The Absorption rate increased from July to August for both
Single Family 8.3% to 9.0% and Condos 6.1% to 6.5%.
In a nut shell this means you have a 91% chance of your home not selling in the next 30 days unless you are priced right, your house shows well, and you have a professional like me helping you with the sale of your home.
For Condo's you have it a little worse 93.5% chance of not selling in the next 30 days.
In Pinellas we have 6770 Single Family homes for sale and 611 SOLD in August. Condos you have 5546 for sale and 360 SOLD in August.
The Median home price for Single Family homes by Bedrooms is as follows:
2 Bed $81,200 down over $4000 from July.
3 Bed $143,600 down $6,400 from July.
4 Bed $275,000 down from $304,500 in July.
For the County as a whole the median home price for single family homes dropped to $135,000 from $140,000 in July.
The Market is flattening with a downward trend still.
How about some good news? Over 72% of homes listed for sale are selling in 1-120 average days on market and almost 64% are selling in 90 days or less. If it's priced right it sells.
How about this.....last month over 52% of all sales in Pinellas were CASH.
I hope this insight on the Pinellas Real Estate Market for the month of August has been helpful to you.
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