Clearwater Beach Condos for Sale – Inventory Down

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An indication of how the market is doing is inventory (number of properties listed) and the number of Clearwater Beach condos for sale is down quite a bit from where it was 3 years ago. Not only that, but the number of properties coming on the market is down a lot.

Overall residential inventory in the Pinellas County MLS has dropped 55% since this time in 2008 which includes the inventory of Clearwater Beach condos for sale area. Some of this can be attributed to the dramatic slowing of processing foreclosures by the banks after the ‘robosigning’ fiasco in the fall of 2010, but even if that had not occurred we would be at about a 40% drop in inventory by this time based on the rate of change we saw up to that point.

Clearwater Beach Condos for Sale – 2008 Compared to the Present

Some of this is related to an increase in sales – 275 Clearwater Beach condos and townhouses sold in 2008 and 384 sold in 2011 which is about a 40% increase – there has also been less inventory coming on the market. In January 2012 there were only 42 new listings of Clearwater Beach condos for sale while in January 2008 there were 57 which may not seem like a big decrease but it is still down over 25%. Combine the decreasing inventory and the increasing sales, both of which have been steady over the last 4 years, and you’ll start to understand why the overall inventory is down such a significant amount.

It is very possible that we will start seeing more foreclosures coming on the market this year. I’ve been reading that the recent settlement between the big banks and our government will result in the banks releasing more foreclosed properties onto the market (but in a gradual manner). This may result in the inventory levels coming up somewhat but since there is still a high demand for these properties it is likely that the increase in inventory will not be significant.

When inventory starts getting very low in any market and demand stays at a good level, prices tend to start increasing and there is more competition for the inventory that is available. We definitely saw the competition factor starting to come in last year.

So all this means that this next 12-18 months will probably be the best time to be buying Clearwater Beach condos for sale and that if the market continues the improvement it has been seeing then after that period of time the prices will very likely start increasing more.

4 Responses to "Clearwater Beach Condos for Sale – Inventory Down"
  1. Rebecca says:

    I have been thinking about buying a condo because I am getting up there is age and I don’t want a yard to take care of anymore at least not a big one. I am thinking that for an elder lady on her own a condo where your neighbors are close is a good idea. And you don’t have a basement anymore either. My husband and I should have done this sooner.

  2. James says:

    Condos are the way to go anymore. People are to busy in their lives anymore to worry about a yard or a big house to clean. With some condos the yard service comes with it which would be great as I still have a pet. I am thinking that my husband and I and some friends of ours should buy a duplex type condo and share the expense.

  3. William says:

    Is part of this statistic of lagging sales indicate that condo (and home) owners are holding on to their properties and waiting for the market to drive the value of their property up? If this advice about the real estate market in that area is accurate, it might be a good idea for prospector to invest in real estate properties in that area because after all, the clear water area is somewhat of a tourist and vacation hot spot.

  4. Wanda says:

    I have been looking at Condos here recently because I am tired of dealing with my yard that won’t even grow grass. We struggle every year with trying to get our yard to look as good as the neighbors but they have a sprinkler system and sod so it isn’t possible. In a condo I wouldn’t have to worry about it anymore because they have lawn service at a lot of these.

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