It's a great time for buyers in Pinellas County, Florida, and it's a great time to sell and buy if you're thinking of moving up.
Absorption rate is currently 7.2% on single family homes, and 4.7% on condos. Much of this is due to investor sales in our recent home market, and much is due to pricing. Actually more homes sell in the first 30 days on the market than in any longer segment.
Luxury market: 6% of our homes are listed at $1 Million or above (621 homes) and 2% of our sales this year have sold above $1,000,000. Only 11-12 are selling per month, so we have over a 4 year supply. 7.6% of our condo listings are over this mark, and 2.3% of condo sales. Again, there is about a 4 year supply.
The most popular price range for sales continued to be $200-$250,000. Average single family home price varies by bedroom, from $230,300 for a 2 bedroom home to $449,000 for a home with 4 or more bedrooms. This would also reflect the age of a home and current trends - i.e., in 1950 most popular were 2 bedroom 1 bath "retirement" homes, where now the demand is for a much larger home. By the way, the average age in St. Pete in 39 years old.
Read more in our State of the Market report.
