September’s numbers are out, and it comes as no surprise that Hurricane Irma made somewhat of an impact on the real estate market.
Before you get too concerned, there are some important takeaways from this month’s statistics. Year-over-year, Closed Sales for the Single Family segment in September were down 25.3%, but this is directly related to the length of time businesses, schools, and other institutions were closed before and after Irma’s impact.
Median Sale Price for Single Family Homes was up 11.7% from last year, at $248,000 for September 2017 versus $222,000 for September 2016 which is a strong indicator that the housing market was just delayed, rather than derailed. It should also be noted that there were only 20 business days this September, and even if title agencies, banks, and other major players in the market were only closed for four days, that is 20% fewer business days to get things done.
Dollar Volume for Single Family Homes decreased 16.9% year-over-year, with $284.6 million in 2017 versus $342.4 million in September 2016. Median Time to Contract for Single Family Homes was 23 days in September 2017, down 8.0% from last September. Average Sale Price for Single Family Homes grew 11.2%, at $316,533 in September 2017 versus $284,614 in September 2016. Median Time to Sale for Single Family Homes was 67 days this September, down 6.9% from 72 days last September. New Listings for Single Family for August were 858, down 33.6% from last September, at 1,293.
Townhome & Condo
The Townhomes/Condo market segment’s sales prices are still holding strong. Closed Sales for the Townhomes/Condo segment were down 3.7%.
- Median Time to Sale for Townhomes and Condos decreased 2.5% year-over-year at 78 days in September 2017 and 80 days in 2016.
- Average Sale Price saw an amazing 18.4% increase with $224,894 in September 2017 and $189,901 in September 2016.
- Median Sale Price for Townhomes/Condos was $149,000 for September 2017, up 18.3% from $126,000 in September 2016.
- Dollar Volume for Townhomes/Condos saw a 14.0% increase year-over-year, with $146.0 million in September 2017 compared to $128.0 million in September 2016.
- Median Time to Contract for Townhomes and Condos was up 5.6% year-over-year, going from 36 days in September 2016 to 38 days in September 2017.
- New Listings for Townhomes/Condo for August 2017 were at 614, down 25.4% from 823 in September 2016.
The seller’s market continues in September, with Months Supply of Inventory down 7.1% year-over-year for Single Family Homes, with a 2.6 Month Supply this September, as compared to a 2.8 Month Supply in September 2016. Months Supply of Inventory for Townhomes/Condo fell a dramatic 17.6%, with 2.8 months in September 2017 and 3.4 months in September 2016.
Pinellas Realtor Assn. October, 2017