March 2018 Report
The Pinellas County real estate market is continuing to see higher sale prices and units moving at a faster rate for both the Single Family and Townhome/Condo markets compared to February 2017.
The Townhome/Condo market stats for February 2018 were the most impressive. In January of this year, the Median Time to Contract for Townhome and Condo market was just 35 days. February continued that trend by reducing the Median Time to Contract to an astounding 28 days. It was 47 days in February 2017. After seeing the Median Sale Price for Townhome/Condo increased to $147,500. In January, this figure jumped to $154,000 for February 2018. It was $149,500 in February 2017.
Median & Average Sale Prices Single Family
Movement on Single Family Home sales also improved year-over-year.
- The Median Sale Price for Single Family Homes was up by an impressive 10.0% from last year, at $244,250 for February 2018 versus $222,000 for February 2017.
- The Average Sale Price for Single Family Homes leaped from $286,417 in February 2017 to $318,139 in February 2018.
- The Median Time to Contract for Single Family Homes was 32 days in February 2018, down from 38 days last February.
- The Median Time to Sale for Single Family Homes was 73 days this February, down from 81 days last February. Dollar Volume for Single Family Homes increased 8.9% year-over-year, with $295.9 million in 2018 versus $271.8 million in February 2017.
- New Listings for Single Family for February were 1,338, down from last February, at 1,370. Year-over-year, Closed Sales for the Single Family segment were down, with 930 in February 2018 versus 949 in February 2017.
New Listings for Townhomes/Condo for February 2018 were at 1,005, up 3.2% from 974 in February 2017. Closed Sales for the Townhomes/Condos segment were up slightly by 3.3% year-over-year, at 667 in February 2018 versus 646 in February 2017. Average Sale Price for Townhome/Condo was $234,296 in February 2018, down from $236,827 in February 2017. Dollar Volume for Townhomes/Condos saw an increase year-over-year, with $156.3 million in February 2018 compared to $153.0 million in February 2017. Median Time to Sale for Townhomes and Condos was 91 days in February 2018 and 65 days in 2017, down 12.2%.
Inventory continues to shrink, with Months Supply of Inventory down 7.1% year-over-year for Single Family Homes, with a 2.6 Month Supply this February, as compared to a 2.8 Month Supply in February 2017. Months Supply of Inventory for Townhomes/Condo fell 11.4%, with 3.1 months in February 2018 and 3.5 months in February 2017.
Pinellas Realtor® Organization – March, 2018