All signs point to a red hot market in St Peterburg, Clearwater, and elsewhere in Pinellas County Florida and the Tampa Bay region for 2016 in this Jan 2016 Market Status from Pinellas Realtor Organization.
- The new year started strong for Pinellas County real estate, with January 2016 stats showing more new listings, fewer days on market, and Median Sale Prices way up from January 2015.
- Average Sale Price for a single family home was way up, at 18.6%, in January 2016 when it was $263,728, versus $222,350 in January 2015.
- Median Sale Price for Single Family was $193,500 this January, versus $156,500 last January, a huge increase of 23.6%.
- Median Sale Price for the Townhome/Condo segment was also way up from last January, at 15.2%, showing $124,450 for January 2016 versus $108,000 for January 2015.
- Months Supply of Inventory for Single Family is down 21.5% from last January, with a 3.4 month supply this January as compared to a 4.4 month supply in January 2015.
- Active listings for January 2016 Single Family and Townhome/Condo combined were 7,010, down 9.6% from 7,753 in January 2015.
Yes, "Red Hot!" Went to a listing yesterday in Largo for a possible flip. Agent was smart in listing at lowball price in an area w/comps in 225k range then asking for H & B within 4 days. Photos would make you think there's 20-25k or so worth of rehab. (actual around 40k) There were so many people there I felt like people must feel when they're in line at Walmart on Black Friday!! All good, all part of this game called REI.
I have been beat to 5 REO offers in 1 month. By the time I walk through get my funds letter ready and offer signed, I'm already up to multiple offers. I'm feeling people are just putting up money too because a lot of REO listing are over the areas comps with title to o margin. Even if I do all work I'm I'm just at a 20% profit. I'm going to keep at it. In the mean time I'm enrolled in a FL real estate sales associate course. I'm hoping having codes to property I can get n faster and get some money back as a listing agent
Yes@Mark Higgins keep at it, there's always a diamond out there, just gotta get through the haystack right? Oh, that's a needle...well, you know what I mean. Feel free to PM if you need to get into a property quickly and it's close to Clearwater. No, I won't bid on it :) What goes around comes around in my book!
It's amazing. The absorption rate for January 2016 is the highest for the first month of the year in their table for both single family homes and condos. It's hard to find anything in the report that's less than impressive. Thanks for posting.
Not too shabby for February either.
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