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Health & Fitness

Residential Real Estate Statistics for Pinellas County - May 2013

Becky Paone's profile picture
Becky Paone, Neighbor

Have you seen changes in your neighborhood? New neighbors walking their dog? New "FOR SALE" signs going up and coming down? You are not alone.

Real estate is a local pulse on the local economy. The judge is how your local market reacts to people moving.

As always, I will give you the truth about the current Pinellas County real estate market. And I always start with the absorption rate. This is the number of solds divided by the number of properties that were available for sale.
Single Family Homes

  • 2,672 homes were available
  • 1,045 homes sold
  • 39.1% Absorption Rate (Highest absorption rate this year)
Condos
  • 2,769 units were available
  • 777 units sold
  • 28.1% Absorption Rate (dead even with last month)
We haven't seen this type of absorption in years. Just to give you an idea, in January 2010, the Single Family Home Absorption Rate was 6.8% and Condo was 5.7%.

This is a true Seller's Market. We don't have enough inventory to last us more than 2-3 months.

The most popular price points
Single Family Homes
  • $200,000-249,999 (9.5% of Sold Inventory this month)
  • $300,000-$399,999 (9.4% of Sold Inventory this month)
Condos
  • $50,000-59,999 (8.6% of Sold Inventory this month)
  • $200,000-$249,999 (7.2% of Sold Inventory this month)
With Single Family Homes, we've seen a declining inventory since November 2008. The evidence of inventory shortage started in March 2012 where the absorption rate was almost 25%. Most real estate agents can agree that the "bottom" of the market was in 2010.

So what does this mean to consumers/homeowners? As a buyer, you will face competition on properties, most likely multiple offers. In another blog post, I can give you several tips on making sure you are the winning offer. As a seller, pricing it right is key. A home that is priced right will sell within a matter of days, not months. If your home doesn't get 10 showings within 2 weeks, your home is over priced.

I work with motivated buyers and sellers who want to know the truth about their home. If you would like a FREE consultation on what marketing and strategies I use to get homes sold, you can visit my website at http://thetruthaboutyourhome.com/, email RebeccaTheRealtor@live.com, or call me directly at 727-216-9253.

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