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It's April, Has the Real Estate Market Stabilized?

by Doug & Gwen Campbell at Sun Bay Associates

The real estate market in Pinellas County, Florida is humming.  And the following appears to be a contradiction, yet it is not. Read on to see why.

Pinellas County, Florida is in the midst of one of the worst real estate markets in the country.  Does that mean that real estate is dead?  No, of course not.  People still need housing, people move, people are buying their first homes, and sadly, people still are dying so their homes need to be sold. 

Using some of the key indicators, such as absorption rate - the time it will take the current inventory to be sold, help to see the Pinellas County, Florida real estate market in a slightly different light.  It may indicate that the market is close to stabilized.  The absorption rate year on year for single family homes is up 18.4%, which means that houses are selling much quicker than they did at this time last year.  A possible sign the Pinellas County, Florida real estate market has stabilized.

The number of active listings year on year for single family homes is down 15%.  This means simply that more homes are being sold each month than are being listed for sale.

The number of single family home sales year to date is up 16.7%.  This simply means that we are selling a good number more homes this year than at the same time last year. 

In my opinion, the market is very slowly moving in the right direction towards stabilization and much more sane pricing/growth.  There are numerous buyers in the market now looking for a deal.  So far this year, in the Pinellas County, Florida real estate market, about 65% of residential real estate transactions have been cash.  Houses are selling and houses that are priced at or near market value are selling very quickly.  The inventory is dwindling to the point we no longer have a year of inventory, we are down to about a 6 1/2 month inventory of houses.  The real estate market is in fact very busy.  Investors, especially cash buyers, are finding excellent properties at 1999 prices and can rent houses for immediate cash flow. 

Through April 2011, there have been 2,862 single family houses sold in this area compared to 2010 when 2453 houses sold at the same point in time.  This is a 16.7% increase in single family home sales.  This is not to say that prices are going up as yet.  Our mean prices, in Pinellas County, Florida, April 2010 to April 2011 are down 1.7%, which of course is why the units sold is increasing.  Add to this interest rates are still below 5%.  It all adds up to a wonderful opportunity for qualified buyers.  I am not saying the real estate market is rosy for everyone, it is, however, very busy, or as I said, humming.

Royal Stewart Arms, Dunedin, FL

by Doug & Gwen Campbell at Sun Bay Associates

Royal Stewart Arms, Dunedin, FL is a 55+ condo community with spectacular views of the Gulf of Mexico and the intracoastal waterway.  This community has it all, including tennis courts, shuffleboard, fishing pier and an active community association.  Royal Stewart Arms, Dunedin, FL is on the Dunedin Causeway and is the last development before entering Honeymoon Island state part.  

Today's 30 day real estate update for Royal Stewart Arms will cover the latest real estate listing and sales activity for this 55+ condo community.

Currently, there are 21 active listings in Royal Stewart Arms.  Of these 21 listings, 7 are one bedroom one bath condo units.  The other 14 listings are 2 bedroom units.  All together, the average days on market for all 21 condos is 201 days on market.  For the one bedroom units, the average days on market is 177 days on market.  Five of these listings have more than 120 days on market, which is a sure indicator that the price is higher than the market is willing to pay.  

The average price for all the condos in Royal Stewart Arms, Dunedin is $148,643 and coupled with the average of 201 days on market certainly indicates the market is rejecting these list prices.

There are only 3 condos under contract, 2 listed at $129,900 - both of which are 2 bedroom 2 bath units.  The other unit under contract is listed for just under $175,000 and has been updated, with stainless steel appliances, granite countertops, newer A/C and water heater, and much more.

There was no sale in Royal Stewart Arms in the last 30 days.  If you are looking for a great location for a very competitive price, Royal Stewart Arms is definitely worth a look.  It is not a landlease complex.  Pets are not allowed.  What is allowed is the Florida lifestyle of a 55+ condo community, including the beaches, easy access to Honeymoon Island, fishing, and the benefits of being so close to charming downtown Dunedin.  

Morning Coffee for June 6

by Doug & Gwen Campbell at Sun Bay Associates
Monday   Morning Coffee

INSPIRATION FOR TODAY:

"Never think that God's delays are God's denials."
- George-Louis Leclerc de Buffon


WHERE THERE'S SMOKE . . . !

A lone shipwreck survivor on an uninhabited island managed to build a crude hut in which he placed all that he had saved from the sinking ship. He prayed to God for deliverance, and anxiously scanned the horizon each day to hail any passing ship.

One day he was horrified to find his hut in flames. All that he had was gone. To the man's limited vision, it was the worst that could happen and he cursed God. Yet, the very next day a ship arrived. "We saw your smoke signal," the captain said.

Hmmm! Ever have a big sale fall through? Been disappointed when a friend or loved one failed to come through for you when you needed them? Have you wondered why a goal or objective wasn't achieved as expected?

If you're over the age of 18, you've probably noticed that we don't get everything we would like, exactly when we think we should. Yet, it's amazing how certain things just show up in our lives when we least expect to see them - like the rescue ship.

It is often said that we "shouldn't get too attached to outcomes." We can set objectives, believe they can be achieved, and work to make them happen, but it's best not to get too attached to the outcome. What appears to be a worthy goal may go down in flames, only to be replaced with a magnificent result we had not anticipated.

When you find your hut in flames and fear the worst, think back to this oft quoted reminder: "Fear knocked at the door - faith answered - no one was there!"

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Photo of Gwen and  Doug Campbell - Sun Bay Realty Group Real Estate
Gwen and Doug Campbell - Sun Bay Realty Group
at Keller Williams Realty
30522 US Hwy 19N, Suite 107
Palm Harbor FL 34684
Doug's Cell 727-741-4189
Gwen's Cell 727-741-7260
Fax: 888-447-7908