The number of active condos on the market in downtown St Petersburg is staying rather constant. Across the price ranges, the number priced from $500,000 to $1 Million have decreased a bit and those between $1 Million and $2 Million have increased a bit. There are slightly more expiring and being withdrawn than going to contract, but not significantly.

The price of the condos going to contract has been decreasing since January – in April none over $500,000 went to contract, though there was 1 closing between $2 and $3 Million, which was a new unit at 400 Beach.

The luxury sales downtown this year have all been new construction, generally purchased a couple of years ago. Out of  23 sales over $1 Million this year, all but one have been in 400 Beach. The one resale was in Vinoy Place at $1,180,000.  That’s a significant contrast to only 3 units over $1 Million going to contract this year (4 months), all in January.

The buyers we’ve had looking at condos have all felt that prices will continue down (as have their financial advisors) and since none of them had to buy, they’re holding off.

Only 5 condos in downtown St Pete went to contract during April – all of them were for listings less than $500,000.

All of the new condo buildings that were completed in 2007 have unsold units still on the market by the developers. Buyers in buildings with a minority of units owner occupied could have trouble getting financing. That may give an advantage to older buildings, as buyers will know the % of owner occupied condo units.