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September Statistics Analysis - The Turn of the Market
After nine months into 2009, I think it is safe to say that we are clearly seeing a healthy adaptation to the current market realities.
• 13 straight months of single family unit sales higher than the previous year and 7 straight months for condo unit sales.
• 11 straight months of both single family and condo inventory dropping.
• Absorption rates have improved for 15 straight months
• Months supply of inventory is down to 8 months
If I had to name a point when the market appeared to be making a turn, it is February 2009. In spite of short sales and foreclosures, that was a definite point in time when things started to look up for the Pinellas market.