Pinellas County Market Update - June 2008
St. Petersburg, Florida, July 10, 2008

The good news here in Pinellas County, Florida is that the number of single family home sales went up again in June - continuing an increase every month since January. The number of listings has declined each month since February, though we still have over a year's supply of single family homes. The absorption rate, based on June's activity, is 7.3%.  The average price and the median price are down 15-16% from June 2007 (last month was an atypical). The median price is back at 2003 levels. Properties today have to win both the price war and the beauty contest.

The inventory of condos in the Pinellas County Multiple Listing System has decreased slightly again , but the number of sales go up or down by month. I've commented many times before that condo statistics are less reliable due to the influence of new condos. The MLS shows a 22 month supply of condos, but this does not include a large number of units being offered by developers at various stages - completed, under construction, and planned.

If you're considering a move within a local market to either a comparable price range or a higher price range, now might be a good time to make that move. You may "lose" on the house you're selling, but you'll "gain" as much or more on the house you're buying. Interest rates are low, and you'll be able to establish the base point (if you're going to have a homestead exemption on the new property) sooner for your Save Our Homes Cap. All or part of your current tax savings may be "portable". The Pinellas Property Assessor's Office has a calculator you can use to determine how much is portable.

We've seen increased sales in the second home market. Some are buying a vacation home, others are buying now while prices are low for their future retirement home. This activity ranges from single family homes to beachfront condominiums.

the Voice of St. Petersburg real estate - Sharon Simms