The December market statistics for Pinellas County are in and are now available on our website: December 2009 Market Statistics. As we review the numbers, some very important trends continue.
The year in review focuses on continuing increases of sales over prior year and decrease of inventory. Out of the December sales, 44% were cash transactions, with 32% Conventional and 18% FHA.
Single Family Homes - YTD Sales (22.2% Increase)
2008 - 6054
2009 - 7400
Single Family Homes - End Of Year Listings Inventory (25.2% Decrease)
2008 - 7930
2009 - 5828
Condos - YTD Sales (21.4% Increase)
2008 - 3444
2009 - 4181
Condos - End Of Year Listings Inventory (21.4% Decrease)
2008 - 6593
2009 - 5180
Prices for Single Family Homes have leveled off during the year while condo prices have taken another 10% off the selling prices. However, condo sales have taken a dramatic turn upward during the month of December (from 280 sold in 2008 to 413 sold in 2009). Foreclosures and short sales are still driving the pricing trend, especially on condos. But one thing is for sure... inventory being reduced combined with increasing sales signifies we are on the way toward recovery. There are now condo buildings that have NO inventory on the market! That is a huge change and someone wanting in that building will have to pay the price. Sharing this information will help others feel more confident that the time to make a wise purchase is now. Also, be sure to take a look at the Blog on Mortgage Qualification.
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