This May has seen a lot of stormy weather, but the real estate market continues to shine. Dollar Volume for Townhomes/Condos was $204.8 million in May 2017, an incredible increase of 27.8% from $160.2 million in May 2016.
Dollar Volume for Single Family Homes also had an amazing increase of 35.3% year-over-year, with $452.3 million in 2017 versus $334.4 million in May 2016.
- Median Sale Price for Single Family Homes was up 14.4% from last year, at $230,000 for May 2017 versus $201,000 for May 2016.
- Median Sale Price for Townhomes/Condos was $165,000 for May 2017, up 18.7% from $139,000 in May 2016.
Median Time to Contract
Median Time to Contract for Single Family Homes was 27 days in May 2017, down 3.6% from last May. Median Time to Sale for Single Family Homes was 70 days this May, down 5.4% from 74 days last May. Average Sale Price for Single Family Homes grew an astounding 23.4%, at $312,364 in May 2017 versus $253,121 in May 2016.
The Townhomes/Condo market segment’s sales prices continue to grow. Median Time to Sale for Townhomes and Condos decreased 9.6% year-over-year at 75 days in May 2017 and 83 days in 2016. Average Sale Price saw a 13.9% increase with $234,382 in May 2017 and $205,711 in May 2016. Median Time to Contract for Townhomes and Condos was down 20.0% year-over-year, going from 40 days in May 2016 to 32 days in May 2017.
Year-over-year, Closed Sales for the Single Family segment were up 9.6%, and Closed Sales for the Townhomes/Condo segment were up 12.2%. New Listings for Single Family for May were 1,494, up 2.0% from last May, at 1,464. New Listings for Townhomes/Condo for May 2017 were at 898, up 3.1% from 871 in May 2016.
The strong seller’s market continues in May, with Months Supply of Inventory down 10.7% year-over-year for Single Family Homes, with a 2.5 Month Supply this May, as compared to a 2.8 Month Supply in May 2016. Months Supply of Inventory for Townhomes/Condo fell 15.8%, with 3.2 months in May 2017 and 3.8 months in May 2016.
Pinellas Realtor Org. June 2017