Pinellas County Florida Condo Prices going back - but not as far as Homes

The Pinellas Realtor® Organization has released Sales Trends for Pinellas County, Florida. This market update shows that the median price (January to January) has dropped to a level between 2005 and 2006:

2003    $ 94,000
2004    $140,000
2005    $159,000
2006    $187,000
2007    $200,000
2008    $168,000

The absorption rate for January 2008 was 2.9%. Condo statistics are less reliable than single family home statistics in the MLS reports because new condo developers are not consistent in whether or not the properties are recorded in the MLS.

As I've pointed out before, median prices don't tell the whole story.

In the residential sales reported for Pinellas County in this week's Tampa Bay Business Journal, 53% if the sales were condos vs 47% for single family homes. Of the condo sales reported in this issue,  a full 1/3 of them were at or above $1,000,000.