Pinells County Real Estate Stats for Oct 2011 are out!

Pinellas County Real Estate Statistics for October 2011
As the holiday season approaches, we are seeing the usual end of year slowdown in sales. The same trends we have seen for the last few months are continuing in October. Overall, listings are continuing to drop. In the single family market there was a small month to month increase in median price. The median sales price for condos fell to its lowest point so far this year, something that happened at this time last year also. More than 37% of condo sales were at $50,000 or less and of that number nearly 11% were sold for less than $30,000.
Overall residential unit sales increased from 890 to 1079, or 21% from October 2010 to October 2011. The median sales price dropped 18% from $131,000 to $107,000 compared to 2010, but is up $18,000 year to date. Active listings continued to slide by 32% from October 2010 to October 2011, for 10 straight months of reduction in inventory.
Condo sales from October 2010 to October 2011 are up nearly 16%. The median sales price for condos had a significant drop from $104,000 to $75,000 and condo listings decreased from 5,484 to 4,127, or down 25% year over year.
Single family listings are down from 6,666 to 4,129, or 38%. The median sales price is down from $156,000 to $127,000 year over year. Single family sales increased from 528 to 659, or a 25% increase from October 2010 to October 2011.
The biggest news for the month is the drop off in year over year unit sales for single family properties under $100,000. In October 2010 these homes accounted for 40% of the single family market. In October 2011 they accounted for 31% of single family sales. Compare that to an 11% decrease in overall residential unit sales from 47.1% to 36.6%. The decreases are most likely due to a steeper decline in inventory of properties less than $100,000 when compared to $100,000 and above.
Also in the single family market, you will notice a steep decline in median price from October 2010 to October 2011. Median sales price went from $156,000 to $127,000. You shouldn’t lose much sleep over this non-trend October 2010 was a single month aberration. Prices tend to build up the first three quarters of the year and then give back some of their gains during the late fall.
Foreclosure actions in Pinellas did see modest increases in October, but they are still well below what they were a year ago. Compared to the rest of the state Pinellas County has 1 in 442 homes with foreclosure actions versus the state with 1 in 268.
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September Pinellas County Statistics are out

Pinellas County Real Estate Statistics for September 2011
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Posted on: October 12, 2011 The real estate market for Pinellas County was rather measured. Listings continue to drop, however the year over year sales figures are still up. From month to month sales are down slightly, but that is to be expected as the summer buying seasons winds down. The threat of increased foreclosures from banks also continues to hang over the market, though there were no significant increases in lis pendens filings. Contact me for a copy of the statistics.
Pete McGahan
pete@yourhomeinstpete.com
727-215-7394
pete@yourhomeinstpete.com

So what does this mean? Its a good time to list your home. With limited choices for buyers, your home could stand out and get you a good price.