The real estate onslaught continues...

September proved a sluggish month not only temperature-wise, but also with home sales. News outlets around the country reported late last week that NEW home sales fell to a 7 YEAR LOW, while the sales of EXISING homes has fallen to a 5 year low...a quick check of the MLS shows Pinellas County saw only 636 home sales close in the month of September. 636 homes would be a lot if we didn't have 17,256 homes available.

Yep, that's hardly a 4% absorption rate.

September is normally a slower month anyway - what remains to be seen is how we finish the year. The tax reform bill approved by the Legislature has been defeated in a court of law for being to "vague", which will most likely keep it off the January ballot. Not the best of news for our market in Florida.

On the bright side, tropically-induced weather has been limited and will most likely NOT impact our communities.

Has the Federal Reserve's half-percentage point cut (to 4.75 percent) helped? Not really - it was intended for the credit market more than anyone else. It was the Fed's first cut in four years, though.

Sellers, I know you hate to hear it but if you want/need to sell, get those prices down. It doesn't matter what you could have made last year or the year before that. Everyday your home sits on the market is a day you have lost value.

Period.

Buyers, there are deals to be had! If you want to see what's out there, drop me an email or a call to discuss.

FYI, next week we will touch on the "R" word that many economists, market gurus, and media outlets are starting to use more frequently...