MARKET STATUS STATISTICS - Sept. ‘09

Sept. '09 Listings 6,358 Single Family 11.2%

Sept. '09 Sales 715 Single Family

Aug. '09 Listings 6,446 Single Family 10%

Aug. '09 Sales 722 Single Family

Sept. '09 Listings 5,691 Condo's 7.3%

Sept. '09 Sales 419 Condo's

Aug. '09 Listings 5,796 Condo's 5.7%

Aug. '09 Sales 333 Condo's

Sales Trends - Single Family

Sept. ‘09 Median Price $138,500 -16.1%

Sept. '08 Median Price $165,000

Aug. '09 Median Price $142,000 -19.3%

Aug. '08 Median Price $180,000

Sales Trends - Condo's

Sept. '09 Median Price $150,000 -14.0%

Sept. '08 Median Price $129,000

Aug. '09 Median Price $138,900 -7.9%

Aug. '08 Median Price $150,800

Absorption Rate

Sept. '09 Single Family 8.9 months

Aug. '09 Single Family 9.7 months

Sept. ‘09 Condos 13.5 months

Aug. '09 Condos 17.5 months

Happy September Everyone!

Summer is coming to a close, schools are opening (parents are happy!), and August stats are here for real estate here in Pinellas County. Those of us in Florida are still waiting for the humidity to fall and allow us to open some windows and doors. But, all in due time.

Now on with some analysis;

• In raw numbers we continue to be essentially flat with the number of listings and sales in both single family and condos. Oddly enough, the number of sales for single family homes was exactly the same number in August as it was in July,
• Condo listings were down compared to July, but there were 79 fewer condo sales in August compared to July. Condos will take much longer to rebound than single family homes. We know that historically,
• With that said the median price for condos from July '08 to July '09 compared to August '08 to August '09 shows a slower decline in the median price by almost 8%. It appears as if our nose dive isn't as steep as it once was. Hurray!
• Better yet the single family median price is doing much better consistently with only a 3% decline,
• Since February 2009 the median price for single family properties has remained within a few points month to month - it does appear as if there is a flattening trend,
• For condos the story is a bit different. Since January the median price has hovered around 25% decline year-to-date, with a bump to 33% in April and now in July a sharp recovery from the rapid nose dive to a more leveling effect.
• Does this mean we will see price increases in single family and condo properties? The short answer is - no! This simply means we have begun to see a flattening of declining home values. Within certain geographic areas we can see pockets of areas where there are more sales and fewer listings.
• All predictions are we will see a very flat recovery for some time to come, substantiating the theory of not raising prices - price your home to sell based on market value. That is always the case.
• I have read, heard and attended seminars where most predictions are a flat recovery for about 5-6 years. So anyone thinking of holding off to sell their home thinking they can get more money for their home may have to wait over ten years for that to happen, given a predicted increase in value of only 1-2% a year after a very flat recovery.
• I often get asked ‘when is the best time for me to sell my home'? The answer I always give is - ‘when you are ready'! The difference is that now in this still heavy buyers market is that you must show buyers that you are motivated to sell. It is still a value and price perception for the buyer. When those two elements can match each other - a seller will get offers. In fact, its not uncommon to see multiple offers on properties where value and price equal each other and then we can have a bidding war and watch the price rise higher than the list price!
• The First Time Home Buyer program is thriving and there isn't much time left for those people to put an offer in on a property and get their $8,000 gift from the Government. All buyers anticipating this gift MUST close on their property no later than November 30, 2009. Given the fact that banks are now requiring more time to process applications, any first time home buyer must have a contract locked up and an application made with a lender no later than the first week in October. So if you know anyone needing immediate attention, please direct them my way!

Please feel free to share this information with your family, friends and neighbors. If they would like to receive a personal copy just let me know. And remember - I'm never too busy for your referrals. Now for the stats:

KELLER WILLIAMS GULFSIDE REALTY

MARKET STATUS STATISTICS - August ‘09

Aug '09 Listings 6,446 Single Family 10%

Aug '09 Sales 722 Single Family

July'09 Listings 6,525 Single Family 11%

July'09 Sales 722 Single Family

Aug '09 Listings 5,796 Condo's 5.7%

Aug '09 Sales 333 Condo's

July '09 Listings 5,954 Condo's 6.9%

July '09 Sales 412 Condo's

Sales Trends - Single Family

Aug ‘09 Median Price $142,000 -19.3%

Aug '08 Median Price $180,000

July '09 Median Price $140,000 -22.2%

July '08 Median Price $185,000

Sales Trends - Condo's

Aug '09 Median Price $138,900 -7.9%

Aug '08 Median Price $150,800

July '09 Median Price $128,000 -15.8%

July '08 Median Price $152,000

Absorption Rate

Aug '09 Single Family 9.7 months

July '09 Single Family 9 months

Aug ‘09 Condos 17.5 months

July '09 Condos 14.5 months