The Pinellas Realtors Organization says for the first time since it has kept sales records, there is less than one home for sale per home buyer. That is viewed as evidence the local real estate market is at or near a bottom.
“We’re going to see the bottom because of the inventory,” PRO president David Bennett told FOX 13 News. “I think it’s going to create itself now — the base — because the inventory is substantially down from just a year ago.”
Statistics for March show a 40 percent drop in active listing compared to a year ago, and a 15 percent increase in average sales price, to $199,900. In March 2007, there were more than 11,200 single family homes for sale in Pinellas, a number that now stands at 3,450. Bennett said straight forward supply-and-demand economics is returning to the marketplace.
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