It's Up! It's Down!

Buy now! Sell now! Depending on the day of the week or who you talk to you’ll learn the real estate market has bottomed out or is about to drop again.  So what is happening in Clearwater real estate?

The truth is sales are up in some neighborhoods and down in others. Investors have returned looking for rock bottom prices. Out of state baby boomers are looking for retirement homes instead of waiting 3 to 5 years until they are ready to move. First time buyers are finding new homes they can afford. Some properties get multiple offers yet others languish on the market for a year or more.

So is it time to buy? Should you sell now before the market goes lower or hold until prices go up? The answer is easy – it depends.  Real estate is like the stock market.  The only way to know if you made the right decision is after the decision is made. The right answer for you will be different than the answer for your neighbor.March statistics from the Pinellas Realtor Organization show the number of properties on the market has dropped. There were 8% fewer single family homes on the market in March 2011 than in March 2010.  This is the seventh month the number of active listings has dropped.   Sales increased about 16% from last year.  The number of condo listings dropped 13% from last year and sales were up 12%. This trend holds up for the Clearwater market as well. Prices seem to be steady and even a bit higher in some areas. 

In future blogs I plan to follow the numbers in different Clearwater neighborhoods.  If there’s an area you want to see let me know and I’ll move it up the list. Any other questions or comments are welcome as well.