In the last 6 months, I’ve been noticing a rise in interest from buyers in condominiums in Downtown St. Petersburg. In particular, popular buildings of interest include 400 Beach, Signature Place, and marina-front Vinoy Place among many others. A look at the Pinellas County real estate statistics brings a few interesting points. Our months of inventory is actually up from 2010 over 58%, but our number of pending contracts has also risen significantly (probably due to many short sales awaiting bank approval) and the number of total listings is actually down from 2010, which seems reasonable as listings are down overall right now. Prices are also down over 39% so this is probably the reason for the jump in interest, and also the fact that mortgage interest rates are down under 4% as of last week.
The median sales price for condos had a significant drop from $114,000 to $88,000 and condo listings decreased from 5,551 to 4,195, or -24% for the same time period. Many of my clients have been selling their larger homes and downsizing to a condo as they approach retirement or become empty nesters.