Pinellas County, Florida (St. Petersburg and Clearwater are the principal cities) is considered by lenders a "Declining Market" but we should be glad we're only a 4, since areas like Miami are 5. Here's a market update:
The median price of single family homes has dropped below the median in 2003! January statistics show:
2003 $183,000
2004 $186,000
2005 $217,000
2006 $220,000
2007 $210,000
2008 $177,000
This doesn't mean the price of any particular home has gone down that much, but that more people are buying less expensive homes, thus dragging the median price down. Even production builders are downsizing the size of their homes, and say that more people are choosing smaller homes from their selections.
Our absorption rate for single family homes for January 2008 was 3.8% (back in 2005 it was 23.5%) - which means that any particular home has less than 1 in 25 odds of their house selling this month.
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