Every week the top Realtors in the St. Petersburg real estate market place get together to discuss what is happening in our local real estate market. These business professionals sell listings before they have time to go into the Multiple Listing Service, MLS, and network to find the best business partners in the industry.
One of these partners is Frank Gregoire, a local expert real estate appraiser.
Thanks to Frank, these Realtors and industry professionals stay informed of actual sales statistics that impact property values in the St. Petersburg and beach areas.
This past week Frank focused on downtown St. Petersburg condominiums and this is what he found:
A frank moment
Looking at the Downtown St. Petersburg condominium market
According the Mid Florida Regional Multiple Listing Service as of Feb 16, 2012 there were only 76 active listings in downtown St. Petersburg for condos. Of these 22 are distressed, meaning short sale, pre-foreclosure or bank-owned.
In the last 12 months there were 130 sales in of downtown condos
The number of listings has remained constant over the past 6 months
The median sales price has increased by 7%in just the past quarter
Currently we have an 11 month supply of condominium listings in downtown St. Petersburg
The absorption rate is 9 units per month for all downtown condos
There are 36 active listings on Beach drive and downtown waterfront condo, including Vinoy, 400 Beach Drive, Parkshore Plaza, Bayfront Tower and Signature Place
8 of the 36 are under contract
Only 8% are offered under distressed conditions
In the past 12 months there were 58 sales reported by the Pinellas Multiple Listing Service
Frank did notice luxury condominiums priced over $1,000,000 are starting to come back on the market.
URBN Pitch 