PROView - October 2007 - (Page 12) MARKETPLACE ANALYSIS A glance at most of the August market figures provides virtually a repeat of those provided for July. From sales figures to absorption rate, we are seeing a rather typical summer market with lower yet steady sales activity. In August, the number of sold single family homes was 540, down 1 from 541 the month before. With a rather small difference as well, the number of condos was 311 compared to July’s 319. Price Class Through 2007, most sold single family homes have been priced between $200,000 and $250,000 and the month of August continues that trend. 15.19% of single family homes were in that price bracket. While most condos sold in July were priced between $200,000 and $250,000, however, those closed in August were mostly in the lower price bracket of $120,000 to $140,000. Summer Months Remain Steady market has likely not escaped anyone. Condos now offered from $200,000 to $500,000 show an MSI between 22 and 32 months, and condos above $500,000 from 49 months and up. Only one price level shows a balanced condo market: condos offered below $120,000 which shows an MSI of 13 months. Because of a high inventory level, condos are expected to take longer time to sell. A majority of condo buyers are mainly in the market for more lower-priced properties. Such a trend will likely continue until prices better meets the expectations of buyers and available inventory has decreased. Median Sales Price The media sales prices for both single family homes and condos have decreased from the month before. The median sales price for single family homes for August 2007 shows a decrease to $219,900 from $225,000. The number for August 2006 was $230,000. For condos, the median sales price Pinellas County was $155,900 in August compared to $175,000 in July and Under Contract $176,000Total Averages a year earlier. r Absorption Rate Active Sold Continuing the summer trend referenced above, the absorpTotal Averages Total Averages tion for both condos are identiCount BRratesList Price single family homes and Price Count BR Count BR BA BA DOM Sale DOM cal with those recorded for July. For aBA List month in Price % SP/LP DOM second a row, We encourage sellers Listwork with REALTORS® to prices to Price 799 2 2 $743,771 150 17 2 2 $790,417 $722,082 91.35% 153 41 2 2 $894,856 249 the absorption rate for single family homes remains at 5.9% properties right - slightly below the neighborhood average 186 2 2 $352,713 168 521 $189,786 $188,436 99.28% 81 19 3 2 $228,674 96 and at 3.7% for condos. listings can be a good attractor currently. Pinellas County 384 2 2 $218,744 132 19 2 2 $205,663 $194,553 94.59% 100 29 2 2 $188,790 109 is essentially a built-out marketplace and as market condi448 2 2 $211,544 150 14 2 2 $169,064 $152,500 90.20% 98 36 2 2 $181,337 117 Month’s Supply of Inventory (MSI)* tions improve, condos will remain a very good investment. 191 2 2 $178,743 119 722 $183,521 $174,143 94.88% 123 13 2 2 $162,283 75 The August MSI has shifted slightly from July for single famMeanwhile, the present time is an excellent time to buy, given 92 2 2 $168,766 101 522 $132,460 $123,500 93.23% 83 11 2 2 $177,973 103 ily homes. Previously considered in balanced market, homes the high level of available properties and we encourage first479 2 2 $229,381 146 21 2 2 $116,224 $108,633 93.46% 78 59 2 1 $247,065 77 between $200,000 and $500,000 are now in a buyer’s market. homebuyers to enter the local marketplace. Investors work608 2 2 $279,952 125 15 2 2 $187,793 $177,987 94.77% 80 36 2 2 $359,275 81 Homes offered under $120,000 remain in a seller’s market and ing with REALTORS® may be able to locate bargains now as 53 2 2 $259,838 126 122 $162,000 $135,000 83.33% 183 522 $166,980 107 those priced from $120,000 to $200,000 are still within a balprice consessions have reached nearly 10% in some casses. 512 2 2 $186,860 134 18 2 2 $147,356 $138,228 93.80% 155 38 2 2 $160,738 125 anced market. Homes above $500,000 continue to be in an Investors will need to be patient, however, as price appreciatin 1544 2 2 $606,807 161 21 2 2 $484,976 $443,324 91.41% 127 70 2 2 $813,369 74 extreme buyer’s market. has slowed or dropped. Nevertheless, demographics indicate 877 2 2 $184,021 109 27 2 2 $173,900 $161,289 92.74% 120 42 2 2 $172,961 81 The fact that the high123 inventory level for condos has pushed 94.77% 90 County will 2 $141,335 grow and be an attractive Pinellas continue to 78 433 2 2 $146,092 13 2 2 $127,928 $121,249 26 2 the2MSI to cause all condos to be in an2extreme buyer’s plkace to live, work and vacation. 217 88 2 $221,073 132 32 $192,933 $182,667 94.67% 69 322 $186,167 912 1128 2 2 2 32 $257,428 $240,809 February 197byAugust 22007 MLS$330,023 2007Area2- August 2007 Activity 2 $307,354 166 29 2 1 $177,403 $169,241 *Month’s the number 115 95.39% 89 supply of inventory is $341,776 of months it would take to sell all 68 2 2 93.54% 126 293 2 at $512,152 42 the homes on the market 2 a given price range for any given point in time. ILY CONDOS Active r Total Averages Count BR Area Price BA List DOM 187 3 North Beaches 150 3 $1,445,373 351 3 Tarpon Springs 108 2 $405,946 561 4 East Lake/ Oldsmar 3 $599,123 115 634 3 Palm Harbor 2 $463,512 112 155 3 Countryside 2 $317,914 99 Harbor 112 207 4 Safety$500,602 3 539 3 Dunedin 2 $293,642 109 615 3 Clearwater 2 $368,461 109 126 3 Bellair$670,612 2 137 533 3 Largo $339,895 2 117 Beaches 133 590 3 South $934,001 2 1010 3 Seminole 2 $338,579 107 580 3 Pinellas Park 2 $220,594 111 26 4 Feather Sound 3 $533,512 79 1889 3 St. Petersburg N.114 2 $358,382 1167 3 St. Petersburg S.* 2 $324,998 120 Total Averages Total Averages Total Averages Total Averag Total Averages Averages Total Averages Total Averages Count BR BA List Price Count DOM Count BRDOM Count BR Count BR BA List Price Sale BA List Price BR BA CountPriceBA List Price List BR BA List Price Sale Price DOM Price Count BR BA List Price BA DOM Price % SP/LP Area BR Sale % SP/LP DOM 915Beaches $773,048 2 $593,750 $743,771 2 131 12 $589,2422 $1,104,780 113 64 $565,125 $722,082 91.35% 3 153 2 $1,037,660 2 38 3 83.68% 285 2 52 North 4 2 32 $709,500 799 2 150 17 4 3 $790,417 41 2 1968 2 $347,513 2 $253,500 $352,713 389 2 116 7 $250,1531 $236,482 59 44 14 $218,755 2 3 94.84% 168 14 3 2 $245,113 Tarpon Springs22 $267,267 186 2 52 $189,786 $188,436 99.28% 2 81 2 19 3 342 100 17 $228,6702 $216,935 $194,553 94.59% 2 100 2 44 $239,107 2 94.48% 270 2 45 4 3 $427,299 East 31 2 32 $429,292 Lake/4 Oldsmar $220,621 2 $405,619 $218,744 384 2 132 19 2 $205,663 100 86 29 2 460Harbor 22 $313,461 2 $294,807 $211,544 281 2 $225,688 111 21 $183,0452 $170,971 90 85 42 2 98 2 $180,821 2 41 2 3 94.04% 150 52 3 2 $385,861 Palm 448 2 14 2 $169,064 $152,500 90.20% 36 2 2175 2 $189,569 2 $315,300 $178,743 2 95 9 $236,6362 $216,693 $174,143 94.88% 2 123 2 18 $174,375 2 3 93.02% 121 2 12 3 2 $544,033 Countryside 22 $338,940 191 2 119 72 $183,521 105 86 13 2 96 2 $176,966 2 $388,800 $168,766 289 2 92 9 $129,3112 $120,633 89 109 10 $169,040 2 4 96.52% 101 19 3 2 $416,786 Safety8Harbor 22 $402,797 92 2 52 $132,460 $123,500 93.23% 2 83 2 11 2 595 $269,603 2 $255,901 $229,381 257 2 114 40 $301,9972 $298,106 97 68 73 $410,192 1 27 3 94.31% 146 50 3 2 $243,013 Dunedin 2 22 $271,315 479 2 21 2 $116,224 $108,633 93.46% 2 78 2 59 2 653 $365,772 2 $217,417 $279,952 285 2 115 15 $263,1972 $252,692 99 102 39 $431,503 2 30 3 94.99% 125 48 3 2 $352,525 Clearwater2 22 $228,863 608 2 15 2 $187,793 $177,987 94.77% 2 80 2 36 2 50 $249,720 2 $431,000 $259,838 292 2 112 3 $302,9672 $289,967 $135,000 83.33% 2 183 2 117 3 $138,000 2 2 91.96% 126 10 3 2 $370,150 Bellair5 2 22 $468,660 53 2 12 $162,000 106 52 504 $191,705 2 $233,147 $186,860 271 2 124 16 $145,0422 $138,356 $138,228 93.80% 2 155 2 25 $178,619 2 32 2 22 $245,448 3 94.98% 134 55 3 2 $256,140 Largo 512 2 18 2 $147,356 101 90 38 2 1593 $654,180 2 $588,163 $606,807 2 126 27 $533,9262 $486,011 $443,324 91.41% 2 127 2 143 93 $806,158 2 16 2 3 92.25% 104 2 44 3 2 $786,456 South Beaches22 $637,519 1544 2 161 21 2 $484,976 147 70 2 744 $202,829 2 $237,652 $184,021 275 2 102 22 $180,2302 $170,995 83 101 45 2 120 2 $138,601 2 50 2 22 $253,929 3 93.59% 109 90 3 2 $313,625 Seminole 877 2 27 2 $173,900 $161,289 92.74% 42 2 436 $166,811 2 $158,834 $146,092 286 2 101 10 $137,7202 $131,180 78 120 24 $117,231 2 27 2 3 93.32% 123 46 3 2 $174,000 Pinellas Park 22 $170,202 433 2 13 2 $127,928 $121,249 94.77% 2 90 2 26 2 5 97.24% 132 154 $739,000 721 2 $265,711 2 $525,000 $221,073 221 2 106 6 $200,3002 $195,817 40 91 5 $190,380 2 Feather Sound 32 $539,900 88 2 32 $192,933 $182,667 94.67% 2 69 2 32 84 2 N. 3 94.31% 166 $271,061 1169 $332,839 2 $250,263 $307,354 289 2 160 3 2 132 37 $211,2601 $203,493 89 109 $321,117 2 St. Petersburg 22 $265,361 912 2 29 2 $177,403 $169,241 109 95.39% 2 89 2 68 2 39 2 S.* 3 92.33% 197 95 3 2 $297,569 1266 $346,687 2 $238,302 $330,023 281 2 160 55 $289,3752 $275,235 $240,809 402 $450,079 2 St. Petersburg 22 $258,088 1128 2 32 2 $257,428 107 80 93.54% 2 126 2 293 2 CONDO Active Family SoldActive Single Sold Sold Sold Under Contract Sold Condos Under Contract Unde Pinellas Coun Pine rt and Pasadena Total Averages Total Averages Total Averages Total Averag Total Averages Total Averages PINELLAS REALTOR® ORGANIZATION Count October 2007 Count BR Count BR BA List Price BR DOM Price BR BA CountPrice BA List Price Count DOM Area List BR Sale Price Sale Price Count BR BA List Price BA DOM Area BA List % SP/LP DOM North Beaches 201 3 5 3 $813,7803 $716,980 $593,750 83.68% 3 285 2 152 5 $754,600 3 North Beaches 3 $1,439,6513 112 $1,445,373 187 3 150 2 43 $709,500 54 SINGLE FAMILY SINGLE FAMILY Active Active Sold Sold Under Contract Unde
Table of Contents Feed for the Digital Edition of PROView - October 2007 PROView - October 2007 Contents Chairman’s Notes Feature Story ProActive 2007 Annual Membership Meeting and Luncheon Marketplace Analysis Home Sales Report MLS Update MLS Upcoming Events Calendar of Events & Programs PRO Biz Welcome New PRO Members Welcome New PRO Affiliate Member News PROView - October 2007 PROView - October 2007 - PROView - October 2007 (Page Cover1) PROView - October 2007 - PROView - October 2007 (Page Cover2) PROView - October 2007 - Contents (Page 1) PROView - October 2007 - Chairman’s Notes (Page 2) PROView - October 2007 - Chairman’s Notes (Page 3) PROView - October 2007 - Feature Story (Page 4) PROView - October 2007 - Feature Story (Page 5) PROView - October 2007 - Feature Story (Page 6) PROView - October 2007 - Feature Story (Page 7) PROView - October 2007 - ProActive (Page 8) PROView - October 2007 - ProActive (Page 9) PROView - October 2007 - 2007 Annual Membership Meeting and Luncheon (Page 10) PROView - October 2007 - 2007 Annual Membership Meeting and Luncheon (Page 11) PROView - October 2007 - Marketplace Analysis (Page 12) PROView - October 2007 - Home Sales Report (Page 13) PROView - October 2007 - MLS Update (Page 14) PROView - October 2007 - MLS (Page 15) PROView - October 2007 - Upcoming Events (Page 16) PROView - October 2007 - Calendar of Events & Programs (Page 17) PROView - October 2007 - PRO Biz (Page 18) PROView - October 2007 - PRO Biz (Page 19) PROView - October 2007 - PRO Biz (Page 20) PROView - October 2007 - PRO Biz (Page 21) PROView - October 2007 - Welcome New PRO Members (Page 22) PROView - October 2007 - Welcome New PRO Members (Page Cover3) PROView - October 2007 - Welcome New PRO Members (Page Cover4)
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