Market Updates
St Petersburg Real Estate Market Report August 2010 – Preliminary
September 1st, 2010 categories: Market Updates
St Petersburg Real Estate Market Report August 2010 – Preliminary
Most monthly property reports don’t come out for a couple more weeks – some that cover larger areas don’t come out for a couple of months, which always gives you old news. This St Petersburg real estate market report is considered preliminary because not all statistics have yet been reported to the Multiple Listing Service. The Pinellas Realtor Organization will wait til approximately the 5th of the month before compiling statistics, so those figures will vary somewhat from these. For that matter, statistics done at 3 pm may be different from those done at 2 pm because additional transactions have been entered into the MLS. So – take these figures as timely, but preliminary.
Single Family Homes in St. Petersburg:
In August 2010 there were 172 single family homes sold in St. Petersburg. This compares with 239 homes sold in August 2009, a drop of 28%. It’s more relevant to compare figures with the same month a year ago as to last month as that takes seasonal differences into account. The average St Petersburg sale price for a single family home in August 2010 was $125,866, down 21% from the average home sale price for the same area in August 2009. There were 2,190 single family homes actively on the market in St Pete at the end of August 2010 – indicating a 13 month supply of homes. The average listed home is $261,359 and has been on the market in the current listing for 145 days. Prices range from $8,500 to $7,500,000.
Condos, villas and townhomes in St Petersburg
In August 2010 there were 75 condos sold in St. Petersburg. This compares with 80 condos sold in August 2009, a drop of only 6%. The average sale price for a condo in St Petersburg during August 2010 was $138,762, down 25% from the average sale price in August 2009. There were 1,154 condos actively on the market in St Pete at the end of August 2010 – indicating a price drop of 25% over the last year. There is a 15 month supply of condos. The average condo listed in the MLS in St Petersburg is $176,831 and has been on the market for 152 days in the current listing. Prices range from $15,000 to $3,500,000.
To discuss buying or selling a property in St Petersburg, you can reach The Simms Team at ALVA International, Inc. real estate in downtown St. Petersburg at (727) 898-2582 or see The Simms Team website at http://www.ssimms.com
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Demand for Large Homes is Declining in Pinellas County
August 23rd, 2010 categories: Market Updates
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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Downtown St Petersburg Condo Market Update for June 2010
July 2nd, 2010 categories: Market Updates
Downtown St Petersburg skyline
Downtown St Petersburg Condo Market Update for June 2010
Only 7 downtown St Petersburg condos sold during the month of June 2010. Three of these were new condos, one at Ovation for just over $2 Million, and 2 at Signature Place in the $300s. The remaining four were resale condos, ranging from $85,000 for one at The Madison to $202,000, also at The Madison.
During June there were 11 condos downtown that went to contract, all of them resales. They show a wider spread of price ranges than sales for the month: 7 of them were under $250,000, ranging from $58,900 to $229,000; one in the $600s at Florencia, two in the $800s at Vinoy Place and 400 Beach, and one over $1 Million at 400 Beach.
There are 85 resale condos currently on the market:
35 under $250,000
24 between $250,000 and $500,000
12 between $500,000 and $1 Million
13 between $1 Million and $2 Million
1 between $3 Million and $4 Million (a luxury penthouse)
For specifics on what’s available in new construction, contact The Simms Team at ALVA International, Inc.
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St Petersburg Real Estate Market Update for April 2010
May 8th, 2010 categories: Market Updates
Downtown St Petersburg Florida from The Vinoy
The St Petersburg Real Estate Market Update for April 2010 shows that the number of single family home sales has increased 30%. Prices are down, though, with the median price dropping 7.5% over the last year and the average price down 2%. The average price had increased each of the last four months, however, for an average increase in price of 8%.
The St Petersburg Real Estate Market Update for April 2010 shows that the number of condo sales has increased by 67% over last year. For condos, the average prices have increased as well, with a 6% increase in the median price and a 17.7% increase in the average price.
2010 has been a good year so far for the real estate market in St Petersburg, Florida. We strongly believe that the recovery will be very localized – that is, building by building and neighborhood by neighborhood. Some have already turned around. We think that once the short sales and foreclosures drop from the market, that the building or neighborhood will start a gradual increase in price. Some neighborhoods have some comparable neighborhoods in the buyer’s mind, and will be affected by them. Others are so unique that they compare only within the neighborhood.
Contact Sharon, Tami or Rob at The Simms Team for information on your particular situation. The Simms Team is at ALVA International, Inc., a family real estate company in downtown St Petersburg at 238 Beach Drive NE.
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Lots of property activity in March 2010 in Pinellas County Florida
April 3rd, 2010 categories: Market Updates
There was lots of property activity in March 2010 in Pinellas County Florida. Each month this year more properties have been going to contract. 33% more single family homes went to contract than the previous month, and 31% more condos.
Comparing March 2010 to March 2009 in Pinellas County, 38% more single family homes went to contract and 58% more condos went to contract. We haven’t had this level of activity since 2005!
| Single Family Homes | Condos | |||||
| Jan | Feb | Mar | Jan | Feb | Mar | |
| 2009 | 606 | 618 | 818 | 329 | 386 | 447 |
| 2010 | 733 | 849 | 1128 | 519 | 540 | 705 |
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Florencia Condo Market Update St Petersburg Florida 2-8-10
February 8th, 2010 categories: Florencia, Market Updates
The Florencia Condo in downtown Saint Petersburg
The Florencia, a luxury condominium in downtown St. Petersburg Florida has quality construction by JMC Development. It was built in 2000 and 67% of the current owners are the original purchasers, so not many condos come available. 90% of the owners have their homestead here so the Florencia is a very stable condo community Each year 0 to 3 condos sell. In 2009 there was only one sale for $725,000. There are currently two Florencia condos offered for sale, one on the 4th floor at $675,000 and one on the 7th floor for $825,000. Both of them are the Marsala floor plan with 2,730 sq ft and two balconies. The Florencia has a prime location on Beach Drive, convenient to the waterfront, parks, restaurants, shops, museums and more. It has a Walk Score of 98 out of a possible 100.
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Banyan Bay in St Petersburg is on the upswing.
December 5th, 2009 categories: Market Updates, Properties, Team News
Notes from Rob:
Rob’s Sale #14 – Banyan Bay in St Petersburg.
For the second time in the past year I sold a home to the parents of someone I recently sold a home to. It is always nice when a clients refers you to a friend, and an even better compliment when they recommend you to their family. Banyan Bay has been an interesting story. I remember visiting the development when they were building it and was amazed at the prices they were asking ($500,000 to $900,000). They were all sold (many to investors) and the developer did well. Then of course the market changed and the next thing you know we have a bunch of short sales and bank-owned properties. When I showed some units last year, there were 13 on the market. Luckily, the banks lowered the prices to today’s market reality and there are only two left on the market today. Our clients have bought three units in Banyan Bay this year and all are very happy and love the community.
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Pinellas County Florida – good news for the market in November 2009
December 4th, 2009 categories: Market Updates
The number of homes in Pinellas County going to contract in November 2009 is way up from a year ago – 70% more homes went to contract and 67% more condos went to contract. For single family homes, the median price has dropped from $150,000 to $146,000 and the average has dropped from $200,000 to $191,000. Condos have dropped more – the median has dropped from $137,000 to $113,000 and the average has dropped from $227,000 to $164,000. Back to the good news – the supply of single family homes has dropped from 20 months to 11 months; condo supply has decreased from 29 months to 18 months.
So – more buyers are recognizing the opportunities with the lower prices and are buying, but they’re very value conscious.
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Broadwater homes Market Update 7-16-09
July 16th, 2009 categories: Broadwater, Market Updates
Sales of Broadwater waterfront homes are picking up – the sixth sale just closed, and there are currently 5 waterfront homes under contract. Prices continue to be low, with nearly half of the sales being short sales. Sale prices range from $275,000 for a bank foreclosure to $410,000 for our listing on 46th Ave S. The listing prices on the homes under contract range from $450,000 to $499,000 for canal homes and $675,000 for a home on open water.
There are currently 14 waterfront homes listed, 10 of which are in the Multiple Listing Service. There is one short sale at $345,000; one pool home at $499,000, with all the others ranging from $550,000 to $1,250,000.
Off the water, there are 6 homes listed for sale from $240,000 to $500,000. One sold this year at $262,000.
For help in buying or selling Broadwater homes, call The Simms Team at ALVA International, Inc. We’ve participated in 163 Broadwater home sales.
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Downtown St Petersburg Condo Rentals Market Report April 2009
May 4th, 2009 categories: Market Updates
Downtown St Petersburg condo rentals – Market Update – April 2009
At the end of April 2009 there were 44 condos offered for rent in the MLS in downtown St Petem according to the MLS , slightly less than the 46 a month before. They range from $750/month for a 1 bedroom unit to $4,800/month for a 3 bedroom unit, showing a decrease from last month.
13 condos rented during April, ranging from $850/month to $3,300/month. The majority were 1 bedroom units. There is currently a 2 month supply of 1 bedroom units, a 3.5 month supply of 3 bedroom units, and a 13 month supply of 2 bedroom units. Condos with the most available units for rent are Bayfront Tower, the Madison, McNulty Station and Parkshore Plaza, with 6 each, and 400 Beach with 5 units offered for rent.
The average rental condo in downtown St Petersburg offered for rent is 1,644 sf at $2,304/month. The average condo rented during April had 1,291 sq ft and rented for $1,569. Just as in condos for sale, it’s the lower prices that are moving.
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