Pinellas County Real Estate Market Update

Posted by Marc Rasmussen on Monday, September 10, 2018 at 7:34 PM

The chart below shows home and condo market statistics for all of Pinellas county.

August 2018 is a Seller’s market! The number of for sale listings was up 2.5% from one year earlier and up 1.2% from the previous month. The number of sold listings increased 4.5% year over year and increased 5.6% month over month. The number of under contract listings was up 5.6% compared to previous month and up 4.3% compared to previous year. The Months of Inventory based on Closed Sales is 2.4, the same as the previous year.

The Average Sold Price per Square Footage was up 0.5% compared to previous month and up 5.6% compared to last year. The Median Sold Price increased by 3.6% from last month. The Average Sold Price also increased by 2.9% from last month. Based on the 6 month trend, the Average Sold Price trend is “Neutral” and the Median Sold Price trend is “Neutral”.

The Average Days on Market showed a neutral trend, a decrease of  3.8% compared to previous year. The ratio of Sold Price vs. Original List Price is 94%, was the same compared to previous year.

It is a Sellers Market

Property Sales (Sold)
August property sales were 2115, up 4.5% from 2024 in August of 2017 and 5.6% higher than the 2003 sales last month.

Current Inventory (For Sale)
Versus last year, the total number of properties available this month is higher by 124 units of 2.5%. This year’s bigger inventory means that buyers who waited to buy may have bigger selection to choose from. The number of current inventory is up 1.2% compared to the previous month.

Property Under Contract (Pended)
There was an increase of 5.6% in the pended properties in August, with 2083 properties versus 1973 last month. This month’s pended property sales were 4.3% higher than at this time last year.

The Average Sold Price per Square Footage is Neutral*

The Average Sold Price per Square Footage is a great indicator for the direction of property values. Since Median Sold Price and Average Sold Price can be impacted by the ‘mix’ of high or low end properties in the market, the Average Sold Price per Square Footage is a more normalized indicator on the direction of property values. The August 2018 Average Sold Price per Square Footage of $188 was up 0.5% from $187 last month and up 5.6% from $178 in August of last year.

* Based on 6 month trend – Appreciating/Depreciating/Neutral

The Days on Market Shows Neutral Trend*

The average Days on Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM trends to indicate a move towards more of a Buyer’s market, a downward trend indicates a move towards more of a Seller’s market. The DOM for August 2018 was 51, up 2% from 50 days last month and down 3.8% from 53 days in August of last year.

The Sold/Original List Price Ratio Remains Steady**

The Sold Price vs. Original List Price reveals the average amount that sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. This month Sold Price vs. Original List Price of 94% is the same as last month and the same as in August of last year.

* Based on 6 month trend – Upward/Downward/Neutral
** Based on 6 month trend – Rising/Falling/Remains Steady

The Average For Sale Price is Depreciating*

The Average For Sale Price in August was $476,000, down 2.9% from $490,000 in August of 2017 and down 1.7% from $484,000 last month.

The Average Sold Price is Neutral*

The Average Sold Price in August was $288,000, up 6.7% from $270,000 in August of 2017 and up 2.9% from $280,000 last month.

The Median Sold Price is Neutral*

The Median Sold Price in August was $230,000, up 9.5% from $210,000 in August of 2017 and up 3.6% from $222,000 last month.

* Based on 6 month trend – Appreciating/Depreciating/Neutral

It is a Seller’s Market*

A comparatively lower Months of Inventory is more beneficial for sellers while a higher months of inventory is better for buyers.

*Buyer’s market: more than 6 months of inventory
Seller’s market: less than 3 months of inventory
Neutral market: 3 – 6 months of inventory

Months of Inventory based on Closed Sales

The August 2018 Months of Inventory based on Closed Sales of 2.4 was the same compared to last year and down 4% compared to last month. August 2018 is Seller’s market.

Months of Inventory based on Pended Sales

The August 2018 Months of Inventory based on Pended Sales of 2.4 was decreased by 4.1% compared to last year and down 4% compared to last month. August 2018 is Seller’s market.

It is a Seller’s Market*

Absorption Rate measures the inverse of Months of Inventory and represents how much of the current active listings (as a percentage) are being absorbed each month.

*Buyer’s market: 16.67% and below
Seller’s market: 33.33% and above
Neutral market: 16.67% – 33.33%

Absorption Rate based on Closed Sales

The August 2018 Absorption Rate based on Closed Sales of 42.1 was increased by 1.9% compared to last year and up 4.5% compared to last month.

Absorption Rate based on Pended Sales

The August 2018 Absorption Rate based on Pended Sales of 41.4 was increased by 1.7% compared to last year and up 4.3% compared to last month.

All reports are published September 2018, based on data available at the end of August 2018, except for the today stats. All reports presented are based on data supplied by the Mid-Florida MLS. Neither the Association nor its MLSs guarantee or is in anyway responsible for its accuracy. Data maintained by the Association or its MLS’s may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.

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