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Pinellas County Florida Market Update for October 2008

Though slightly fewer single family homes sold in Pinellas County Florida during October 2008 (523 of them), the last 4 months have varied up and down by only about 2% total, and the number of October single family home sales was up 8% over last October. Pinellas County includes St Petersburg, Clearwater and 22 other municipalities. The median and average prices are still declining, though not as rapidly as earlier. Remember that this is to be expected when there are more people buying at lower price points and does not mean that any particular house is declining this much. We had 33% more homes going to contract in October 08 than a year earlier. We currently have a 17 month supply of homes.

Condos are more plentiful, with a 28 month supply, the same as last monthl. Only 266 condos went to contract in Pinellas County, the smallest number of any month this year. 255 condos closed during October. Many of the new condos are not included in these supply numbers. Some developers are discounting, others are not. 400 Beach sold at 83% below list and Redington Shores Yacht Club sold at 83% below list – on the other end, Sandpearl condominium residences (a JMC development) sold at 100% of list.

Talk on the streets would have you believe that there’s no mortgage money available. That’s not true! You do need to have a down payment and you do need to have good credit (hmm, basic lending practices, one would think) but with those there are several lenders to choose from. Short sales are still taking forever – it may be months before you know whether or not the lender will accept or counter your offer. Our multiple listing system has now added a category to state whether or not the listing is a short sale or foreclosure. Even the property appraisers are now looking at foreclosures and short sales as representing the market. You can usually find (if you have a good real estate agent) some “normal” property offerings that give you the same discount without the hassle.

Thanksgiving to Christmas is usually a slow period for sales, so that might be your opportunity to find the right property at the right price. Contact The Simms Team to help you.

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