PROview - December 2008 - (Page 12) Marketplace Analysis October Market Continues Slow and Steady In October, sales volume in the single family homes category resembled performance in September. The trend of improving sales over 2007 continued at a slower pace, but nevertheless brought an 8.1% increase in single family sales. The number of single family listings rose slightly over September; however they are still 5.8% lower than October, 2007. This market will continue to chug along at a sluggish pace as long as the listing inventory represents such a huge gap. Condominium sales, on the other hand, in spite of a 28.5% plunge in median price, have not had even a slight uptick in sales. October sales volume was down 9.9% from October, 2007. Listings were also down by 14% from October 2007, but with over 7,000 condo listings on the market, absorption rate is a dismal 3.6%. Pending listings are 13% lower than last year. the significant percentage point in the lower bracket for condos. SFH: $120,000-140,000: 11.9%; $140,000-160,000: 8.6%; $160,000-180,000: 8.6%; $200,000-250,000: 12.0%. CONDOS: $80,000-90,000: 7.5%, $90,000-100,000: 7.5%; $100,000-120,000: 8.6%; $120,000-140,000: 7.5%; and $250,000-300,000: 8.2%. Absorption Rate The single family home absorption rate was for October 6.0%, up from 5.2% a year earlier. The rate for condos increased to 3.6% from 3.4% for October 2007. tal unt 70 61 22 23 60 80 14 34 40 74 39 44 70 73 00 29 Month’s Supply of Inventory (MSI)* With an MSI of 10 to 13, single family homes priced from below $120,000 to $150,000 remain within a balanced market. Homes priced between $150,000 and $250,000, with MSI figures at 16 and 17, are within a buyer’s market. Single family homes priced Pinellas County Now is the time to take advantage of this market and help between $250,000Under Contract in an extreme buyer’s and $1,000,000 are Active Sold bargain hunters move into the market. Buyers can get loans, market, showing an MSI ranging from 26 to 42. Also within an Total Averages Averages Total Averages but they need to be prepared to put a good down payment this extreme buyer’s market are homes priced above $1,000,000, Count BR BA List Price Count BR BA List Price % SP/LP DOM DOM BR BA List Price DOM Sale Price time around. If you have not27 2 2 FHA loans, put that task explored with an 22 $641,814 172 $601,007 $520,591 86.62% 108 MSI of 184. Condos below $120,000 are within a buyer’s 37 2 2 $458,907 149 on your priority list. FHA loans are affordable and a good way to 94.77% 122 with an MSI 2 19 while all other294 market, of 2 $144,100 condos are within an 22 $224,396 163 522 $236,780 $224,404 6 extreme 2 help move this market along. 2 $178,385 162 10 2 2 $121,010 $109,575 90.55% 137 buyer’s market,2showing an MSI between 33 and 54. 25 2 $137,836 102 2 2 2 2 2 2 2 2 2 2 2 2 2 2 $178,802 164 16 Ann Guiberson, President & CEO 22 $172,185 $150,763 2 $145,971 136 622 $120,133 $111,083 2 read the full marketplace 3 2 2 please visit www. $141,914 141 $151,300 $134,000 (To analysis, 2 $182,590 138 23 2 2 $114,027 $102,275 TampaBayRealtor.com/stats. 2 $208,856 157 24 2 2 $175,988 $160,388 2 $176,216 216 422 $172,500 Statistics Highlights for October 2008 $181,090 2 $135,492 183 23 2 2 $122,052 $111,500 2 $533,661 176 24 3 2 $583,067 $509,317 Price Class 2 $145,699 family homes and condos continue to$132,771 194 33 2 2 $117,073 Both sold single 2 $114,592 154 12 2 2 show a spread over several price brackets.$125,492 Noteworthy$113,258 is 2 $212,737 145 322 $181,467 $167,500 2 $310,172 167 26 2 2 $289,056 $259,534 2 $271,026 163 25 2 2 $201,022 $181,846 87.56% 93 41 2 2 $110,361 86 Median Sales Price2 2 $133,214 118 92.47% 97 14 The 60 88.57% median sales price for single family homes was $150,000, 522 $141,580 208 89.69% 26 2 2 $134,390 109 down62 from $165,000 in September. The median sales price 91.14% condos was54 the month $137,000, a79 for 95 for 2 2 $144,476 decrease from the 95.26% 131 1 2 $129,000 248 September figure of2$150,000. 91.35% 102 29 2 2 $103,529 109 87.35% 155 81 2 2 $563,165 99 113.41% 106 64 2 2 $138,901 108 * Month’s supply of inventory is the number of months it would take to sell all the 90.25% 119 the market at a2 1 price$108,764 any given point in time. 35 61 homes on given range for 92.30% 5.3 222 $100,700 118 89.79% 134 34 2 2 $174,147 124 90.46% 133 86 2 2 $350,335 58 tal Averages unt BR BA List Price DOM Area 53 3 3 North Beaches $1,380,779 174 13 3 2 Tarpon Springs $351,879 144 82 4 3 East Lake/ Oldsmar $555,657 131 29 3 2 Palm Harbor 134 $433,738 30 3 2 Countryside 122 $331,939 94 4 3 Safety Harbor 148 $417,544 61 3 2 Dunedin $277,297 128 92 3 2 Clearwater $303,757 141 26 3 2 Bellair $558,790 143 90 3 2 Largo $311,859 137 53 3 3 South Beaches $1,042,916 164 13 3 2 Seminole $309,741 142 68 3 2 Pinellas Park 157 $194,395 18 4 2 Feather Sound $408,489 152 63 3 2 St. Petersburg130 $326,248 N. 13 3 2 St. Petersburg142 $293,973 S.* adena Active CONDOS MLS Activity by Area – October 2008 October 2008 February 2007 CONDO Total Averages Total Averages Total Total Averages Total Averages Total Averages Total Averages Total Averages Count BR BA List Price Count BR Price Count Count BR BA List Count BR BA List Price Sale BA List Price BR DOM ListCount BR Sale List PriceDOMDOMPrice BR SP/LP DOM BA Price % SP/LP DOM Area SaleCount % BA List Price Count BA Price DO DOM 86.89% 117 17 4 2 3 $756,953 North 8 3 2 2 $642,362 Beaches 570 2 27 $601,007 64 80 38 $520,591 386.62%$1,037,660 37 108 915 2 $773,048 2 $558,125$641,814 2 172 $589,242 2 $565,125 131 12 2 2 2 14 93.65% 82 23 3 2 2 $213,541 Tarpon Springs2 2 $207,514 161 2 5 $236,780 44 90 14 $224,404 294.77% $218,755 122 6 196 32 $347,513 2 $194,346$224,396 3 163 $250,153 2 $236,482 116 7 2 2 93.04% 81 $228,670 2 $216,935 53 4 2 3 $370,855 East 23 3 2 2 $317,208 Lake/ 2 Oldsmar $220,621 2 $295,121$178,385 2 162 322 2 10 $121,010 86 148 44 $109,575 2 90.55% $239,107 25 137 342 100 17 2 2 92.84% 61 56 3 2 2 $292,116 Palm33 3 2 2 $261,419 Harbor 423 2 16 $172,185 85 81 42 $150,763 2 87.56% $180,821 41 93 460 2 $225,688 2 $242,701$178,802 2 164 $183,045 2 $170,971 111 21 2 2 1 14 97.09% 96 21 3 2 2 $232,638 Countryside 2 2 $227,068 160 2 6 $120,133 86 94 18 $111,083 292.47% $174,375 14 97 217 42 $189,569 2 $220,455$145,971 2 136 $236,636 2 $216,693 95 9 2 2 10 95.81% 126 18 3 2 2 $270,256 Safety Harbor 3 2 $396,328 80 2 3 $151,300 $134,000 288.57% $169,040 60 5 96 4 2 $176,966 2 $379,729$141,914 2 141 $129,311 2 $120,633 109 81 10 92 9 2 2 32 94.69% 120 69 3 2 2 $200,814 Dunedin 3 2 2 $189,302 414 2 23 $114,027 68 79 73 $102,275 289.69% $410,192 26 62 595 2 $269,603 2 $179,255$182,590 2 138 $301,997 2 $298,106 114 40 2 2 32 91.95% 93 88 3 2 2 $170,512 Clearwater3 2 2 $164,706 534 2 24 $175,988 $160,388 291.14% $431,503 54 95 653 2 $365,772 2 $151,444$208,856 2 157 $263,197 2 $252,692 102 91 39 115 15 2 2 88.47% 85 832 2 $234,996 Bellair8 4 3 2 $558,856 40 2 4 $181,090 $172,500 295.26% $138,000 131 1 50 2 $249,720 2 $494,406$176,216 2 216 $302,967 2 $289,967 117 133 112 3 2 3 2 28 93.57% 52 49 3 2 2 $204,481 Largo 474 2 23 $122,052 90 88 25 $111,500 291.35% $178,619 29 102 504 32 2 2 $134,242 $191,705 2 $125,613$135,492 2 183 $145,042 2 $138,356 124 16 2 2 1 12 94.00% 95 43 3 2 2 $562,893 South Beaches2 2 $441,517 1139 2 24 $583,067 $509,317 287.35% $806,158 81 155 1593 32 $654,180 2 $415,017$533,661 2 176 $533,926 3 $486,011 143 117 93 126 27 2 2 78 93.20% 86 $180,230 2 $170,995 112 3 2 2 $222,602 Seminole 3 2 2 $215,929 744 2 $201,256$145,699 2 194 2 33 $117,073 $132,771 2 113.41% $138,601 64 106 744 2 $202,829 102 22 2 101 97 45 2 52 92.30% 100 58 3 2 2 $126,159 Pinellas Park 2 2 $155,236 370 2 12 $125,492 $113,258 290.25% $117,231 35 119 436 32 $166,811 2 $143,290$114,592 2 154 $137,720 2 $131,180 120 92 24 101 10 2 2 1 1 91.49% 172 132 2 $399,000 Feather Sound 2 2 $399,000 73 2 3 $181,467 91 60 $167,500 292.30% $190,380 5.3 2 72 42 $265,711 2 $365,033$212,737 2 145 $200,300 2 $195,817 106 6 2 5 2 1 122 94.26% 103 185 3 2 2 $188,400 St. Petersburg 2 2 $179,859 700 2 26 $289,056 $259,534 2 89.79% $321,117 34 134 1169 32 N. $332,839 2 $169,527$310,172 2 167 $211,260 2 $203,493 109 92 109 132 37 2 2 56 88.95% 77 120 3 2 2 $150,830 St. Petersburg 2 2 $194,860 829 2 25 $201,022 80 90 402 $181,846 290.46% $450,079 86 133 1266 32 S.* $346,687 2 $173,329$271,026 2 163 $289,375 2 $275,235 160 55 2 2 Total Averages Total Averages Count Sold Active Active Single Family Sold Sold Condos Under Contract Sold Sold Pinellas Count 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. Total Averages Count Sold Total Averages December 2008 Under Contract Total Count http://www.TampaBayRealtor.com/stats http://www.TampaBayRealtor.com/stats
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