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CLEARWATER — Residential sales increased nearly 30% in October in Pinellas County, compared with the same month in 2011, the Pinellas Realtor Organization reports. And the median sales price increased by 13%, from $107,000 in October 2011 to $121,000, the Realtor group says in a statement.
Condo sales surged 29% in October compared with the same period last year, while condo prices rose 24%, according to the Realtors. That compares with a 4% increase in the median sales price for single-family homes.
Meanwhile, the month's supply of condo inventory dropped nearly 40% on a year-over-year basis, the statement says, while the supply of single family homes fell 42%.
For the first time in nearly five years, monthly home listings rose in Pinellas County, climbing by 2.5% in October compared with the previous month, notes Realtor spokesman Brian Shuford in the release. For the most part, listings have been dropping for the past five years, he says.
An increase in distressed properties as well as market-priced properties contributed to the uptick in October, compared with September listings, says Shuford. However, year-over-year, overall residential listings are 23% lower than in October 2011. Active single-family home listings declined 27% in October from the same month in 2011.
Although the median price of a non-distressed home in Pinellas County is currently $121,000, a distressed property is fetching $82,500, and foreclosures sell for a median price of $73,000. Roughly two-thirds of October sales were non-distressed properties, according to the Realtors.
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