RECENT PINELLAS REAL ESTATE TRENDS
Of all properties for sale by judicial auction, only a small percentage are won by third parties. As you can see, most become bank owned.
The foreclosure property market
Data from Graphs: October 2014-April 2015
Because Pinellas County represents a growing market, banks are more interested in ownership of the property, because of the likelihood of its value increasing over a short period of time. These graphs analyze Median Sales Prices vs Median Foreclosure Prices. The second graph emphasizes how many homes are bought at auction, owned by the bank, or are in the process of being foreclosed upon.
Profitability of sales at auction
It is very useful to understand how turnover is generated; this graph shows the purchase price in relation to the market value of the property restored. The total amount of properties that were purchased in the county for a sum of $ 91 million (in a $145 milion market), saw an average mark-up of 60%. The month that is most profitable in all respects was April, achieving a record 9.7 million dollars in sales for a market of $17.7 million with an inflation rate upon resale of 82% (excluding costs).
Average purchase prices
Crossing the data analyzed we can get a pretty good idea of what is sold on average for auction. Warning, this is not the type of homes most in demand from the market, but most of the properties subject to suffering, repossession and resale. On average, each home was purchased for $87,000, sold on average at $138,000 with an average return of 59%.
The Areas with Most Sales
The city with a turnover greater St. Peterburg with its 24.2 million dollars in transactions, peaking in April where $ 3.2 million in real property was sold in St. Petersburg alone. Clearwater follows with $1.9 million in real estate sales in June. Largo is also a great area of interest for property foreclosures and profits upon resale. The following graph shows data from April 2015 showing the foreclosure rates from each city in Pinellas. St. Petersburg, Pinellas Park, & Safety Harbor remain strong, with Palm Harbor, Seminole, Largo, & Clearwater still maintaining high rates of foreclosure.
Month by month the trend of most properties sold by auction, the type most commonly treated undoubtedly is that segment of the real estate that is among the 75,000 and $ 125,000, for what concerns the lower end to $ 25.000 is to be noted that most of the time are technicalities that allow you to buy real estate is your responsibility mortgages tied to them.