Pinellas County Real Estate Statistics for May 2012
Pinellas County’s real estate market continued familiar patterns in May. Prices and sales are up and listings down. The National Flood Insurance Program (NFIP) was renewed. As a result, buyers weren’t trying to close before the program expired. We won’t see any slow down as a result of the NFIP expiring, either. Single family unit sales are up 16% and the median sales price is up 15.83% from May 2011 to May 2012. The sweet spot in the single family market is between $120,000 and $140,000, with almost 10% of the closed sales in May. Listings are continuing to decline with a 35% decline over the past 12 months.
Condo sales in May were up just over 10% and the median sales price was up 18.4% as compared to May of 2011. Condos priced between $250,000 and $300,000 as well as $40,000 and $50,000 are the strongest segment of the market. Condo listings continue to decline with a 30% decrease from May 2011 to May 2012.
Distressed properties made up less than 20% of the active inventory for the month of May, with bank owned properties representing only 5% of the active listings. Median sale prices for non-distressed properties were 16% higher in May than that of a distressed home.
Additionally, the median price for non-distressed sales is up by almost 24% and up 16% for distressed. If that’s not enough good news, total sales were up from last year by close to 12%, with 69% being non-distressed homes.
Check this link:
http://www.pcrealtor.net/May-2012-Pinellas-County-Residential-Real-Estate-Report.pdf
From: Pinellas County Realtors Organization
