The latest Pinellas County real estate statistics are in for February 2013. Pinellas County includes St Petersburg to Clearwater Beach, Treasure Island, Maderia Beach, Tierra Verde, St Pete Beach, Redington Beach, Indian Rocks Beach and several other lovely cities along the Gulf of Mexico and the Tampa Bay. In our area the number of condos and townhomes that were purchased with cash in the last year has risen 19%. During the same time period, Feb 2012-Feb 2013, single family homes that were purchased with cash rose 24.4%. Sales history over the last few years has also shown us that March and April are definitely our highest months for closings of all types of properties.
However, the number of condo and townhome short sales closings has decreased by 8.6%. Hooray! The number of traditional sales over the year is up 20.1% for condos and 24.1% for single family homes. Our inventory is low with only a 5 month’s supply of properties for sale. So with a low inventory and more sales, the prices will be driven higher due to demand. I know that I am having a difficult time finding my buyers what they want for the price that they would like to pay. It is no longer a buyer’s market. I am advising them to adjust their criteria a bit now because it is only getting more and more difficult each month to locate their dream homes and the prices will continue to increase. The majority of the buyers that I am working with are looking for condos or single family homes in the price range of $150,000 to $1.5 million. So as you can see it is affecting quite a range of property types and prices. Many of the buyers that I am working with are from out of state or from other countries. They have made comments that they know if they want to own something in Florida, that now is the time to purchase before they can no longer afford to purchase. So come on down, I am waiting for you!