PROView - September 2007 - (Page 12) MARKETPLACE ANALYSIS Summer Months Business as Usual These days, we can hardly speak about our current market conditions as usual but then again, it depends on what you are comparing. Markets go through transition periods and while we are in a slower market overall compared to two years ago, the last two months at least follow the typical summer trend of lower sales. From May until July, the number of single family homes solddecreased by 23% in 2006. This year that number was 10%. The same numbers for condos were 38% in 2006 versus 16% this year. A total of 541 single family homes and 319 for condos sold during the month of July 2007. Price Class For most of 2007, the most single family homes sold have been priced between $200,000 and $250,000, again experiencedActive June and July. Among the total number in both Sold of Averages single family homes soldTotal Averages in June and July, 18.33% and Total 14.97%, List Price DOM Count price List Price Sale shift Count BR BA respectively, were in that BR BAbracket. A slight Price among price classes was observed2for condos between 795 2 2 the $740,868 143 25 2 $710,135 $662,163 the 2 June 182 3two summer months: 18.54% of all2condos sold in$171,146 $368,295 163 13 2 $173,877 383 2 priced between 125 $216,729 $220,304 were 2 $120,00015 2 $140,000 while $12.54% and 2 $236,083 458 condos sold in July140 $209,524 13 2 2 $187,023 of 2 2 were priced between $200,000 $174,012 and 198 2 2 21 2 2 $163,842 $155,448 $250,000. $177,531 112 rate for condos declined 12% from May through July this year compared to 42% last year. For July of 2007, the absorption rate for single family homes was 5.9% and 3.7 for condos. Month’s Supply of Inventory (MSI)* Recognizing the low number of such properties available on the market, single family homes priced under $120,000 are in a seller’s market. Those offered between $120,000 and $200,000 and those from $250,000 to $500,000 are within a balanced market. For the two groups, the MSI for each respectively was in July 12 to 14 months versus 15 months. With an MSI of 19, homes priced between $200,000 and $250,000 were in a buyer’s market. All properties above $500,000 were for July considered within an extreme buyer’s market. The condo market is showing a decisive shift to longer MSI Pinellas County figures. All listed Pinellas county condos are now within either Under Contract a buyer’s Total Averagesextreme buyer’s market. With MSI market or an number from 17 through Pricecondos offered below $200,000 Count BR BA List 19, % SP/LP DOM DOM were in market$983,033 298 and those priced above within an 93.24% 110 a buyer’s2 2 33 extreme buyer’s market. $241,862 98.42% 39 15 2 2 82 93.31% 140 32 2 2 $206,718 110 93.04% 105 Sales Price 2 38 2 $174,868 98 Median 94.87% 101 10 2 2 $173,330 66 The media sales prices for both single family homes and con95.24% remain relatively flat. The median sales for single family 422 $180,575 77 dos 82 95.23% 91 40 2 2 $162,093 96 homes for July 2007 versus 2006 show a minimal decrease of 92.21% 164 40 2 2 $341,298 73 2.2% down to $225,000. For condos, the same numbers were 87.09% 73 422 $156,975 107 an increase 2.9%2to $175,000. 95.59% 108 34 2 $173,079 123 93.30% 138 65 2 2 $840,080 78 * 89 of 2 $178,792 number of months it 92.56%Month’s supply 2 inventory is the93 44 would take to sell all2the$145,678 on 72 market at a given homes the 92.71% 109 36 2 90.61% 62 522 $200,660 159 price range for any given point in time. 93.32% 119 72 2 2 $353,085 104 93.83% 120 298 2 2 $508,569 37 r 98 2 2 $170,087 96 722 $170,200 $162,114 510 2 2 $240,974 134 27 2 2 $200,706 $191,139 Absorption Rate 608 2 2 $273,488 120 921 $172,544 $159,111 Following the same summer trend discussed above, the 54 2 2 $256,990 118 222 $106,200 $92,500 absorption $181,739 both single family2homes and condos rates for 133 490 2 2 23 2 $151,719 $145,033 have 2 1504 2 decreased slightly for both June and July, both down $599,417 157 33 2 2 $487,285 $454,639 from 2 870 2 last year. The absorption rate decreased 31% from May $185,789 104 27 2 2 $150,128 $138,973 until 2 this 405 2 July last year; the same rate was reduced to 11% $115,020 $146,473 128 15 2 2 $124,060 88 2 – 2 322 $203,250 $184,167 year both$225,984 129 for single family homes. Similarly, the absorption 958 2 2 $329,813 166 35 3 2 $226,123 $211,033 1115 2 2 $328,465 190 40 2 2 $318,318 $298,680 ILY MLS Activity byJuly 2007 2007 February 2007Area - July CONDOS Active Pine Pinellas Coun r Total Averages Count BR BA List Price DOM Area 180 3 North Beaches 141 3 $1,467,032 324 3 Tarpon Springs 100 2 $408,533 561 4 East Lake/ Oldsmar 3 $608,598 107 614 3 Palm Harbor 2 $478,842 107 157 3 Countryside 2 $322,565 92 198 4 Safety$528,660 3 Harbor 111 535 3 Dunedin 2 $298,271 100 598 3 Clearwater 2 $386,656 103 138 3 Bellair$629,686 2 132 534 3 Largo $317,983 2 113 592 3 South $943,258 2 Beaches 132 976 3 Seminole 2 $348,751 105 573 3 Pinellas Park 2 $225,420 108 21 4 Feather Sound 3 $568,438 63 1865 3 St. Petersburg N.108 2 $367,803 1160 3 St. Petersburg S.* 2 $332,263 113 Total Averages Total Averages Total Averages Total Averages Total Averages Total Averages Total Averages Total Averag Count BR BA List Price Count BR BA List Price Count BR Count BR Count BR BA List Price % SP/LP DOM Area DOM Sale % SP/LP DOM BA List Price Sale Price Count BR BA CountPriceBA List Price DOM List BR Sale Price DOM Price Count BR BA List Price BA DOM 3 86.24% 2 5 North 5 2 22 $927,560 795 2 143 25 3 2 2 $710,135 33 2 915 Beaches $773,048 2$800,000 $740,868 189 2 131 12 $589,2422 $720,400 262 64 $565,125 $662,163 93.24% 3 1102 $1,037,660 2 38 11 2 2 4 94.74% 163 19 3 2 Tarpon Springs 2 $283,773 182 2 13 2 $173,877 $171,146 98.42% 2 392 15 2 196 $347,513 3$268,864 $368,295 384 2 116 7 $250,1532 $274,196 $236,482 77 44 14 $218,755 2 95.95% 125 46 4 3 East42 2Oldsmar $455,758 Lake/4 32 383 2 15 2 $236,083 $220,304 93.31%2 1402 32 2 342 $220,621 2$437,316 $216,729 294 2 100 17 $228,6702 $426,255 $216,935 89 86 44 $239,107 2 52 2 3 94.90% 140 68 3 2 Palm Harbor 22 $296,139 458 2 13 2 $187,023 $174,012 93.04%2 1052 38 2 460 $225,688 2$281,055 $209,524 283 2 111 21 $183,0452 $339,935 $170,971 87 85 42 $180,821 2 15 2 3 97.28% 112 14 3 2 Countryside 22 $241,753 198 2 21 2 $163,842 10 2 217 $189,569 2$235,187 $177,531 271 2 95 9 $236,6362 $518,100 109 86 $216,693 $155,448 94.87% 2 1012 18 $174,375 2 17 2 3 95.54% 2 96 18 4 2 Safety Harbor 22 $431,647 98 2 72 $170,200 42 96 $176,966 2$412,426 $170,087 119 2 92 9 $129,3112 $444,986 100 $120,633 $162,114 95.24% 2 822 109 10 $169,040 2 25 3 97.43% 134 48 3 2 Dunedin 2 22 $230,790 510 2 27 2 $200,706 $191,139 95.23% 2 912 40 2 595 $269,603 2$224,876 $240,974 276 2 114 40 $301,9972 $275,484 $298,106 83 68 73 $410,192 2 27 2 22 $260,767 3 94.20% 120 53 3 2 653 $365,772 2$245,663 $273,488 285 2 115 15 $263,1971 $268,605 $252,692 91 102 39 $431,503 2 Clearwater 608 2 92 $172,544 $159,111 92.21% 2 1642 40 2 3 96.75% 118 622 50 $249,720 2$402,250 $256,990 272 2 112 3 $302,9672 $282,400 $289,967 85$92,500 87.09% 2 732 117 3 $138,000 2 Bellair4 2 22 $415,725 54 2 22 $106,200 42 29 2 22 $410,917 3 95.11% 133 52 3 2 504 $191,705 2$390,836 $181,739 271 2 124 16 $145,0422 $258,613 $138,356 80 90 25 $178,619 2 Largo 490 2 23 2 $151,719 $145,033 95.59% 2 1082 34 2 17 2 2 3 90.31% 2 38 3 2 1593 Beaches 2 $937,609 $654,180 2$846,759 $599,417 155 2 126 27 $533,9262 $852,537 136 $486,011 $454,639 93.30% 2 1382 143 93 $806,158 2 South 1504 2 157 33 2 $487,285 65 2 71 3 94.44% 104 90 3 2 744 $202,829 2$241,748 $185,789 249 2 102 22 $180,2302 $286,938 $170,995 83 101 45 $138,601 2 Seminole 2 22 $255,954 870 2 27 2 $150,128 $138,973 92.56% 2 892 44 2 30 2 3 95.80% 128 44 3 2 436 $166,811 2$202,723 $146,473 262 2 101 10 $137,7202 $180,030 $131,180 82 120 24 $117,231 2 Pinellas Park 22 $211,598 405 2 15 2 $124,060 $115,020 92.71% 2 1092 36 2 $0 254 720 2 $265,711 2 106 $0 $225,984 2 0 2 6 $200,3002 $639,450 $195,817 30 91 5 $190,380 2 Feather Sound 2 88 2 129 32 $203,250 $184,167 90.61% 2 622 52 100 2 22 $279,776 3 N. $261,330 $329,813 93.40% 286 2 164 3 2 $286,714 1169 $332,839 2 132 37 $211,2602 $203,493 89 109 $321,117 2 St. Petersburg 958 2 166 35 3 $226,123 $211,033 109 93.32%2 1192 72 2 52 2 S.* 3 93.33% 190 1266 $346,687 2$285,049 $328,465 292 2 112 3 2 160 55 $289,3752 $220,499 $275,235 95 80 $450,079 2 St. Petersburg 22 $305,417 1115 2 40 2 $318,318 $298,680 402 93.83% 2 1202 298 2 CONDO Active Family SoldActive Single Sold Sold Sold Under Contract Sold Condos Unde Under Contract rt and Pasadena Total Averages Total Averages Total Averages Total Averages Total Averages Total Averag PINELLAS REALTOR® ORGANIZATION Count September Count Count BR BA List Price BR DOM Count BR BA Count BR BA Sale Price Sale Price Count BR BA 2007 Price BA Area BA List Price DOM List Price % SP/LP DOM List BR Area List Price DOM North Beaches 3 $1,439,6513 112 $1,467,032 180 3 141 2 53 $927,560 53 North Beaches 201 3 5 3 $813,7802 $716,980 $800,000 86.24% 3 1892 152 5 $754,600 2 SINGLE FAMILY SINGLE FAMILY Active Active Sold Sold Unde Under Contract
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