Pinellas County, Florida, which encompasses St. Petersburg, Clearwater, various beach communities along the Gulf of Mexico and many small municipalities, sold 15,386 properties in 2006 through the Multiple Listing System. 341 of those (2.2%) were over $1,000,000; 703 (4.6%) were over $750,000; and 1,622 (10.5%) were over $500,000. More of these were on the mainland than on the beaches, and more were in south county (St. Petersburg) than in north county (Clearwater). 

There are currently 17,852 properties listed as Active in the Pinellas County Multiple Listing System, a 1.16 year supply, based on 2006 sales. There are, however, 1168 properties listed over $1,000,000, a 3.4 year supply, based on 2006 sales.

What does this mean? It partly means that more properties were built over $1,000,000 than the market will support at the present time - which reflects primarily in condos rather than single family homes. Few single family homes are built on speculation as we have a scarcity of vacant land, and most expensive waterfront homes are built where smaller, older homes were torn down. It also means that there are many optimistic people who haven't adjusted their prices to the realities of today's market. Buyers of homes in the $1,000,000 to $2,000,000 range are definitely affected by the economy (as well as skyrocketing insurance costs and increasing property taxes); they're not as insulated as today's billionaires.

Sharon Simms, Real Estate Agent selling homes in St. Petersburg, Florida, the Gulf Beaches and the Tampa Bay area.