According to the organization, the decrease in listings continued in February and is starting to get to concerning levels.
Active inventory shrunk and nondistressed properties continue to increase their lead. Just over 21 percent of available homes are short sales and foreclosures, a full 6 percent decrease over last February. According to Leon Sarkisian, 2012 PRO chairman of the board, and Realtor with Prudential Tropical Realty, properties that have been on the market for an extended period of time are starting to get interest from buyers. Sarkisian went on to say that many homeowners are too nervous to sell their existing homes for fear of not being able to get financing on a new home.
In the overall residential market, sales were up about 2 percent from February 2011 to February 2012.
However, for the same time period the median sales price was up almost 18 percent. This may indicate the low inventory is starting to drive prices higher, as pending sales are up 10 percent and listings are down 34 percent according to the report.
Single-family sales are up only about 1.5 percent from February 2011 to February 2012. The median sales price for the single-family market is up almost 20 percent. Pending sales are up 8 percent while the month?s supply of inventory is down almost 40 percent from February 2011 to February 2012.
The condo market had an almost 3 percent increase in sales over the last year but only 8 percent increase in the median sales price. Active condo listings are down almost 27 percent for the same time period.
Source: http://www.tbnweekly.com/pinellas_county/content_articles/032712_pco-03.txt
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