If you were wondering whether it’s a good time to sell or if it’s still a good time to buy here, then this month’s newsletter is going to help you with that.
February is a shorter month and is usually the 2nd lowest sale month of the year, just behind January. Even so, this February was very strong again with nearly 20% higher sales than last February and a higher sales number than every January back through 2007. This is now the 14th month in a row with sale higher than the same month in the previous year AND higher than the same month going back 6 years. (Click on either chart below to see them full size.)
As a result, Inventory is back down below the 5 months supply mark (as of this date).
Information for charts above was taken from PRO/Suncoast MLS from Jan 2007 thru May 2011 & from the MFRMLS for May 2011 thru Feb 2013. This information may or may not include all listed expired, withdrawn, pending or sold properties of one or more members of the My Florida Regional Multiple Listing Service.
What was interesting in February is that even though we had the highest number of new listings in a single month in almost 2 years, the number of properties for sale by the end of the month was less than it was in January.
Of the 2038 new listings for residential properties in Pinellas County in February, 42 have already sold and 566 are under contract. So almost 30% of the properties listed last month are no longer available and it’s only 2 days into the new month.
But even that doesn’t give you a complete understanding of what’s going on so now I’ll tell you the rest of the story.