The number of listings here in Pinellas County has remained about the same for both single family luxury homes and luxury condo residences – the only difference being a 39% increase in single family listings between $4 and $5 Million. The number of contracts during March increased significantly (about 50%), primarily in the $1 - $2 Million range. The number of closings stayed about the same for single family homes but dropped by 50% in closed condo sales – due primarily to the timing of closing on newly finished condos, which bumped up the figures for January and February. Just over 85% of the condo sales over $1 Million were brand new condos. The majority of luxury condo contracts being written are also for new units. With over 300 listed units to choose from (and an unknown number of additional new units unlisted) buyers today have lots of choices.

Around the country there has been increasing pressure on the low end of luxury, while the ultra-luxury homes continue to set records and seem unaffected. Here in Pinellas County, however, there has been no activity on homes in the $5 - $20 Million range, which is the top end of our current market.

Buyers continue to have concerns about the possibility of decreasing prices, so once again – fear is a factor in their decisions, or lack thereof. People continue to wait for “the bottom” despite the fact that they won’t know it’s reached the bottom until we’re no longer there, but on the way back up, which will trigger additional competition since many of the hold-off buyers will be ready to move.