Homes Sales Drop in Pinellas County

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The Pinellas County housing market recorded another month of sales decreases, with the season playing a large role in the decline, according to the Pinellas Realtor Organization. 

Townhomes and condo sales dropped 19.2 percent in November, compared to last year, marking the fourth consecutive month of decreases. Closed sales for single-family homes dropped 13.1 percent from last year, decreasing for the third month in a row. 

"The holidays play a large role in the cycle of the market and we tend to see a drop in sales around this time," PRO president David B. Bennett said in the report.We can't deny that Biggert-Waters may also be affecting sales in our area."

The report did offer positive news for the market. There was a four percent increase year-over-year in new pending sales and a 6.4 percent yearly increase in new listings in November.

From January to November, sales increased by 1,388 compared to the same time period last year, PRO reports.

The median sales price for single-family homes increased 8.4 percent from last year to $155,000. The median sales price for condos and townhomes reached $92,250, dropping 4.9 percent from last year. The figure was lower than the $98,000 median in October. 

Cash sales for all housing types dropped 25.3 percent in November, compared to last year.