St. Pete Home Prices Up 20 Percent

St. Pete Home Prices Up 20 Percent

Residential News » North America Residential News Edition | By WPJ Staff | October 21, 2013 1:27 PM ET

The median price for a home in Pinellas County, Florida, home to St. Petersburg, was up 20.6 percent in September compared to a year earlier.

The median price for a single family residence now stands at $160,000, while the average price of a townhouse or condominium is $100,500, a 4.3 percent decrease from a year ago, according to new data from the Pinellas Realtors Organization.

Sales were up 20 percent from a year ago, the group said.

"We continue to be in a seller's market with low inventory and plenty of buyer demand," the group said in its report.

In addition to the low inventory, the market is facing headwinds over changes in federal flood insurance policy.

"We are hopeful the government will sort out the flood insurance issue that it has created and act in the best interest of homeowners across the United States," the association reports. "There are currently several bills on the floor that if voted on favorably could put a moratorium on the rate increases.

The number of active listings was down 5.7 percent from a year earlier. But the volume of short sales of townhomes and condos was down 49.4 percent, while short sales of single family residence was down 28.7 percent.

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