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Pinellas County Real Estate Statistics for January 2013

January was a great month for home and condo sales in Pinellas County.

The new year has started off with a bang in the real estate market. The fiscal cliff was resolved and homeowners got relief in many ways.

The real estate market has continued its steady climb price wise. And the inventory of homes has stayed steady. And the number of units selling each month is still climbing.

In real estate, we judge the market on two conditions: the absorption rate and months of inventory. The absorption rate is the percentage of the market that is sold vs what is still available on the market. The months of inventory is the calculation of if no new homes were added to the market, how many months would it take to sell what we have in stock.

We look at single family homes and condos individually. And with good reason.

January is typically a "slow" month in sales with the Holiday Season lag. But this January has been the best January in the past 4 years. In the single family homes, the buyer market bought up 22.7% of the inventory. In condos, the buyer market bought up 13.5% of the inventory.

The inventory we had at the end of January was only 2,891 single family homes, and 3,278 condos.

So right now, we have about 4 months worth of single family homes available. And little over 7 months of condos on the market.

The National Association of Realtors determines a "Buyers market" or "Sellers market" based on a simple formula. Under 3 months worth of inventory = a Seller's market. 3 to 6 months of inventory = Balanced Market/Transitioning Market. 6+ months of inventory = Buyers Market. Now this is generic for all of the entire county. More niche or neighborhood specific stats can show a completely different story.

So based on this qualifier, we are transitioning/balanced in the single family home market, and we are still in a buyers market with condominiums.

If you want to find out more on how your home is comparing to others, you can contact me directly through RebeccaTheRealtor@live.com or call 727-216-9253.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

ranger February 15, 2013 at 02:09 PM
you say "And the inventory of homes has stayed steady. And the number of units selling each month is still climbing." how is this possible?
Robb Winger February 21, 2013 at 02:37 PM
As sales are rising, more people are listing their properties that may have been languishing through the recession to get in on the recovering market, so inventory numbers are remaining stable. The inventory number is not a set static amount, it changes daily based on sales and new listings.

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