Thursday, January 17, 2013

FOR IMMEDIATE RELEASE Contact: David Bennett President & CEO Phone: 727-216-3002 Email: Pinellas County Real Estate Statistics for December 2012 Happy New Year and welcome to 2013! We survived the end of the world and the fiscal cliff. The Mortgage Forgiveness Debt Relief Act has been extended which offers some solace for all of those going through the short sale and foreclosure process. Inventory is still low and prices have inched higher. Many investors that have been sitting back waiting for the best possible deal may have missed the boat. These investors will be starting to feel the pressure to buy before prices increase further. Single family active listings are down 27.19% from December of 2011, but the average sales price for single family active listings is up 15.72%. Active condo listings are down 20.02% from December 2011, but the average sales price for active condo listings is up 8.7%. The slight decrease in total property sales and active listings from November to December may be attributed to the busy holiday season. The strongest supply of inventory continues to be condos. Currently, we have an 8.3 month supply of condo inventory. Residential properties are at a 4.5 month supply and single family homes are the weakest link with a 3.8 month supply of inventory. The lack of inventory, low interest rates and slowly rising prices are set to create the perfect storm. Certainly, there are other factors involved that will either help or hinder the real estate market and one such factor is the unemployment rate. When consumers begin to feel more confident in the stability of their income they will become more apt to buy. Thankfully, we live in the sunshine state. People from all around the world come to relax on the beach and soak up the sun. Chances are at least some of these visitors will either decide to retire here or purchase a vacation home.

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