The Pinellas Realtor Organization recently released its residential real estate report for July.
According to the report, residential sales were up just over 17 percent. Median sales prices were up 4.5 percent from $114,000 to $120,000 from July 2011 to July 2012. Listings continued to slide by almost 30 percent for the same time period.
Single-family sales were up almost 19 percent from 759 to 900 over the last 12 months. This puts further pressure on the months supply of inventory, dropping it 42 percent, from 6 months to 3.5 months the report said. The median sale price increased by almost $15,000, from $122,000 to $137,600 over the last 12 months.
Condo sales were almost 16 percent with the median sales price increasing by about 2.5 percent from July 2011 to July 2012. Condo listings fell by 25 percent pushing down the month’s supply of inventory to 6 months.
In the distressed market short sales made up 19 percent of total sales for July and foreclosures accounted for 14 percent. This was a significant shift from last year when the two were neck and neck. The median sales price of short sales over the last 12 months has dropped by almost $32,000 from $122,000 to $90,000. The median price of foreclosed properties and nondistressed properties had a negligible drop over the last 12 months.
The report stated one bright spot has been the days on market for both short sales and foreclosures have dropped by almost three weeks over the last four months. Hopefully this trend continues and indicates that banks are processing their inventory more efficiently. Unfortunately, the days on market for nondistressed properties has increased by two weeks over the same time period. This is most likely due to increased problems with appraisals, mortgage financing and insurance.