Pinellas County Real Estate Statistics for April 2013

Hello real estate fans to the best real estate market in history. As usual, I'm here to give the monthly updates on the local market.

All of the market information is attached to this blog post so feel free to down load and follow along.

Starting with the Single Family Homes, there was steady numbers and looked similar to March's numbers. The absorption rate (inventory turnover) was 37.4% compared to last month's 38%. There were 2,669 units active on the market at months end. And 997 units sold. Still a declining number of houses available for sale and high demand from Buyers.

The most activity happened in the $200-$249,999 price point (9.5% of transactions), then $120-$139,999 price point (8.9% of transactions), and closely trailed by the $100-$119,999 (8.6% of transactions). The average sales price in the county is $153,100 which is back to Oct/November 2008 average pricing.

Now lets look at Condos. Here's the rally many condo owners have been waiting for. The absorption rate was 28.3% compared to March's 22.3%. There were 2,906 units active on the market with 823 units sold. There, again, is a trend in declining availability with condos. Our demand may change coming into Summer with the end of snow bird season but many buyers in the condo market are seeing and feeling the fierce competition.

The most activity with sales price were in the $50-59,999 price point (8.6% of transactions), then $60-$69,999 price point (7.9% of transactions), then $70-$79,999 price point (7% of transactions). The average sales price in the county is $102,000 which back to where we were in December 2010. But there were several months in 2012 where we hit if not were close to this same average price.

For buyers in the market. Be prepared for battle. On average, were are seeing Buyers losing out on 3-4 homes before getting under contract. I will reiterate as I always say, the home you buy will be 90-95% of what you are looking for, not neccesarily the 100% home. Nothing is ever perfect. Get your preapproval done now, not later. Check your credit... If you are under 620, get your credit up now. I cannot tell you how many buyers have lost properties because they had borderline credit and had a last minute change that made their dreams nightmares the day before the closing.

For sellers or soon to be sellers. Pricing and Product placement is key. Don't think Craigslist or Self Seller sites are the ultimate placement for your home. There are usually 2 types of people that fish in these waters - bargain hunters that knock you down on price and real estate agents that usually want to list your home. Now, yes I am one of those agents too, but I really need to know what's available out there. Real estate agents close 91% of all real estate transactions, we need to know about all of the inventory, not just about the ones on the Multiple Listing Service. 

When you do decide to sell your home, you need to make the house shine. Make the best of what you have if you have a budget. Quick easy things are general cleaning, decluttering (getting rid of stuff), staging (making your home look more inviting and spacious), landscaping (cutting, edging, mulching), and most importantly - washing the windows. Light makes a home. Open the blinds/drapes. Get the light in.

If you are thinking of doing bigger improvements, think about the cost of doing the work versus the value of your home. Will this improvement pay for itself to net met more money? Putting a $10,000 roof, only to bring you $10,000 higher sales price, really doesn't make sense except it gives your buyers peace of mind that they don't have a big repair job in the next few years. But if your house has the original roof, buyers may not be able to get insurance and thus stop your sale entirely. Getting a professional opinion of your home's value and negotiating skills is key to protect your money.

To get more detailed information on your area, you can get the market insider by zip code through my website www.TheTruthAboutYourHome.com. I also offer free consultations for Buyers and Sellers. Feel free to contact me at my office 727-216-9253.