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Downtown St Petersburg Condos – Market Report August 1, 2008

There are currently 181 downtown St Petersburg condos listed for sale. This is about average for the year, with monthly inventory ranging from 171 to 187 units. 13 units sold during July but more relevant is the number going to contract during July, which was 6. At the rate of sales during July, that is a 2.5 year supply. The $250,000 – $500,000 range has the most choices, with 28.7% of the units.

The majority of the sold condos were new: 3 sales in 400 Beach and 4 sales at The Sage make up 54% of the sales. In resales, Bayfront Tower had 4 of the sales and Bayboro Tower had 2 of them. Condos going to contract in July had twice as many resales (4) as new sales (2); all of the resale contracts during July were under $250,000; both of the new contract were in The Sage. There were no contracts over $1,000,000 during July 2008.

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