PROView - April 2008 - (Page 12) Marketplace Analysis Positive Signs in a Continually Challenged Marketplace The number of new listings on the market continues to decline: 18% lower for February 2008 from a year earlier. Over the last eight weeks, there have been nearly 1,886 fewer single family listings put on the market than during the same eight weeks in 2007—a decline of 17 percent. At the same time the number of homes under contract increased 6% over 2007 and is up 22% from January 2008. Condo sales appear to have stabilized over the past 6 months and they are showing a 17% increase in units sold in the first two months of 2008 over 2007. In terms of listings, however, the number of listings is increasing, although at a slower rate than in 2007. What buyers need to hear about is the significant improvement in affordability. The Tampa Bay Area Housing Affordability Index (HAI) shot up dramatically for March, thanks to a decline in sales prices in February, to 129, the highest figure in two years! The home buying environment is becoming gradually more attractive with each passing month, which is great news for those waiting on a real estate market rebound. —Ann Guiberson, President & CEO February, 12.6% of homes sold within that bracket, up from 10.80% the month before. 13.5% of condos sold within the $100,000 to $120,000 level. Absorption Rate The single family home absorption rate was for February 4.3%, up from 3.8% in January. The rate for condos was 3.6%, up from 2.9% the month before. Month’s Supply of Inventory (MSI)* With an MSI of 12, single family homes priced below $120,000 are in a balanced market while those priced above $120,000 are in an extreme buyer’s market, showing an MSI ranging from 23 to 70. All condos are now considered to be within an extreme buyer’s market, showing MSI figures of 21 to 69 for those priced between $120,000 and $1,000,000 and 33 for properties offered above $1,000,000. Median Sales Price The median sales price for single family homes was $179,000, down from $198,000 a year earlier yet up from the January, 2008, figure of $176,500. The median sales price for condos was for the month $155,000, a decline from the $185,000 figure of January, 2007 and the price level for January this year of $168,000. * Month’s supply of inventory is the number of months it would take to sell all the homes on the market at a given price range for any given point in time. Statistics Highlights for February 2008 Price Class The majority of sold single family homes continues to be at levels between $200,000 and $250,000. For CONDO Total Count 189 322 504 605 141 202 457 603 116 505 605 961 593 20 1742 1162 Single Family Ac S AcCONDOS tive tracold Active Sold Sold tive Sold Under ConCondostSold Under Contract Tota Total Averages Averages Total Averages Total Averages Total Averages Total Averages Total Averages Coun Count BR BA List Price Sale List Count BR BA Count BR Sale Price AreaCount BR BA ListCount BR BAPrice Price SP/LP DOM List Price BA List Price DOM Price DOM Sale Count % SP/LP DOM Price BR BA List Price Price % DOM BR BA List Area DOM 725 160 2 1511 2 $693,167 64 114 $642,567 3 3 North Beaches North Beaches 2 4 2 $1,142,500 2 $1,011,250 $1,445,191 142 2 88.51% 27 $836,882 915 4 $773,048 2131 $704,625 12 2 $589,2423 2 3$565,125 38 92.70% $1,037,660 2 3 2 172 Springs 158 132 2 421 2 97.95% 131 3 2 Tarpon Springs Tarpon 196 3 2 2 2 $222,289 2 2116 $265,283 $392,569 124 10 $249,220 92 $347,513 $217,750 7 3 $250,1533 2 2 $151,625 44 $142,750 $236,482 14 94.14% 78 2 2 $218,755 349 147 2 1341 2 4 3 East Lake/ Oldsmar Lake/ Oldsmar 2 $412,914 2 2100 $196,286 $573,007 123 East 342 4 2 3 16 95.60% 124 $450,566 88 $220,621 $394,769 17 2 $228,6704 2 3 $195,467 86 $180,946 $216,935 44 92.57% 84 2 2 $239,107 1 434 144 2 2649 2 $172,008 91.61% 105 3 2 Palm Harbor 122 Palm Harbor 3 2 3 2 $364,287 2 2111 $187,031 $453,121 30 $289,555 460 $225,688 $333,732 21 2 $183,0453 2 2 $185,861 85 107 $170,971 42 92.54% 150 2 2 $180,821 2 185 117 2 914 2 $178,211 86 $169,233 90.85% 151 3 2 Countryside 105 Countryside 4 2 2 2 $356,766 2 2 95 $169,760 $329,198 6 $227,936 86 217 $189,569 $324,133 9 2 $236,6363 2 2$216,693 18 94.96% 102 2 2 $174,375 1 82 123 2 619 2 $144,133 $132,983 4 3 Safety Harbor110 Safety Harbor4 2 2 2 $429,600 2 2 92 $154,933 $471,329 9 90.45% 102 $403,484 96 $176,966 $388,578 9 2 $129,3114 2 2$120,633 109 108 10 92.26% 137 2 2 $169,040 462 119 2 2536 2 $127,519 68 106 $120,860 93.15% 117 3 2 Dunedin $293,726 119 Dunedin35 3 2 2 2 $216,072 2 2114 $195,383 $221,314 595 $269,603 $201,277 40 2 $301,9973 2 2$298,106 73 94.77% 107 2 2 $410,192 4 616 131 2 1863 2 $124,777 3 2 Clearwater 122 Clearwater 3 2 2 2 $325,415 2 2115 $255,219 $358,034 25 90.68% 84 $231,270 94 653 $365,772 $295,116 15 2 $263,1973 2 2$252,692 102 $113,964 39 91.33% 151 2 2 $431,503 2 51 165 2 310 2 $229,600 92.12% 104 3 2 Bellair $727,355 142 Bellair 50 2 2 2 2 $260,886 2 2112 $215,403 7 $408,240 72 $249,720 $240,343 3 2 $302,9673 2 2$289,967 117 $199,8833 87.05% 22 2 2 $138,000 530 130 2 1950 2 $126,737 90 104 $115,774 3 2 Largo $302,304 124 Largo 504 3 2 2 2 $226,193 2 2124 $160,182 32 94.92% 124 $195,148 $191,705 $214,725 16 2 $145,0423 2 2$138,356 25 91.34% 93 2 2 $178,619 4 Beaches 1357 160 2 4034 2 $457,495 $413,742 88.86% 92 3 2 South Beaches South 1593 3 2 2 2 $605,019 2 2126 $587,436 $959,141 150 16 $590,300 $654,180 $537,656 27 2 $533,9263 2 2$486,011 143 104 93 90.43% 140 2 2 $806,158 6 823 149 2 3393 2 $170,783 $157,069 3 2 Seminole $338,756 123 Seminole 47 93.35% 86 $245,960 744 3 2 2 2 $206,012 2 2102 $160,591 $202,829 $192,317 22 2 $180,2303 2 2$170,995 101 109 45 91.96% 112 2 2 $138,601 3 Park 388 129 2 1952 2 94.58% 86 3 2 Pinellas Park 133 Pinellas436 3 2 2 2 $146,268 2 2101 $130,156 $226,123 25 $165,690 81 $166,811 $138,352 10 2 $137,7203 2 2 $115,505 120 $101,905 $131,180 24 88.22% 93 2 2 $117,231 2 78$0 2 144 2 332 4 2 Feather Sound Feather Sound 2 $480,196 143 0 $0 0 $382,933 74 72 2 $265,711 2106 $230,605 6 2 $200,3004 2 2 $252,300 91 $239,6675 94.99% 66 $195,817 2 2 $190,380 93.72% 106 3 2 St. Petersburg N. St. Petersburg N. 2 2 $211,517 2 2132 $341,170 $366,052 115 85 172 $224,650 812 173 2 41 2 $609,740 1169 3 2 $332,839 $198,247 37 2 $211,2603 2 2 $625,224 109 108 109 97.52% 172 $203,493 2 2 $321,117 4 3 2 St. Petersburg S.* Petersburg S.* 2 2 $369,517 2 2160 $300,628 $314,366 117 St. 32 85.99% 117 101 $164,989 979 141 2 22 2 $237,511 80 102 402 92.51% 156 $219,725 10 1266 3 2 $346,687 $317,763 55 2 $289,3753 2 2$275,235 2 2 $450,079 * Includes Gulfport and Pasadena MLS Activity by Area – February 2008 February 2007 Pinellas Cou Pasadena 12 Area North Beaches SINGLE FAMILY Active ® Total Averages PINELLAS REALTOR ORGANIZATION © 2008 Pinellas REALTOR® Org Count BR BA List Price DOM 201 3 3 $1,439,651 112 Total Averages Count BR BA List Price Sale Price DOM 5 3 2 $813,780 $716,980 152 Sold g Total Averages April 2008 Count BR BA List Price 5 3 2 $754,600 Under Contract
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