Sales and Listing data for the Pinellas Real Estate market is analyzed each month by our local Real Estate board, PRO (Pinellas Realtor Organization). Analysis of August’s data was completed last week, and it appears that the trend of the past few months is continuing, which is good news and gives me continued cause for optimism that our local market is continuing to move towards being a balanced market.
Here are some of the highlights:
The number of new listings added to the market dropped 12.6% from August 2008, from 2,766 new listings added in August 2008 to a more reasonable 2,427 new listings added in August 2009
The overall number of Active listings – homes for sale – dropped a healthy 36% from last year, from 20,226 in August 2008 to 12,867 in August 2009
The number of Pending Contracts – deals that have been agreed to that are just waiting to reach closing – increased 68% from last year, from 887 in August 2008 to 1,492 in August 2009
The Median Selling Price for homes sold in August 2009 was $140,000, and that median price has been approximately the same for the past ten months
The Supply/Demand ratio has dropped significantly over the past year – there were 12.07 houses on the market in August 2008 for every single active buyer, but in August 2009, there were only 5.3 houses per buyer
Finally, the number of months of inventory has dropped very dramatically over the past year. In August 2008, there was a 23 month supply of housing inventory, based on number of houses on the market and number of sales taking place. In August of 2009, there is only a 9 months supply of housing inventory.
All of these statistics point to continued stabilization of our local market. There is definitely a great deal of activity now in the Real Estate market, among both buyers and sellers. Sellers who have homes that are in good condition and that are priced correctly are selling, and in a reasonably short timeframe. And buyers who are in the market for a new home are still finding a lot of opportunities, but some of the better ones are purchased and disappear from the market pretty quickly!
[All data referenced in this post is courtesy of the Pinellas Realtor Organization and is believed to be accurate, but is not guaranteed.]
