Seminole Isle Real Estate Market Report
The Seminole Isle Real Estate Market Report for the last 8 month is interesting to say the least.
Let me start by giving you an overview of the Pinellas county real estate market in general.
Till mid 2012 the market was flooded with regular listings, Short Sales and Foreclosures. We had what we call a “buyer’s market” People made low ball offers left and right and negotiated sales prices down down down and each buyer found a great deal. Overall we had way more listings than buyers. Well the Real estate market has changed dramatically sometime in autumn last year.
In pretty much all of Pinellas county we now have a “seller’s market” yes, you heard right, the sellers are in control again for the first time after the Real Estate crash.
Pinellas county is at an all time low in inventory and all the buyers that have been waiting for the prices to hit rock bottom are now searching for properties. At the moment we have more buyers than properties and even thou they are still trying to low ball, they are getting nowhere with it. There are over 60% cash buyers in Pinellas county at the moment and they are driving the prices up right now. These people have been waiting for years to see the prices bottom out and when they realized late last year that it was happening, they made offers left and right and outbid each other just to get the last steal available.
The number of Short Sales and Foreclosures in our area has gone down dramatically and only a few new distressed property listings have come on the market in the last 8 month. Regular sellers are sitting and waiting for the prices to go up before they put their property up for sale. The national association of Realtors and the leading economist in this country had predicted a 3 to 4% price increase for 2013. In the first two month of this year they have already adjusted the number to 5 to 6% and right now they are talking 10%(and it is only May)
This real estate market report is also true for Seminole Isle. Over the last 5 years or so we had an inventory of 15 to 20 listings at all time, over the last 8 month we had somewhere between 1 and 5.
If a new listing in Seminole Isle is priced right, you will get and offer within 3 or 4 weeks. If it is priced to low you will get an offer within 1 week or so. If it is overpriced it will sit on the market for month and month.
Right now there are 5 active listings in Seminole Isle and the average time on the market for these units is 164 days. All these units are way overpriced !
When I look at the 5 units that have sold within the last 8 month and the 3 units that are under contract we are looking at an average days on the market of 27.
Last year the average sold price per square foot in Seminole Isle was $109.
This year I think we will end up with way more. Please keep in mind that nobody has a crystal ball but I truly believe we will be somewhere around $ 135 per square foot by the end of 2013.
This would be way higher than the leading economist of the country and the national association of realtors predicted as an average increase.
Well the condos and townhomes in Seminole Isle are not average, they are beautiful, spacious and in a great location. With the right Realtor and aggressive marketing and advertising the prices in Seminole Isle will go up and up.
Ok this was your Seminole Isle Real Estate Market Report for May 2013
As always, call or e mail us if you need more information or want to get the value of your specific property.