Latest Pinellas County Real Estate Statistics – Analysis by Brian Shuford, Director of Public Affairs

Total residential property sales rose by almost 16% from June 2011 to June 2012, and median sales prices rose by 4.5% over the same time period. Total active listings fell over 30% for the same time period.
Financing had virtually no change over the last 12 months as cash accounted for almost 60% of all transactions and conventional financing accounted for 25% of all transactions.
Single family sales rose nearly 17% and the median sales price rose by 8% from June 2011 to June 2012. Listings continued their decline, sliding 32%. The month’s supply of inventory (MSI) declined over 50%
to 3.4 months. To put that number in perspective, a 6 month supply of inventory is considered a normal market.
In the condo market, sales were up just over 14% and the median sales price was up 13% over the last 12 months. Active listings fell by 30% and pending sales were down 4.8%. The month’s supply of inventory
for condos dropped from 9.2 months to 5.2 months over the last year. The number of days a property stays on the market rose drastically over the last year, reflecting the
problems buyers and sellers are having with banks. For short sales, days on market increased by 56%, while non-distressed properties days on market increased by 19%.
Brian Shuford – Director of Public Affairs

The first chart below is for Residential Unit Sales and includes all residential sales –  condos. villas, townhomes and single family homes.  The other two charts are specific to single family homes. Note the relatively large increase in year-over-year sales in May and June (and the solid six months of year-over-year price increases). Following a year and a half of stabilization, the data in all the charts is now pointing positive, indicating we may finally be at the beginning of a move up and out of the bottom.
Paul and Debbie