We have posted June Statistics to the home page of our website. June was a tough month for consumer confidence with rising concerns over the gulf oil spill becoming a harsh realty along the panhandle coastline, as well as slower than expected employment recovery. Overall residential unit sales here in Pinellas County in June were up another 5%.
Single family home sales were up 7.5% compared to last year while condo sales remained at the same level as June 2009. All residential listings were down 7% compared to June 2009 bringing inventory lower. Single family listings dropped 3.3% and condo listings fell 11% from June 2009. When looking at the Absorption Rate, this gives us the ration between units sold and units listed for the month. June saw a single family absorption rate of 12.4% compared to 11.1% in June 2009. In condos, the absorption rate for June was 7.9% compared to 7.0% in 2009.
In speaking with other agents who specialize in waterfront property along the beaches of Tampa Bay... all of our business has picked up significantly! We have always said that beach property has its own market center as opposed to more residential living inland. Since the numbers reflect ALL of the county, it is significant to capture its relevancy to our specific waterfront market.
We are very aware of price thresholds and when a jewel of a property comes on the market! Therefore when a property's price lowers below that threshold, we have a group of buyers eager to take advantage of such a deal and often such deals are snapped up in a matter of days. There is a significant amount of cash that has come out of the stock market volatility... looking for the long term appreciation of waterfront property - AT THE RIGHT PRICE!!!
The PURTEE Team is on top of this phenomenon and we are here to help. Contact us today to find out how we can be of service!
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