St. Petersburg, Pinellas County newsletter. This also covers the waterfront areas like Treasure Island, St. Pete beach, Madeira and Redington.
Where does all this real estate money come from?
Right now (to me) the most fascinating thing in Real Estate is CASH BUYERS. All these years in Real Estate I would see a “cash buyer” once in a very blue moon. Just this April nearly 48% of all deals closed in Pinellas county were cash deals !!! No, I am sorry, I do not have an explanation for it, if you have one PLEASE let me know.
Inventory, homes. condos and town homes is flying off the shelf right now. I am serious. It feels like someone has pulled a switch or rang a bell. Buyers are very active. Realtors all over Pinellas County are writing offers and a ton of condos and house are under contract and will close soon. I have attached a chart of all regular pending sales and distressed pending sales. Open it, it will tell the story much better than I can. Prices are not going up just yet, but the really good deals are disappearing very fast. Also, if you scroll all the way down in this Newsletter you will see some statistics from the President of the Pinellas Realtor Organization for the month of April.
Finally our new real estate website is up and running. If you have a moment please check it out and let us know what you think, would really appreciate your input.
Here is my “tip of the day” Ctrl +F on your keyboard let’s you search a document for a specific word or phrase. I could not live without this short cut, it saves a lot of time.
What are you doing on Saturday morning the 20th of June? Want to come out to Treasure Island and help planting some Sea oats? (12,000 of them) http://southbeaches.activerain.com/post/1103060/treasure-island-beach-needs-you-
Nothing to do on Monday nights? Look at this, I think it is a cool idea. http://southbeaches.activerain.com/post/1102837/this-is-so-cool-downtown-saint-petersburg-now-has-something-to-do-on-monday-nights-i-love-the-idea-of-an-old-movie-on-the-rooftop-under-the-starz-
Pirates will be out soon, put it in your Calendar. http://southbeaches.activerain.com/post/1100053/madeira-beach-john-levique-pirate-festival
If you like Andy Warhol’s work, this one is a MUST http://southbeaches.activerain.com/post/1076697/andy-warhol-in-st-petersburg-do-not-miss-this-one
Want to save lots of time and energy and dish soap and water and electricity? Freeze you Spaghetti. I am not kidding you, I do it all the time (and yes my friends laugh about it) If you are a family of four, stop reading right now. This is a household tip for all the single people out there. Instead of cooking one serving of Spaghetti, cook ten, portion them in zip lock bags and throw in the Freezer. 2 minutes in the microwave and you have perfect Spaghetti whenever you want. No messy pots, no waiting for the water to boil.
Real Estate market statistics for Pinellas County
It is important to get on top of the distressed segment of the market as it accounts for 20% of all active listings, 58% of the pending contracts, and over 37% of the sold properties at the latest count in April.
In looking at the other numbers for this month, there is mostly good news. Absorption rate is up for both single family and condos. With single family at 8.5%, it was well over the best we’ve seen in two years. The same is true for condos at 5.3%.
Single family listings continue to drop. They’re down 18.6% from April 2008 and they are down 14.7% for the year so far. Unit sales are up 14.6% from a year ago. For the first four months of the year, unit sales improved by 15.6% over the same period in 2008.
Bargain hunters continued to dominate with 35.9% of sales going for $100,000 to $200,000. Homes selling for under $100,000 accounted for 28.8% of sales. For the first time, there were a significant number of sales under $30,000-5.8% of all single family sales. At the other end of the spectrum, sales at the upper end are still very slow. Only 10.5% of sales were at $400,000 or more, and there were no sales at $1 million or more.
In the condo market, we are also seeing a significant drop in listings. They were down 16% year to year in April and down 16.5 percent year to date compared to the same four-month period in 2008. Sales are slowly improving. April showed a 6.6% improvement over last year. Year to date, condo unit sales are nearly even with the first four months of 2008.
Median price fell dramatically in a year over year comparison. Condo median price in April was $115,000 down 38.7% from April 2008.
Nearly 20% of the condo market sales were priced in the $60,000 to $90,000 range and just over 41% of all condo sales were under $100,000 in April. Added to the lower end, an additional 22.3% of condos sold between $100,000 and $160,000. At the upper end, only 7.7% of the condo inventory sold for more than $400,000.
Other good news, year to date almost 30% of residential properties are selling within 30 days. Month by month that number has been steadily going up. All cash closings have reached 47.72% of all closings year to date with conventional financing at 34.49%. FHA loans make up 13.26%.
-Ann Guiberson, President/CEO of the Pinellas REALTOR® Organization