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Regional Multiple Listing Service.
From the Pinellas Realtor Organization
The number of new listings on the market continues to decline: 18% lower for February 2008 from a year earlier. Over the last eight weeks, there have been nearly 1,886 fewer single family listings put on the market than during the same eight weeks in 2007 - a decline of 17%. At the same time the number of homes under contract increased 6% over 2007 and is up 22% from January 2008.
Condo sales appear to have stabilized over the past 6 months and they are showing a 17% increase in unites sold in the first 2 months of 2008 vs. 2007. In terms of listings, however, the number of listings is increasing, although at a slower rate than in 2007.
One of the most important results of the recent housing market is the significant improvement in affordability. The Tampa Bay Area Housing Affordability Index (HAI) shot up dramtically in March, thanks to a decline in sales prices in February, to 129, the highest figure in two years!
The Single Family Home Absorption Rate was for February 4.3%, up from 3.8% in January. The rate for condos was 3.6%, up from 2.9% the month before.