St. Pete, Clearwater Housing Activity Drops

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Housing market activity dropped in Pinellas County in October, as potential buyers are choosing to wait out the holiday season, according to the Pinellas Realtor Organization. 

Sales for townhomes and condos in the Clearwater & St. Pete area, located on the west coast of Florida, dropped 1.7 percent in October, compared to last year. It marks the third consecutive month of decreases. Single-family home sales dropped 2.3 percent in October, compared to last year, decreasing for the second month in a row. 

"The end of the year tends to be a slower buying season with many potential buyers wanting to wait until after the holidays before pursuing their dreams of homeownership," PRO president David B. Bennett said in the report.

Cash sales dropped for townhomes/condos and single-family homes, decreasing by 3.4 percent and 15.5 percent, respectively. 

Both pending home sales and new listings recorded yearly drops in October, as activity during the month of October tends to be slower than the summer months, PRO said. 

The median sales price for townhomes/condos was $98,000 in October, down $2,500 from last month, but was unchanged from last year. This is the lowest the median sales price since February of this year for townhomes/condos.

The median sales price for single family homes was $155,000 in October, dropping $5,000 from last month, reaching a six-month low. However, it is 16.5 percent higher than last year. 

"While we can see it is affecting the industry it is hard to say at this point how much Biggert-Waters will affect us in the long run," Mr. Bennett said. "Our hope is that the moratorium that is currently being reviewed will be passed and we won't have to look to the upcoming months to see if this becomes an ongoing trend.

Lawmakers in Pinellas and other coastal communities are reviewing the Biggert-Waters Flood Insurance Reform Act after homeowner complaints about increasing premiums. Many discounts and subsidies are expected to be eliminated.