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Demand for Large Homes is Declining in Pinellas County

The demand for large homes in declining in Pinellas County, just as it is across the country. Trulia did a survey and found that only 9% of the people surveyed said their ideal home (not even affordable, but ideal) was over 3,200 sq ft.  There was an interesting articles I read this week on CNBC.com:  ‘Death of the ‘McMansion’: Era of Huge Homes is Over.

Buyers are more concerned with ongoing costs and ask about the maintenance costs, the property taxes, the insurance, the utility costs. They no longer want to pay each month for space that they use infrequently or use for storage. Drastic price reductions bring the purchase price within the range of more buyers, but often these buyers can’t afford the operating costs for that larger home. More buyers are concerned with practicality, with “greenness”; they’re more concerned about quality than size.

In the last six months, 299 homes over 3,000 sq ft sold in Pinellas County, down from 446 in the same period five years ago.  Here’s how size correlates with time on the market here in Pinellas County:

Single family homes over 3,000 sq ft:  18 month supply

Single family homes over 4,000 sq ft:  31 month supply

Single family homes over 5,000 sq ft: 53 month supply

Single family homes over 7,500 sq ft: 216 month supply

Single family homes over 10,000 sq ft:  ???  None sold in the last six months

The number of homes sold in the last six months compared to the same six month period five years ago in 2005:

  • Over 3,000 sq ft:  down 33%
  • Over 5,000 sq ft:  down 50%
  • Over 7,500 sq ft:  down 75%

There are currently 897 single family homes on the market in Pinellas County that are over 3,000 sq ft.  If you ARE looking for a large home, there are some great values out there now.

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