Our real estate market in Pinellas County, which encompasses St Petersburg, Clearwater and the Gulf beaches, continues to improve, with inventory down and sales up significantly in February compared to a year ago. We are seeing a lot of buyers coming to the market, and reports are that the tax credit is still having a positive impact. Nice, well priced homes and condos, particularly waterfront homes under $500,000, are selling relatively quickly.
Single-family home sales were up 7.5 percent over February 2009, with inventory down 18.6 percent and the median price down 7.1 percent from the previous year, dropping from $139,900 to $130,000. Short-sale and foreclosure properties represented almost half of the sales in February. The median price for non-distressed properties was $159,900; short-sale and pre-foreclosure properties came in at $145,000; and foreclosure properties had a median price of $72,500.
A strong indication that the condo market is stabilizing, condo sales were up 37.7 percent from one year ago, with inventory down 18.7 percent. Median prices were down 6.4 percent from $117,500 to $110,000. Short-sale and foreclosure condos represented 31 percent of the market in February. The median price for non-distressed condos was $120,000; the median price for short-sale and pre-foreclosure condos was actually higher at $122,000; and foreclosure condos had a median price of $73,000.
Overall, we’re seeing a marked improvement in our market. There is a lot of cash coming in, and strong sales expected in the second half of 2010 as buyers, particularly foreigners, begin to feel prices bottoming out. With FHA’s attention to easing lending in our condo market, sales in this segment should continue to improve.
Visit our Home Page and Blog
Subscribe to St. Petersburg Homes & Condos by Email
Try the best Home Search in St. Pete
Have a Question? Send us a message:
