As the number of available Pinellas homes for sale continues to drop, prices of homes in the area begin their upward move. As buyers compete for the diminishing inventory, sellers increase their asking prices and bidders for the same properties go beyond the listing prices.
Over the five-year period since 2007, the Pinellas housing inventory has been declining from month to month. From the peak of 18,500 residential units in March 2007, the inventory has fallen by a total of 58% to only 7,768 units in January 2012. The inventory of single-family homes for sale had also its peak in March 2007 — a total of 11,220 units — and the January 2012 total, which is 3,853, is merely a third of the 2007 figure.
For condos, the inventory has dropped from its peak of 9,280 units in April 2012 to its lowest total of 3,915 in January 2012. These inventories are expected to decline further if owners, investors and banks hold on to their properties as they wait for higher prices.
Partly due to the diminishing inventory, the median and average prices of Pinellas homes sold in January 2012 increased. The average sales price increased by 2.8% from $155,400 in January 2011 to $159,700 in January 2012 and the median sales price rose by 22.5% from $89,000 over the year to $109,000.
For single-family homes, the year-over-year increase in average sales price was 5.2%, from $167,000 to $175,600. The median sales price increased by 20.9% from $99,900 to $120,800. For condos, the average sales price increase was 1.9%, from $136,700 to $139,300 and the median sales price increase was 16.6%, from $75,500 to $88,000.
In summary, here are the figures for Pinellas homes for sale:
Available Single-Family Homes and Condos for Sale:
| January 2007 | January 2011 | January 2012 |
| 17,660 | 11,600 | 7,768 |
Available Single-family Homes for Sale:
| January 2007 | January 2011 | January 2012 |
| 10,620 | 6,414 | 3,853 |
Available Condos for Sale:
| January 2007 | January 2011 | January 2012 |
| 7,043 | 5,192 | 3,915 |
Median Sales Prices for Single-Family Homes:
| January 2007 | January 2011 | January 2012 |
| $210,000 | $100,000 | $121,000 |
Median Sales Prices for Condos:
| January 2007 | January 2011 | January 2012 |
| $200,000 | $76,000 | $88,000 |
Pinellas County, where St. Petersburg, Clearwater, Dunedin and Tarpon Springs are located, is known for its pristine white-sand beaches, historic neighborhoods, cultural events and waterfront downtowns.
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