Pinellas County real estate statistics for March 2012 showed the single family market was still gaining
strength. Through March, SFH sales are up +32% and the median sales price is up +$12,000. The condo
market was up +21% in March and +54% year to date. However, the median sales price in condos dropped -6.5% and is at a minus -11% year to date. Short sales continued to surpass forecloures for the past 10 straight months. Of 481 distressed property sales in March, 58% were short sales and 42% foreclosures. For perspective, in March 2011, foreclosures amounted to 70% of distressed sales. In March, Pinellas County Realtor Organization reported a first time happening where their was less than one home for each buyer. Home inventories in March were down -34.23% over 2011 at 6985 vs. 10,621 homes. This trend is lending support for prices on existing homes to rebound in 2012.
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