This pie chart shows that 61 percent of sales year to date for 2013 have been cash.
Historically, January is a quiet month in terms of home sales with activity picking up in the spring. The fear of the Fiscal Cliff may have kept a few potential sellers from putting their homes on the market in December, but it’s hard to say.
Over the last few months, the numbers have bounced up and down but stayed relatively in the same range, according to the Pinellas Realtor Organization.
“We know that the economy and the real estate market are healing and this healing process will take time,” Realtors say. “When we compare January of 2012 to January 2013, we see a positive trend in terms of sales price. Take note that the inventory for January 2013 is very low compared to January of 2012, but this lack of inventory continues to drive sales prices higher.”
The average sales price of a single family residence in January 2013 was $183,300 with a three months’ supply of inventory. The average sales price of a single-family residence in January of 2012 was $167,000 with a 10.7 months’ supply of inventory.
The average sales price of a condo in January 2013 was $143,500 with a 6.8 months’ supply of inventory. The average sales price of a condo in January 2012 was $136,700 with a 10.5 months’ supply of inventory.
Realtors say it will be interesting to see if the new Fannie Mae and Freddie Mac Streamlined Short Sale Guidelines will help push short sales through faster.
The other detail to watch will be whether homeowners that continue to make payments will actually be approved for short sale. These are factors that could potentially increase our inventory by making it easier for underwater sellers to sell their homes.