Listings are up! Although it’s not a lot, it is an interesting development. Residential listings increased last month by only about 2.5%, but they are still down by 23% for the last twelve months. What’s interesting is this is the first time in almost five years that listings have increased month to month. There have been a few months where we’ve seen some seasonal anomalies, but for the most part, listings have been dropping for the last five years. We will need to see if the trend continues or if it’s another anomaly. The increase in month over month listings is due to increases in both distressed and non-distressed properties.
For the overall Pinellas residential market, sales were up nearly 30% from October 2011 to October 2012. As previously mentioned, residential listings fell by 23% for the same time period. The median sales price increased from $107,000 to $121,000, or 13% for the last twelve months.
In the single family market, active listings fell by 27% over the previous 12 months. The month’s supply of inventory over the last 12 months fell from 6 months to 3.5 months, which is a 42% drop. The median sales price for single family homes increased 4% or $5,300 for the same time period.
In the condo market sales were up 29% and the median sales price surged by almost 24%, or $18,000, from October 2011 to October 2012. The month’s supply of inventory plummeted nearly 40% for the same time period. Pending condo sales increased by 19%
The median price on a non-distressed home is currently $121,000 whereas a distressed property is fetching $82,500, and foreclosures are at $73,000. 65% of October’s sales were non-distressed properties with 908 of the 1,397 closing for the month. 81% of the active inventory is non-distressed properties, which are averaging 135 days to close. Short sales are still lingering for 281 days on average while bank owned properties are at 108 days.