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Luxury Real Estate Market Update for Pinellas County Florida – October 2008

Luxury Real Estate Market Update – Pinellas County Florida – October 2008
St. Petersburg, Florida
In October, only 3 single family homes sold in Pinellas County Florida for over $1,000,000. 2 of these were in the $1-2 Million range, and the other one sold between $2 and $3 Million. There are currently 527 homes on the market, and based on October sales, there is a 176 month supply of homes on the market. That’s really skewed by the low sales – if you look at 8 homes going under contract in October, that changes to a 66 month supply. We started the year with a 99 month supply and the current inventory has decreased about 9% since last year.  We had less than half as many homes go to contract as a year ago – a reflection of the uncertainly of our economy.

7 luxury condos sold for over $1 Million in October in Pinellas County Florida, a number we haven’t seen since spring.  4 of them were new condos, 1 at Redington Shores Yacht and Tennis Club, 1 at Sunburst Cove, 1 at 400 Beach and 1 at Sandpearl. Based on September sales, there is a 36 month supply of luxury condos. Some of the new developments were selling as low as 82% of list price, yet the sale at Sandpearl Residences by JMC Development was at full price. I think this is evidence that Mike Cheezem, president of JMC, utilizes focus groups and listens to his clients and prospects. It’s also evidence of the quality he builds and how he stands behind his projects.

One of the new listings coming to market in October is a gulffront home on Redington Beach. With 7,254 sq ft, this 6 year old home has 120 feet of sand-duned gulf frontage, about 1/2 acre of land, and is offered for $11 Million. You’ll enjoy the Florida waterfront even more with the soaring cypress ceilings in the living room, which overlooks the Gulf of Mexico.

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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 Read the rest of this entry »

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