PROView - September 2008 - (Page 12) Marketplace Analysis The Dog Days of Summer for Real Estate Not too surprisingly, sales slowed down during the month of July – something that happens every year. Pinellas County sales historically have two peaks and two valleys each year, with spring and early summer sales being the highest peak. For the fourth month in a row, more single family contracts have been written than in 2007. In July, the absorption rate was up over a year ago and the year over year comparison in sales shows a 2.2% decline – virtually negligible. The median price of single family homes seems to be paralleling 2003. So far this year it has been in the $175,000 to $180,000 range. For sellers that’s an overall decline of 14% in the market for the first seven months of this year compared to 2007. Listings are also still in decline, down 6% from last year. 11.7% between $200,000 and $250,000 and 9.1% between $300,000 and $400,000. For condos, 10.9% were priced in the $100,000 to $120,000 bracket, 9% within the $120,000 to $140,000 bracket, 8.7% between $200,000 and $250,000, and 10.3% in the $300,000 and $400,000 range. Absorption Rate The single family home absorption rate was for July 6.1%, the first downturn of the year, down from 7.3% in June. The rate for condos was 4.3%, a slight change from 4.5% in June. tal unt 65 49 90 71 31 63 89 12 41 57 22 96 07 54 67 71 Month’s Supply of Inventory (MSI)* With an MSI between 12 and 13, single family homes priced below $120,000 and between $120,000 and $150,000 are within a balanced market. Homes priced between $150,000 and $350,000, with MSI figures between 18 and 20, are within a buyer’s market. Single family homes priced above $350,000 are in an Pinellas County showing an extreme buyer’s market, The condo side of the market offers similar numbers: listings MSI ranging from 21 to 63. Condos priced below $120,000 are down 15.5%; sales are down 2.2%, but the median Active Sold Under Contract Averages is hovering at 2005 levels ranging from $152,000 to Total Averages continue toTotalwithin a buyer’s market, showing an MSI of be Averages price Count BR BA List Price Count BR BA List Price BR BA List Price DOM Sale Price % SP/LP DOM those offered over $120,000DOM considered to be 18, while are $176,000. 22 $662,563 198 26 2 2 $612,415 $554,476 90.53% 199 extreme buyer’s market, with an MSI between 25 36 2 2 $509,756 159 within an number $115,000 2 Working in the pipeline, the 1 2 2 of contract pending 2 $247,194 178 $105,000 91.30% 315 11 2 2 $221,852 112 and 27 for those between $150,000 and $350,000 and 44 to 2 increased year over year by27 for single family and $156,900 2 $180,927 175 $167,637 93.59% 180 24 2 2 $186,623 103 5% 2 2 is 55 for those from $350,000 to above $1,000,000. 2 dead even for condos. Absorption rates $139,133for both 2 $198,926 167 17 2 2 $129,729 93.24% 147 38 2 2 $151,708 137 are up 2 categories. 2 $162,085 168 722 $128,054 $120,634 94.20% 101 Sales Price 12 3 2 $161,268 93 Median 22 $152,692 164 11 2 2 $129,055 $122,637 95.02% 72 11 2 2 $144,064 154 The median sales price for single family homes was 2 Statistics Highlights for July 2008 2 $200,917 161 21 2 2 $152,690 $141,429 92.62% 134 37 2 2 $122,390 119 $180,000, down $5,0002from $185,000 148 month before the 22 $239,435 162 20 2 2 $262,857 $231,883 88.21% 137 42 2 $153,678 and down 20% from $225,000 a year earlier. The median 2 Price Class 2 $192,163 216 322 $119,667 $106,000 88.57% 119 522 $169,160 259 sales price for condos was for the month $152,000, a 22 $143,825 184 21 2 2 $118,287 $106,571 90.09% 122 27 2 2 $148,125 110 decrease the 2 2 figure of 158 2 Sales activity is now starting to 2 2 2 $577,637 190 43 spread among the price $399,710 $365,850 91.52% 172 from 86 $160,000$676,430 June and 13.1% lower homes sold were priced in the $120,000 2 classes. 10.4% of 197 2 $152,751 30 2 2 $136,027 $126,690 93.13% 127 price level 2 2 60 than the for July, $147,676 $175,000. 2007 of 138 $140,000 and $160,000, 2 to $140,000 bracket, 10% between 2 2 $113,754 169 16 2 $117,391 $106,463 90.69% 117 36 2 2 $128,662 107 2 2 2 2 2 2 tal Averages unt BR BA List Price DOM Area 50 4 3 North Beaches202 $1,442,576 61 3 2 Tarpon Springs $380,195 155 451 4 3 East Lake/ Oldsmar $568,931 150 86 3 2 Palm Harbor 138 $433,919 44 3 2 Countryside 135 $310,225 188 3 3 Safety Harbor 159 $442,765 92 3 2 Dunedin $291,915 147 20 3 2 Clearwater $293,177 151 15 3 3 Bellair $671,300 163 80 3 2 Largo $333,842 163 95 3 3 South Beaches $1,035,203 187 11 3 2 Seminole $323,175 152 25 3 2 Pinellas Park 157 $205,662 13 4 2 Feather Sound175 $440,923 76 3 2 St.$339,943 Petersburg 145 N. 82 3 2 St.$317,843 Petersburg 161 S.* adena CONDOS Active MLS Activity byJuly 2008 2008 Area – July February 2007 $207,055 $340,279 $285,245 158 194 175 2 22 32 3 2 2 2 2 2 $197,400 $214,745 $262,712 $184,380 $192,181 $239,248 93.40% 231 322 $156,600 133 * Month’s supply of inventory is 2 number of months it would take to sell all the the $175,393 89.49% 151 48 2 136 homes on price range for any given point in time. 91.06% 164the market at a given2 95 2 $368,382 82 Pinellas Count Total Averages Total Averages Total Averages Total Averages Total Averages Total Averages Total Total Averages Count BR BA List Price Count Count BR Price Count Count BR BA List Price % SP/LP BA DOM Price DO BA List Price Sale BA List PriceBR DOM ListCount BRSale Price DOM Area BA List PriceDOM DOM SaleCount BR SP/LP DOM Price % BA List Price Count 12 $851,133 $662,5632 198 $589,242 2 $565,125 89.86% 2 97 17 3 2 3 $772,624 915 3 2 2 $773,048 2131 12 2 2 North Beaches 2 $947,150 565 2 26 $612,41564 156 38 $554,476 390.53%$1,037,660 36 199 10 $224,390 $215,890 $247,1943 178 $250,153 2 $236,482 96.21% 2 94 26 3 2 2 $239,430 196 3 2 2 $347,513 2116 7 2 Tarpon Springs2 149 2 1 $115,00044 124 14 $105,000 291.30% $218,755 11 315 29 $315,372 $180,9272 175 $228,670 2 $216,935 93.52% 106 60 4 2 2 $420,020 342 4 22 2 $220,621 2100 17 2 2 East Lake/ Oldsmar $337,224 290 2 27 $167,63786 104 44 $156,900 2 93.59% $239,107 24 180 42 $375,444 $342,507 $198,9262 167 $183,045 2 $170,971 91.22% 130 87 3 2 2 $317,058 Palm Harbor 22 371 2 17 $139,13385 114 42 $129,729 2 93.24% $180,821 38 147 460 3 2 $225,688 2111 21 2 2 1 7 $321,479 92.17% 151 17 3 2 2 $209,828 66 18 Countryside 22 131 2 7 $128,05486 $120,634 294.20% $174,375 12 101 217 4 2 $189,569 2 $296,307 $162,0852 168 $236,636 2 $216,693 95 9 2 2 14 $330,944 95.45% 2 59 12 4 2 2 $427,996 Safety Harbor 22 63 2 11 $129,055 $122,637 295.02% $169,040 11 72 96 3 2 $176,966 2 $315,886 $152,6922 164 $129,311 2 $120,633 109 105 10 92 9 2 34 $206,268 $191,903 $200,9172 161 $301,997 2 $298,106 93.03% 2 94 58 3 2 2 $214,076 Dunedin 3 22 389 2 21 $152,69068 100 73 $141,429 292.62% $410,192 37 134 595 2 $269,603 2114 40 2 20 $172,712 $239,4352 162 $263,197 2 $252,692 96.96% 2 80 93 3 2 2 $221,172 92 39 Clearwater 512 2 20 $262,857 137 653 3 22 $178,111 2 $365,772 2115 15 102 $231,883 288.21% $431,503 42 2 2 $560,000 $192,1632 216 $302,967 2 $289,967 87.91% 435 332 2 $196,567 Bellair 41 2 3 $119,667 $106,000 288.57% $138,000 119 5 50 3 32 $637,000 2 $249,720 2112 3 2 117 111 3 2 34 $197,182 $143,8252 184 $145,042 2 $138,356 90.81% 128 61 3 2 2 $209,674 Largo 457 2 21 $118,28790 101 25 $106,571 290.09% $178,619 27 122 504 3 22 $217,115 2 $191,705 2124 16 2 2 1 27 $477,096 $438,365 $577,6372 190 $533,926 2 $486,011 91.88% 117 52 3 2 2 $441,400 South Beaches 2 1022 2 43 $399,710 $365,850 291.52% $806,158 86 172 1593 3 2 2 $654,180 2126 27 2 143 142 93 2 65 $260,272 $240,766 $152,7512 197 $180,230 2 $170,995 92.50% 108 132 3 2 2 $232,592 Seminole 3 22 696 2 30 $136,027 $126,690 293.13% $138,601 60 127 744 2 $202,829 2102 22 2 101 105 45 2 30 $190,683 $171,333 $113,7542 169 $137,720 2 $131,180 89.85% 103 72 3 2 2 $143,639 95 24 Pinellas Park 22 307 2 16 $117,391 117 436 3 2 $166,811 2101 10 2 120 $106,463 290.69% $117,231 36 2 1 2 $599,000 $550,000 $207,0552 158 $200,300 3 $195,817 91.81% 2 76 332 2 $386,300 87 Feather Sound 2 54 2 2 $197,40091 $184,380 293.40% $190,380 231 3 72 5 4 2 $265,711 2106 6 5 2 1 96 $232,939 $340,2792 194 $211,260 2 $203,493 91.23% 101 221 3 2 2 $217,970 99 109 St. Petersburg22 667 2 22 $214,745 151 1169 3 2 N. $255,306 $332,839 2132 37 2 109 $192,181 289.49% $321,117 48 2 46 $158,400 $285,2452 175 $289,375 2 $275,235 90.71% 110 124 3 2 2 $182,866 91 402 St. Petersburg22 $174,613 771 2 32 $262,71280 $239,248 291.06% $450,079 95 164 1266 3 2 S.* $346,687 2160 55 2 2 Total Averages Total Count Sold CONDO Active Single Family SoldActive Sold Condos Under Contract Sold Sold Under Contract 12 SINGLE FAMILY SINGLE FAMILY PINELLAS REALTOR® ORGANIZATION Active Total Averages * Includes Gulfport and Pasadena Active Sold © 2008 Pinellas REALTOR® Organization All Rights Reserved. Averages Total Averages Count Sold Total Averages September 2008 Under Contract Total Count
Table of Contents Feed for the Digital Edition of PROView - September 2008 PROView - September 2008 Contents Chairman’s Notes Feature Story PROActive Brokerage Design Marketplace Analysis Home Sales Report MLS Update Calendar of Events & Programs MLS Mind Your Manners New REALTOR® and Affiliate Members PROView - September 2008 PROView - September 2008 - PROView - September 2008 (Page Cover1) PROView - September 2008 - PROView - September 2008 (Page Cover2) PROView - September 2008 - Contents (Page 1) PROView - September 2008 - Chairman’s Notes (Page 2) PROView - September 2008 - Chairman’s Notes (Page 3) PROView - September 2008 - Feature Story (Page 4) PROView - September 2008 - Feature Story (Page 5) PROView - September 2008 - PROActive (Page 6) PROView - September 2008 - PROActive (Page 7) PROView - September 2008 - Brokerage Design (Page 8) PROView - September 2008 - Brokerage Design (Page 9) PROView - September 2008 - Brokerage Design (Page 10) PROView - September 2008 - Brokerage Design (Page 11) PROView - September 2008 - Marketplace Analysis (Page 12) PROView - September 2008 - Home Sales Report (Page 13) PROView - September 2008 - MLS Update (Page 14) PROView - September 2008 - MLS Update (Page 15) PROView - September 2008 - MLS Update (Page 16) PROView - September 2008 - Calendar of Events & Programs (Page 17) PROView - September 2008 - MLS Mind Your Manners (Page 18) PROView - September 2008 - New REALTOR® and Affiliate Members (Page 19) PROView - September 2008 - New REALTOR® and Affiliate Members (Page 20) PROView - September 2008 - New REALTOR® and Affiliate Members (Page Cover3) PROView - September 2008 - New REALTOR® and Affiliate Members (Page Cover4)
For optimal viewing of this digital publication, please enable JavaScript and then refresh the page. If you would like to try to load the digital publication without using Flash Player detection, please click here.