Are you looking for homes for sale in Pinellas County? Look at these statistics for the market of homes for sale in Pinellas County. Spoiler alert, this information is for numbers people. The basic statistics are courtesy of the Pinellas Realtor Organization.
Within every market are multiple micro-markets with differing specifics. Take a look at waterfront homes for sale in Pinellas County. If you want to discover if a micro-market is in a seller or a buyer market, talk to your local Realtor for the details of that market or price range.
In December, the latest month for figures, there were 699 foreclosed homes for sale in Pinellas County and 380 homes sold. The average days on market for foreclosed homes for sale in Pinellas County was 52 days. The average sold price to list price ratio was .98, meaning that sellers were getting 98% of the list price. The absorption rate in December for foreclosed homes in Pinellas County was 54.4%, which translates to a 1.8 month inventory of foreclosed homes for sale in Pinellas County. This is clearly a sellers market.
Short sales. There were 291 short sale homes for sale in Pinellas County in December and 87 sold. The average days on market for short sales was 183, and 108 days from contract to closing. The average sold price to list price ratio was .96, meaning that sellers were getting 96% of the list price. The absorption rate for short sale homes for sale in Pinellas County was 29.9%, which translates to a 3.3 month inventory of short sale homes. This also is a sellers market.
- Palm Harbor waterfront home
"Traditional" or non-distressed homes for sale in Pinellas County. There were 5757 non-distressed homes for sale in Pinellas County and 1424 homes sold in December. The average days on market for these homes was 85 days. The average sold price to list price ratio was .95, meaning that sellers were getting 95% of the list price for their non-distressed homes. Finally, the absorption rate for non-distressed homes for sale in Pinellas County was 24.7%, which translates to a 4.0 month inventory of non-distressed homes for sale.
According to the National Association of Realtors, 0-5 months inventory equals a sellers market, 5-7 months inventory equals a balanced market, and more than 7 months inventory is a sellers market. Clearly, all three market niches of homes for sale in Pinellas County are in a sellers market.
When in a sellers market, the seller pretty much can drive the price and the buyers have less leverage due to reduced inventory. When in a buyers market, because there are more homes to choose from, thus more competition, the buyers are in a stronger negotiating position.
December of 2014 had the highest number of home sales of any month since before January of 2011!! Pinellas County is in a very active real estate market. Now is the time to act.
These are the facts. Do with them what you will.
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