July 2012 Pinellas County Real Estate Statistics

The positive housing trend continues, although the inventory levels continue to drop, making it harder to find properties for buyers.  As long as the inventory stays low, the prices will continue to climb. 
Here is the month of July 2012 stats from the Pinellas Reator Organization:

Pinellas County Real Estate Statistics for July 2012

Residential sales were up just over 17%. Median sales prices were up 4.5% from $114,000 to $120,000 from July 2011 to July 2012. Listings continued to slide by almost 30% for the same time period.

Single family sales were up almost 19% from 759 to 900 over the last 12 months. This puts further pressure on the months-supply of inventory, dropping it 42%, from 6 months to 3.5 months. The median sale price increased by almost $15,000, from $122,000 to $137,600 over the last 12 months. Condo sales were up almost 16% with the median sales price increasing by about 2.5% from July 2011 to July 2012. Condo listings fell by 25% pushing down the month’s supply of inventory to 6 months.
In the distressed market short sales made up 19% of total sales for July and foreclosures accounted for 14%. This was a significant shift from last year when the two were neck and neck. The median sales price of short sales over the last 12 months has dropped by almost $32,000 from $122,000 to $90,000. The median price of foreclosed properties and non distressed properties had a negligible drop over the last 12 months.
One bright spot has been the days on market for both short sales and foreclosures haves dropped by almost three weeks over the last four months. Hopefully this trend continues and indicates that banks are processing their inventory more efficiently. Unfortunately, the days on market for non-distressed properties has increased by two weeks over the same time period. This is most likely due to increased problems with appraisals, mortgage financing, and insurance.

Good News for Downtown St Pete- New Apartment Building?

The City is deciding on whether to put a 324 unit apartment complex right in the middle of Downtown St Petersburg.  Read more about it here.
http://oldnortheast.patch.com/articles/downtown-st-pete-bayway-apartments-city-council

Grand Prix of St Petersburg is here!

Its that time of year again when the Honda Grand Prix takes over Downtown St Pete.  Its a great event for the city as it brings in so many racing fans.  Combine that with Spring Breakers and northerners down for relief from the long winter, makes it a very busy time in the Tampa Bay area.
For more info on the race, check out http://www.gpstpete.com/.

Florida Realtors see mini-recovery in the Sunshine State

Heading into 2012, Florida Realtors say the Sunshine State is already in a mini-recovery with sales trending up and inventories starting to fall. The association of state real estate agents concluded during its 2012 Real Estate Economic Forecast Conference Tuesday in Orlando that Midwesterners wanting homes in Florida will be able to find deals throughout next year. Florida Realtors Chief Economist Dr. John Tuccillo said real estate agents are starting to see multiple offers on Florida homes. Mark Vitner, senior economist at Wells Fargo, who spoke at the event, said the European debt crisis remains a concern, but he anticipates the U.S. economic recovery will continue in 2012. "Florida’s economy is recovering, with tourism and health care leading the way," Vitner said. "On a national level, we expect the U.S. will not fall into recession next year, although Europe faces serious problems." Lawrence Yun with the National Association of Realtors, who also spoke at the event, said local Florida markets are starting to see their inventory levels drop. "That's a major change from just a year ago," Yun said. "Buyers have stepped back into the Florida market." Yun is predicting a poignant turnaround in South Florida and expects to see home price gains in Miami and Naples in the coming 18 months. From: http://www.housingwire.com/tag/2012-real-estate-economic-forecast