Home > First Quarter 2006 Newsletter.
 

For all of 2005 the National Association of Realtors® estimates that 61.1% of homes sales were for primary residences, 27.7% were for investment and 12.2% were vacation homes. Then, why the big drop in sales during the first quarter of 2006? It started with the Federal Reserve raising rates to strengthen the dollar. Foreign investors found properties in the United States more expensive and put off purchases. This group is though to make up 7-10% of the local market. When investors noticed the drop in demand they too backed off. Savvy investors put their properties on the market as did many foreign investors who saw an opportunity to take advantage of the exchange rate.

The question in everyone’s mind is how long will the current situation last? With 2,571 waterfront and water view condos for sale in Pinellas County it will take sometime for the inventory to return to comfortable levels; defined as a six month supply. During the first quarter 453 units sold. During 2005 there were 2,172 transactions; therefore the current inventory level equals a14.2 months supply.

If you have to sell by all means make your unit as attractive as possible, remove furniture, throw away anything you aren’t moving and pack as much as you can do without. The goal is to make your unit look: light, bright and spacious. Price it right and pick a good Realtor®. The key is to expose your property to as many potential buyers as possible and peak their interest to the best of your ability. Everyone is the same; we all want the best value for the money we spend.

If you can afford to wait, please consider the potential for the market to adsorb the excess inventor as more and more Baby Boomer’s arrive. In the near future inventories should return to normal and the market will resume its upward momentum. Las Vegas was the nation’s hottest market in 2004. It overbuilt and faced a similar inventory situation as Pinellas County. It took only five months for Las Vegas to return to normal.  I can’t predict the time table for our market, but I am confident the time frame will be far less than the doom and gloom folks are predicting. 

If you decide to sell I would like the opportunity to discuss my marketing plan. I utilize the Internet to reach as many potential buyers as possible. I program my sites to insure timely information. I show previous sales and the details of each property. The buyers I work with are ready to buy because they have been given enough information to make an informed decision.

Why not recommend The Roe Report to a friend?

The following represents an overview of waterfront and water view condo sales in Pinellas County since January of 2005. To see the transactions by complex, size and price paid visit the website listed below each community.

Belleair Beach, Belleair Bluffs & Belleair. There are currently 69 condos listed representing a 12.55 month supply. Sales during the first quarter of 2006 were 9 which represent a decline of 10 from the same period last year. There were 66 sales in 2005.

Clearwater and Sandkey. There are currently 813 condos listed representing a 14.8 month supply. Sales during the first quarter of 2006 were 153 which represent a gain of two from the same period last year.  There were 659 sales in 2005.

Gulfport. There are currently 62 condos listed representing a 11.45 month supply. Sales during the first quarter of 2006 were 13 which represent a decline of 5 from the same period last year. There were 65 sales in 2005.

Largo. There are currently 24 condos listed representing a 10.67 month supply. Sales during the first quarter of 2006 were 4 which represent a decline of 10 from the same period last year. There were 27sales in 2005.

Madeira Beach. There are currently 155 condos listed representing a 18.06 month supply. Sales during the first quarter of 2006 were 11 which represent a decline of 11 from the same period last year. There were 103 sales in 2005.

North Redington. There are currently 44 condos listed representing a 12.57 month supply. Sales during the first quarter of 2006 were 5 which represent a decline of 6 from the same period last year. There were 42sales in 2005.

Redington Beach. There are currently 6 condos listed representing a 18.06 month supply. There were no sales during the first quarter of 2006 which represent a decline of 1 from the same period last year. There were 4 sales in 2005.

Redington Shores. There are currently 135 condos listed representing a 30 month supply. Sales during the first quarter of 2006 were 2 which represent a decline of 14 from the same period last year. There were 54 sales in 2005.

Seminole. There are currently 23 condos listed representing a 8.63 month supply. Sales during the first quarter of 2006 was 1 which represent a decline of 5 from the same period last year. There were 32sales in 2005.

South Pasadena. There are currently 120 condos listed representing a 10.91 month supply. Sales during the first quarter of 2006 were 22 which represent a decline of 6 from the same period last year. There were 132sales in 2005.

St Pete & St Pete Beach. There are currently 451 condos listed representing a 12.27 month supply. Sales during the first quarter of 2006 were 153 which represent an increase decline of 61 from the same period last year. There were 441 sales in 2005.

Tierra Verde. There are currently 75 condos listed representing a 11.39 month supply. Sales during the first quarter of 2006 were 12 which represent a decline of 9 from the same period last year. There were 79 sales in 2005.

Treasure Island. There are currently 259 condos listed representing a 15.09 month supply. Sales during the first quarter of 2006 were 28 which represent a decline of 15 from the same period last year. There were 206 sales in 2005.