September Statistics For Pinellas County Are In!

The September sales statistics for Pinellas County are now posted on our PURTEE Team website. You can link to them from our Home Page or simply click here.

One thing we are watching closely (and this month of September truly emphasizes the trend) is the Absorption Rate of existing properties for sale - both single family homes as well as condos. The Absorption Rate (or inventory turnover) is determined by dividing the number of units sold during the month by the total number of listings in the MLS. The chart below tracks both homes and condos starting in 2006 when sales were at their highest... and month by month up until September 2009. It becomes very easy to see the struggle for 2007 and 2008. But look at the trend unfolding in 2009!

As the price points have lowered to a point that buyers are ready to make a move, these deals at the highly discounted rates are being gobbled up... leaving less and less inventory behind. What does that mean if a buyer is looking to make a purchase? Looking at the statistics we are seeing, the time is NOW!