July 2015 Statistics
While the number of closed home sales continues to rise, the market may not be a rosy as it appears. On one hand, sellers have it made, with “rising home prices, demand from home buyers, and less competition making 2015 a stellar year to sell for many U.S. home owners across the country,” According to Daren Blomquist, RealtyTrac’s vice president.(1)
However, “signs are emerging that housing’s momentum may be destined to falter in coming months. Analysts note that some of the key foundations needed to sustain a brisk pace of home buying in the long run appear to be missing. The main problem is the simplest: There just aren’t enough homes available. Robust demand has failed to draw many sellers into the market. And few in the industry foresee a flurry of home listings arriving soon.”(2)
In Pinellas County, all of this holds true.
- Inventory was down 3.3% from July 2014, sitting at 6,953 combined for single family and townhome/condo. This represents a 3.7 month supply for single family and a 4.0 month supply for townhome/condo.
- In June there were 7,211 combined active listings, or inventory. Absorption rates have been building steadily all year, but are starting to trend downward slightly, at 40.7% for single family and 30.6% for townhome/condo.
- The total sold units for single family and townhome/condo combined in July 2015 was 2,123, down slightly from the 2,192 sold in June 2015.
Sales dipped a bit in May 2015, but for July have again surpassed the ten-year-high record set this April, at 2,103. Year-over-year stats for closed single family and townhome/condo combined sales are maintaining at a 24.2% increase for June 2015 over June 2014, as compared to the 26.2% increase year-over-year from June 2014 to June 2015.
Representing more than 6,000 members, the PINELLAS REALTOR® ORGANIZATION is one of the Tampa Bay area’s largest professional trade associations. The organization advances and promotes the real estate profession through professional development programs, government affairs, and political advocacy and maintains a high standard of conduct by real estate professionals through professional standards training and administration.
(1) Source: Realtor Magazine, “3 Reasons Why It’s a Great Time for Sellers,” (July 24, 2015) via “2015 Great Year to Sell,” RealtyTrac (July 22, 2015)
(2) Source: “Can Housing’s Comeback Endure? The Outlook Dimmer,” The Associated Press, Josh Boak, AP economics writer (Washington), via Florida Realtors (July 27, 2015)