May 2012 Pinellas County Real Estate Statistics are out!

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

Fla. housing market continues positive signs

Good news released today that prices are rising.  I have noticed it also within my area of St Pete.  With inventory levels so low, the good houses are selling quickly and at times higher than the listing price!
http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=1&id=276139
If you are in the market to buy, dont hesitate.  If you see something you like, you need to jump on it or you risk losing it.
Contact me for help in your search!
Pete

www.yourhomeinstpete.com
pete@yourhomeinstpete.com
727-215-7394

Good News from PRO about Pinellas County Real Estate for March 2012

Pinellas County Real Estate Statistics for March 2012

For the month of March the single family market continues to be the strength of the market. While single family sales are down 3.1% from March 2011 to March 2012, sales are up almost 32% year to date, and the median sales price is up nearly $12,000 year to date. There was 21% increase in year over year sales in the condo market and as well as a 54% increase in month over month sales. However, even with a decrease in condo sales and in listings, there has still been a year over year decrease of 11% and a month over month decrease of 6.5% in the median sales price of condo’s in Pinellas County.

In the distressed market there have been ten straight months where short sales have continued to outpace foreclosure sales as banks are speeding up there short sale approval process. Of the 481 distressed property sales last month 58% were short sales and 42% were bank-owned sales. To give some perspective on how much the numbers have improved in March 2011 foreclosure accounted for 70% of the distressed market and short sales accounted for 30%

Financing continues to be a problem as cash buyers have accounted for 60% to 65% of the market over the last year. Financing will be a key factor over the next year as the real estate market continues its recovery. Sellers will need to feel confident they can get financing to buy a new house before they will put their current house on the market.

Also in March for the first time since the Pinellas Realtor Organization has been keeping sales records, there is less than one home for sale per home buyer. The chart below only shows the last two years but it illustrates how low inventories have become. According to David Bennett, President and CEO of the Pinellas Realtor Organization, "The pendulum is just starting to swing back towards a seller’s market. With the number of listings so low sales prices have been starting to increase, hopefully fewer homeowners are underwater and more of them will be able to sell.


Provided by: Pinellas County Realtor Organization.

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

Take it from Warren Buffet. Now IS the time to buy Real Estate!

Check out Warren Buffett's interview on CNBC.  Take it from a man who knows about money!
http://www.youtube.com/watch?v=58-GHsG_ydw
From my own experience right now, buyer's are flocking to Florida to buy properties.  I have been swamped with requests to find properties.  One problem is, the Inventory levels are low.  So I need to go out and find some sellers who realize that the market is starting to pick up!

Grand Prix Night Parade this Thursday

This Thursday in Downtown St Pete, the kick off of the Grand Prix of St Petersburg will take place.  The parade through downtown and along Beach Drive will be followed by Fireworks by the Pier.  Come on over to our office at 111 2nd Ave NE, next to Bella Brava, for refreshments and food and enjoy the festivities!
https://www.facebook.com/messages/1619216397#!/events/211852682255368/

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/.