Market Trend - January 2010 Statistics Just In!

As we continue to discuss where the market is heading, the best amunition we have is through the statistical data that supports the trends we are experiencing. The shift to an upturn in the market comes with a combination of 1) Decreasing Inventory; 2) Increase In Sales Activity; and 3) Increase in Units Sold. As soon as they are available, we post the Monthly Statistics on our website with links from our Home Page.

The new January Market Activity Report just came out today. It is provided by the Pinellas Realtor Organization and features information about new and active listings, units sold, average and median price levels, housing affordability and other data. You can use the link to review the entire report, but I am focusing on the 3-year comparison of the three things we are following above. Here is where January 2010 stands:

Active Listings: '08-21,223 '09-18,193 '10-14,263 (down 21.6% from 2009!)

*Pending Contracts: '08-735 '09-900 '10-1,478 (up 64.22% from 2009!)

Units Sold: '08-577 '09-608 '10-742 (up 22% from 2009!)

The extreme jump in the percentage increase in *Pending Contracts is due to the amount of Short Sales which are requiring longer time to close. In a normal market, most of those would have closed. Many of these sales are cash offers as financing is still difficult. As seasoned Realtors®, each one of us with The PURTEE Team work diligently to keep abreast of the market, its trends and financing options. Never hesitate to call on us for advice!