PROView - May 2008 - (Page 12) Marketplace Analysis Pent Up Demand Causes Multiple Offers Again Multiple offers are back in the marketplace and they aren’t just on foreclosed properties and short sales. Well-priced homes are seeing more than one offer coming in. Further, this is not an isolated incident. Brokers from all over the county are reporting one, two, and even more offers for homes that have moved into the sweet spot of prices buyers are willing and able to purchase. I’m glad to hear members reporting that they are busy, writing contracts, and, yes, even having to deal with multiple offers on well-priced homes. It will take a while to have a healthy market, but it is good to hear about positive trends. — Ann Guiberson, President & CEO To read the full marketplace analysis, please go to www.TampaBayRealtor.com/stats The rate for condos remained at 3.6%, the same as for February. Month’s Supply of Inventory (MSI)* There’s been a slight shift in reported MSI, resulting in more properties now showing a balanced market. With an MSI between 9 and 14, single family homes priced below $120,000 and up to $150,000 are within a balanced market. Homes priced between $150,000 and $250,000, with MSI figures between 17 and 20, are within a buyer’s market. Single family homes priced above $250,000 are in an extreme buyer’s market, showing an MSI ranging from 23 to 63. Condos priced below $120,000 are within a buyer’s market, showing an MSI of 19 while those offered over $120,000 are considered to be within an extreme buyer’s market, with an MSI between 22 and 88. Median Sales Price The median sales price for single family homes was $180,000, up $1,000 from $179,000 the month before yet down from $200,000 a year earlier. The median sales price for condos was for the month $160,000, an increase from $155,000 figure of February yet lower than the price level for March, 2007 of $175,000. * 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 March 2008 Price Class The majority of single family homes sold continue to be at levels between $200,000 and $250,000. For March, 11.9% of homes sold within that bracket, down from 12.60% the month before. 12.4% of condos sold within the $100,000 to $120,000 level and 12.1% of condos priced between $200,000 and $250,000. Absorption Rate The single family home absorption rate was for March 5.4%, up from 4.3% in February and 3.8% in January. Total Total Averages Total Averages Total Averages otal Averages Total Averages Total Averages Total Averages Total Averages Count BR BA List Price Count ount BR BA List Price Count BR Count BR DOM List Count BRSale List PriceDOMSaleCount BR BA List Price Coun Count BR BA List Price % SP/LP DOM % SP/LP BA DOM BA List DOM Area DOM Price Price BR BA Price DO Area BA List Price Sale Price DOM 699 2 $694,715 2 175 17 $848,87464 78 38 $806,147 3 94.96% 148 72.31% 2 178 3 3 North Beaches 157 North Beaches 3 $1,799,150 2 131 $1,446,245 64 98 $589,242 2 $565,125 10 3 2 2 $676,380 915 2 2 $773,048 $1,301,000 12 2 $1,037,660 4 2 153 2 $264,973 3 154 4 $182,97544 107 14 $172,500 2 94.27% $218,755 1 40 94.66% 2 317 3 2 Tarpon Springs138 Tarpon 8 4 2 $389,711 $265,188 83 $250,153 2 $236,482 29 3 2 2 $275,205 196Springs 2 $280,119 2 116 2 $347,513 7 2 356 2 $191,883 2 157 9 $180,92286 90 44 $168,544 2 93.15% $239,107 2 129 511 4 3 East Lake/ Oldsmar East Lake/ Oldsmar $455,818 2 100 $557,993 135 18 2 3 4 $419,463 17 44 4 2 3 $401,567 92.02% 100 $228,670 2 $216,935 342 2 $220,621 2 2 433 2 $185,671 2 151 11 $171,47385 106 42 $153,364 2 89.43% $180,821 2 135 94.80% 121 $183,045 2 $170,971 600 3 2 Palm Harbor 131 Palm Harbor $451,817 26 2 2 3 $287,290 21 66 3 2 2 $286,670 460 2 $303,032 2 111 $225,688 2 2 1 178 2 $166,797 2 125 11 $195,32786 83 18 $182,275 2 93.31% $174,375 1 111 93.74% 2 125 3 2 Countryside $314,546 112 Countryside3 2 52 90 $236,636 2 $216,693 24 3 2 2 $337,442 217 2 $209,920 2 $196,780 $189,569 95 9 2 Harbor 2 81 2 $153,353 2 123 6 $145,767 $135,733 2 93.11% $169,040 105 89.64% 118 $129,311 2 $120,633 202 4 3 Safety Harbor 124 Safety13 2 3 $472,554 4 $557,838 2 $500,100 22 4 2 2 $348,332 96 $176,966 92 9 2 109 99 10 2 465 2 $196,097 2 130 26 $119,04068 117 73 $107,638 2 90.42% $410,192 3 130 93.30% 2 451 3 2 Dunedin $300,243 130 Dunedin 3 2 22 2 $209,723 40 96 $301,997 2 $298,106 44 3 2 2 $212,575 595 2 $224,773 2 114 $269,603 2 573 2 $258,655 2 148 14 $186,216 $165,750 2 89.00% $431,503 2 160 91.63% 113 $263,197 2 $252,692 592 3 2 Clearwater $352,426 128 Clearwater 3 2 32 2 $251,815 15 68 3 2 2 $268,051 653 2 $274,810 2 115 $365,772 2 102 97 39 2 100.11% $138,000 49 2 $211,111 2 190 1 $251,700 $252,000 2 54 91.77% 260 $302,967 3 $289,967 122 3 3 Bellair $707,316 152 Bellair 2 3 3 $417,500 10 3 3 3 $517,160 50 2 2 $454,900 2 112 $249,720 3 2 117 63 3 2 522 2 $160,973 2 149 21 $142,90790 97 25 $134,483 2 94.10% $178,619 2 143 92.31% 2 499 3 2 Largo $290,898 139 Largo 18 3 2 $156,871 16 99 $145,042 2 $138,356 59 3 2 2 $266,237 504 2 2 $169,939 2 124 $191,705 2 1 Beaches 2 1349 2 $594,932 2 175 18 $600,533 $538,056 2 89.59% $806,158 8 190 94.35% 2 620 3 2 South Beaches161 South 16 3 2 $980,810 $780,175 2 126 $736,100 27 64 $533,926 2 $486,011 41 3 2 2 $602,979 1593 2 $654,180 143 117 93 2 824 2 $158,450 2 164 26 $168,862 $153,912 2 91.14% $138,601 5 108 94.07% 114 $180,230 2 $170,995 953 3 2 Seminole $329,618 138 Seminole 3 2 50 2 $249,641 22 88 3 2 2 $256,508 744 2 $265,375 2 102 $202,829 2 101 94 45 2 378 2 $126,615 2 144 11 $123,745 $110,900 2 89.61% $117,231 3 118 92.08% 2 579 3 2 Pinellas Park 142 Pinellas Park 2 $223,891 19 3 $172,884 10 96 $137,720 2 $131,180 60 3 2 2 $149,602 436 2 2 $187,742 2 101 $166,811 120 67 24 2 1 96.78% 2 20 4 2 Feather Sound 158 Feather Sound 3 $469,541 24 $374,500 97 $200,300 2 $195,817 242 2 $394,950 72 2 $224,221 2 160 2 $189,95091 116 $177,500 2 93.44% $190,380 302 72 2 2 $386,950 2 106 $265,711 6 5 2 1 92.78% 106 $211,260 2 $203,493 702 3 2 St. $368,040 126 St.1169 80 3 2 $215,753 37 197 3 2 2 $245,899 Petersburg N. 804 2 $344,024 2 185 25 $360,588 $349,596 2 96.95% $321,117 4 108 Petersburg N. 2 2 $232,520 2 132 $332,839 2 109 103 109 2 94.30% 2 141 3 2 St. $325,258 133 36 2 $131,694 55 89 $289,375 2 $275,235 114 3 2 2 $201,376 Petersburg 2 975 2 $296,795 2 149 39 $298,15880 96 402 $277,658 2 93.12% $450,079 10 126 Petersburg S.* St.1266 3 S.* 2 $139,653 2 160 $346,687 2 sadena ACONDOS ctive MLS Activity by Area – March 2008 February 2007 CONDO Pinellas Count Sold Condos Under Contract Sold Active Single Family SoldActive Under Contract * Includes SINGLEGulfport and Pasadena FAMILY Active Total Averages 12 PINELLAS REALTOR® ORGANIZATION © 2008 Pinellas REALTOR® Organization All Rights Reserved. Area North Beaches 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 Total Averages2008 May Count BR BA List Price DO 5 3 2 $754,600 1 Under Contract http://www.TampaBayRealtor.com/stats
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