Real Estate Statistics for Pinellas County - February

The 2nd month of 2013 has been following the same trend for the past 8+ months.

The summary statistics provided by the Pinellas Realtor Organization shows that we had 1,275 units (single family, condo, townhomes) sold, which is up 17.9% over last year.

Almost 62% of those sales were paid in cash. As usual, cash is King. The usage of cash has increase 21.7% over last year with number of cash transactions, but only a 2% increase with regards to the percent of paid in cash. So nothing really too dramatic in cash sales trend.

The listing inventory has increased 8% over last year but our active inventory (homes available for sale) is down 14.2%. We are selling houses or putting them under contract faster that we can replace them.

From David Bennett, the President and CEO of PRO, in his press release states, "Over the last 3 years, March and April have consistently been the months with the highest number of cash sales. History also shows us a consistent spike in the number of total closed sales in March and April for both condos and single family homes. If this pattern holds true then we can expect and increase in sales for the upcoming months."

What does that mean to you? If you've been on the fence about selling, the next 2 months are when the most real estate will be sold in 2013 here in Pinellas. You want to price your house right with a professional realtor and be one of the Solds by end of May!

Investors in the market are actively purchasing property, even the foreclosures and short sales. So if you are a move up (need bigger) buyer, move down (need smaller) buyer, or first time homebuyer, you will be facing tough competition. So prepare to be patient, like in fishing, the right one will come along, but you got to set your hook fast and reel it in!

As the market loses inventory with numerous sales and new properties trickling in, expect prices to go higher and multiple offer scenarios to happen.

For sellers, this is good news because your home has gained value again! Just don't be greedy in pricing. Pricing it right can ensure the highest and best price in the shortest amount of time. If your house doesn't sell within a month, you are over priced and expect low offers as time goes on. A home priced right can create a flurry of activity, a possibility of multiple offers, which will drive up the price. Buyers will pay full price when its only been on the market a few days or weeks if its priced right.

For buyers, you need to be ready to buy with pre-approvals from a reputable lender or cash ready to go! Don't expect a home to be available by the weekend, if it was listed on a Monday. Real estate is not a weekend only entity. If you are serious about buying something, make time to see houses during the week, during the day time. You are going to battle against other buyers, you want a professional who is working on your behalf, pulling new listings and sending them to you as soon as possible.

If you want to find out more information about selling your home or buying a home, please visit my website www.RebeccaTheRealtor.info

For the full statistics report from the Pinellas Realtor Organization, please see the pdf attached.

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