This February has boasted some impressive sales figures for both the Single Family Home and the Townhouse and Condo sectors.
Dollar Volume for Townhome/Condo was $153.0 million in February 2017, an incredible increase of 30.0% from $117.7 million in February 2016.
- Median Sale Price for Single Family Homes was up 16.8% from last year, at $222,000 for February 2017 versus $190,000 for February 2016.
- Median Sale Price was $149,500 for February 2017, up 20.6% from $124,000 in February 2016. Average Sale Price grew an astounding 25.0%, with $236,827 in February 2017 and $189,521 in February 2016.
Median Time to Contract for Single Family Homes was 38 days in February 2017, the same as last February. Median Time to Sale for Single Family Homes was 81 days this February, down just 1.2% from 82 days last February. Dollar Volume for Single Family Homes increased 4.8% year-over-year, with $271.8 million in 2017 versus $259.3 million in February 2016. The Condo/Townhome market segment’s sales prices are still holding strong.
Median Time to Contract for Townhomes and Condos was down 4.1% year-over-year, going from 49 days in February 2016 to 47 days in February 2017. Median Time to Sale for Townhomes and Condos was down 3.4%, at 91 days in February 2017 and 88 days in February 2016.
Year-over-year, Closed Sales for the Single Family segment were down 6.2%, and Closed Sales for the Townhome/Condo segment grew 4.0%. New Listings for Single Family for February were 1,370, down 9.8% from last February, at 1,519. New Listings for Townhome/Condo for February 2017 were at 974, down 6.1% from 1,037 in February 2016.
The strong seller’s market continues, with Months Supply of Inventory down 3.4 year-over-year for Single Family Homes, with a 2.8 Month Supply this February, as compared to a 2.9 Month Supply in February 2016. Months Supply of Inventory for Townhome/Condo fell an astounding 14.6%, with 3.5 months in February 2017 and 4.1 months in February 2016.
Pinellas Realtor Org., March 27, 2017