In its latest report on the status of the local residential real estate market for May 2011, the Pinellas Realtors Organization called it “strange.”

Citing the dwindling inventory of active home and condo listings (pegged at -22% and -12%, respectively), the PRO says that this situation would normally cause prices to rise. However, that didn’t happen in May, when the median sales price for single family homes dropped from $139,000 to $117,000 from year over year. Similarly, the median condo sales price was down from $139,000 to $117,000 from year over year.

Meanwhile, the overall residential market sales increased from 1,275 units to 1,316 units or up 3% from May 2010 to May 2011.

Legal Issue Insights

Having a real estate lawyer represent you in a home or commercial property sale or purchase can save you a lot of money. The contracts and multitude of forms and letters associated with a closing can be confusing. Review of a prospective real estate sale or purchase can give you real peace-of-mind that you will not have future legal issues resulting from the transaction.

Among the potential issues that could arise in any real estate transaction are concerns about having clear title to the property, including identifying potential property liens; property boundary disputes which might require a site survey; or Florida homestead issues.

Remember, real estate purchases frequently represent the most valuable asset a person has. Contracts and loan terms can be confusing. Call DeLoach & Hofstra to get a seasoned, reliable real estate attorney who will protect your personal and financial interests. Our firm is large enough to handle the most complex and sophisticated transactions, but small enough to deliver the personalized service our clients need.