JULY Hiccup In Market Statistics

The link to the new July 2010 Market Statistics for Pinellas County has been posted on our Home Page. From March through June, we saw steady increases in our market absorption as inventory decreased and sales picked up. By the end of June, however, the fears of the BP Oil Spill in the Gulf of Mexico along with slower than anticipated economic recovery and double digit unemployment... that energy lost some of it sizzle. In addition, sellers who felt they could finally put their home on the market and do a little better brought a new source of inventory.
Click On The Chart To Enlarge
We use this chart to get a sense of how much inventory is being reduced in the market and it is determined by dividing the number of units sold during the month by the total number of listings in the MLS. In July, 8.3% of single family homes were absorbed compared to 11.1% last year. 6.1% of condos were absorbed compared to 6.9% last year... not quite the falling off of single family homes (showing a little comeback on the part of condos in general).

51% of all new transactions in July were cash purchases, with 27% getting conventional loans and 16% FHA. 45% of all residential sales to date in 2010 have been priced between $120,000 and $399,900.

Waterfront property appears to be getting the most attention as international investors are taking full advantage of these prime real estate opportunities...