In Pinellas County, Florida, the average price for condos sold in September 2008 dropped to a new low, as did the median price. The most popular price range for sales was $200,000 - $249,900. There's a 28 month supply of condos. For condos priced over $1 Million there is a 5.5 year supply.
There were twice as many single family homes sold during September as condos.
Since Pinellas County is a peninsula between Tampa Bay and the Gulf of Mexico, there's little land for new home construction - often people will buy an existing home to get its location, then tear it down and build a new house. There were more opportunities for building new condos, so there was more speculation going on in the condo market. More speculation = more price drops.
Sharon, you're closing in on half a million AR points! You rock! Thanks for stopping by my blog and commenting; I came by to reciprocate.
Much Success,
Mike in Tucson
Sharon, you are making me realize that we just don't have it all that tough in Silicon Valley, California. A 28 month supply is insane. I imagine Realtors are leaving the business in droves. You have my sympathy!!!
Mike - that's a great way to say thanks. Thanks.
Mary - yes, it's sad to see them working in Home Depot and the grocery stores - not just the ones who came when the market was hot, but some that have been in the business 15 and 20 years. Many others are surviving on credit cards and their IRAs - which means there will be another crisis coming.
Hi Sharon, I have not been blogging much or commenting and thought I should get over and say hi. This report is interesting about condominiums and the values declining. Most condo in CA are still in the high two and still selling into the mid 5's. Except for the complexes with many short sales and REO, ( entry level), the others are still selling though I would guess we have at least 18 months supply. They are selling for less of course but many are holding some semblance of value.
I have been a Realtor in this area for 27 years and this is the worst situation I have ever seen.
You can't give away a home,...a nice 2/2 villa, for under $75,000. in Countryside ! Very Nice condition, but the associations are not helping things by passing even more and more rules. One can't downsize either as your taxes will go up ! Also, brilliant legislators we have here and FAR gives the new Gov. ONE MILLION BUCKS After he is elected ! Tell me that makes sense ! The problem is that FAR and the legislators are too close to each other ! Every time someone calls about one of my listings, their first question is "Is it a Short Sale ?". So now it's smart to add that in the Realtor only comments ! It will be a while before the market turns in FL ! Nice site and a great idea. Keep it up !
Fortunately my home and car are fully paid or I would be in big trouble !
Hi Sharon-
We're seeing considerable improvement in Collier County. We were the 1st market to plunge and it's taken 3 years to bottom. The rise will be slow, yet we are all grateful for the smallest bit of encouraging news and it's coming. Thanks for sharing and Greetings from Paradise.
A 5.5 year supply? Somehow that number is just totally incomprehensible to me!
Hi Sharon, I came over to say hello and see if you were away ob vacation or to a meeting somewhere. It is unusual when you are not posting and I so enjoy reading your musings that I look for them with enthusiasm. Hope all is OK