The Pinellas County Realtor Organization just published their detailed analysis of the real estate market for Pinellas County, based on the listings and closings in August 2009. The following are a few of the important pieces of information from the report:
“¢ The number of new listings added in August was down 12.26% from August 2008.
“¢ Total inventory on the market at the end of August was down over 36% from last
“¢ Pending contracts rose over 68% compared to August 2008.
“¢ Median price fell more than 17%; however the drop was far less than previous
months and we have been basically in the same price range since October 2008.
“¢ Days on market dipped slightly from August 2008.
“¢ Price per square foot was down a little over 18% compared to last year.
“¢ The supply-demand ratio shows a very large decline, reflecting the lower inventory
and new listings on the market.
“¢ Months supply of inventory overall is at its lowest point in 2 years. Currently we have
a 9 month supply.
“¢ The housing affordability index continues to be very high, 197 in August. That means
a family with median income for Pinellas County can easily afford a median priced
home and more.
This data and the information contained within the report suggests the market wil remain highly vulnerable for some time to come. There is quite a bit of activity in this dynamic market, but navigating it successfully and determining how to take advantage of the market will take knowledge, experience and patience. For a copy of the entire report and details about the Pinellas real estate maket visit https://tampabayrealtor.com/images/stories/statistics/market_activity_report/august_09_market_activity_report.pdf
or my website at www.mattweidnerlaw.com