 9 $236,636 2 $216,693 86 2 2 88.66% 69 12 $367,292 $158,638 2 1242 18 4 $578,471 Safety Harbor2 2 $414,231 89 2 322 $135,267 150 $120,667 1089.20% 106 $169,040 8 96 4 2 $176,966 2 92 9 $129,311 3 $120,633 109 2 2 94.20% 84 15 $209,667 $187,934 2 1342 47 3 $201,111 86 Dunedin 3 2 2 $222,573 475 2 20 2 2 $117,626 $108,059 7391.86% 273 $410,192 48 595 2 $269,603 2 114 40 $301,997 2 $298,106 68 2 91.43% 135 15 $200,519 $261,544 2128 2 64 3 $264,196 78 Clearwater 2 2 $219,292 641 2 15 2 2 $190,387 $168,199 3988.34% 158 $431,503 26 653 3 2 $365,772 2 115 15 $263,197 2 $252,692 102 2 2 81.03% 166 1 $235,000 $226,016 2152 2 11 3 2 $289,967 $336,944 109 Bellair 3 2 2 $290,000 56 2 112 2 222 $199,450 117 $170,000 385.23% 189 $138,000 2 50 2 $249,720 3 $302,967 2 2 94.06% 76 11 $163,636 $167,917 2 1432 60 3 $210,661 Largo 3 2 2 $173,964 573 2 18 2 2 $137,249 111 $125,041 2591.10% 121 $178,619 42 504 2 $191,705 2 124 16 $145,042 2 $138,356 90 2 2 86.48% 169 15 $666,433 $596,534 2149 2 24 3 $693,112 80 South Beaches 2 $770,587 1430 2 25 2 2 $612,260 $554,180 9390.51% 138 $806,158 64 1593 3 3 2 $654,180 2 126 27 $533,926 2 $486,011 143 2 2 92.00% 88 40 $278,262 $167,557 2 1472 102 3 $247,876 99 Seminole3 2 2 $302,440 873 2 29 2 2 $145,364 $128,797 4588.60% 133 $138,601 57 744 2 $202,829 2 102 22 $180,230 2 $170,995 101 2 2 92.32% 74 23 $167,413 $134,189 2 1442 47 3 $182,309 96 Pinellas Park 2 2 $181,339 413 2 15 2 2 $118,200 $107,013 2490.53% 150 $117,231 35 436 3 2 $166,811 2 101 10 $137,720 2 $131,180 120 2 2 90.09% 159 2 $427,500 $226,107 2153 2 25 $569,000 48 Feather Sound 2 $474,500 85 2 122 $184,900 $160,000 586.53% 106 $190,380 7 72 4 3 2 $265,711 2 106 6 $200,300 4 $195,817 91 2 2 93.71% 81 74 $198,923 $342,679 2 1822 179 3 $222,292 St. Petersburg N. $212,262 888 2 43 2 2 $656,354 107 $649,21410998.91% 125 $321,117 62 1169 3 2 2 2 $332,839 2 132 37 $211,260 2 $203,493 109 2 2 90.45% 145 37 $161,632 $300,639 2109 2 99 3 $204,029 99 St. Petersburg S.* $178,692 997 2 29 2 2 $306,831 $273,99240289.29% 105 $450,079 109 1266 3 2 2 2 $346,687 2 160 55 $289,375 2 $275,235 80 2 2 Active * Includes Gulfport and Pasadena LE SING Area North Beaches FActive AMILY SINGLE FAMILY ® ORGANIZATION Total Averages PINELLAS REALTOR Total Averages Total Averages Total Averages Total March 2008 Total Av Averages Count Count BR Count Price Sale Price % BR DOM Area BR BA List Price BRDOMList Price BR BA List Price BA ListPrice BA DOM Count Count SP/LPBA List Price BR Count Sale DOM North Beaches 3 $1,439,651 4 112 $1,494,332 3 1382 189 3 1 3 2 $716,980 $849,000 152 $750,000 588.33% 107 $754,600 12 201 3 5 $813,780 3 2 Sold Sold Under Contract U

Table of Contents Feed for the Digital Edition of PROView - March 2008

PROView - March 2008 Contents Chairman's Notes - A Strong Force, Working on Your Behalf Feature - Going Back to Basics: Are You Generating Leads ProActive - Amendment 1 Passes: What Now? What's Next? Finance - How Your Customers Can Find Home Loans Brokerage Design - Reject the Blindfold; Enlightenment is the Way to Go Marketplace Analysis - The Opportunity Market Home Sales Report MLS Update - Changes to Rules & Regulations Now in Effect MLS Mind Your Manners Education - Don't Let Time Run Out: Complete Mandatory Code of Ethics Training Now Calendar of Events & Programs PROBiz - FREE Real Estate Websites! New PRO Members

PROView - March 2008

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