The end of April saw a slight decline (0.5%) in the number of active properties over $1,000,000 listed in the MLS, according to data from the Pinellas Realtor Organization. 55% of these are single family homes, the rest are condos and townhomes. Currently about 6% of the inventory in Pinellas County is priced over $1,000,000 and just 2.5% of the sales are at this level.

Based on the number of sales during April, there is a 44 month supply of homes and a 94 month supply of condos that are listed at or above $1,000,000. Is it any wonder that many condo projects that had not yet started have postponed building? For those that were under construction when the surplus inventory began, it will be interesting to see how many buyers fail to close, and how many additional condos come on the market.

There is no new news in the upper end of the luxury market in Pinellas County – either in sales or new listings.

Like any averages, the figures above are just that. Conditions in specific price bands and in certain neighborhoods will run counter to the average. E-mail or phone us if you’d like more specific information.