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Luxury Home Update – Pinellas County, Florida – Dec 1, 2007

The inventory of luxury homes on the market in Pinellas County, Florida (St. Petersburg and Clearwater and the Gulf Beaches) has stayed fairly constant over the last six months. The number of properties over $1 Million has ranged from 975 to 995, not a significant difference. This is divided approximately 60% single family homes and 40% condos. 

Combined sales through the MLS have been fairly steady through the year at 19 to 21 luxury properties sold per month. When we break these down, though, we see separate trends. Single family luxury homes were selling at the rate of 15 homes a month, and the last 5 months they’ve been selling at only 10 homes a month, a drop of 33%. Luxury condos, on the other hand, have risen from 6.5 per month to 8.5 per month.  Taken on a monthly basis, there’s a very wide spread – whether 6 luxury condos a month sell or 12 luxury condos can mean the difference between a 34 month supply of condos or a 71 month supply of condos. The reality is about 3.5 years supply, not including new condos being developed that are not listed in the MLS.

It’s also interesting to note that nearly 40% of luxury condo sales, over $1 Million, are new construction. There are many condominiums and single family homes being built, which won’t show up in the MLS records. So, the luxury market here in Pinellas County is actually larger than the statistics indicate. Currently there is also no indication through the MLS that a house was torn down, and a new one being built on the lot. 

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