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May 2018 – The Pinellas County housing market in April continued the trend of higher median sale prices and faster median time to contract for both Single Family Homes and Townhome/Condo. The most noticeable difference that breaks from what we’ve been seeing in 2018, is that for the first time since January 2018, new listings for the month were more than same month last year.
New Listings
New Listings for Single Family for April were 1,449, up 1.4% from last April, at 1,429. New Listings for Townhome/Condos for April 2018 were at 1,007, up 4.8% from 961 in April 2017. The Median Sale Price for Townhomes/Condos was $169,900 for April 2018, up 8.9% from $156,000 in April 2017.
Median Prices
The Median Sale Price for Single Family Homes was up by 7.6% from last year, at $252,750 for April 2018 versus $235,000 for April 2017. The Months Supply of Inventory for Single Family Homes remained the same year-over-year, with a 2.6 Month Supply this April, as compared to a 2.6 Month Supply in April 2017. The Months Supply of Inventory for Townhome/Condo also fell 9.1%, from 3.3 months in April 2017 to 3.0 months in April 2018.
Single Family
Movement on Single Family Home sales also improved year-over-year. The Average Sale Price for Single Family Homes rose from $318,451 in April 2017 to $335,499 in April 2018. The Median Time to Contract for Single Family Homes was 27 days in April 2018, down 6.9% from 29 days last April. The Median Time to Sale for Single Family Homes was 66 days this April, down 7.0% from 71 days last April. Dollar Volume for Single Family Homes increased 4.7% year-over-year, with $406.6 million in 2018 versus $388.5 million in April 2017. Year-over-year, Closed Sales for the Single Family were slightly down -0.7%, with 1,212 in April 2018 versus 1,220 in April 2017.
Townhome/Condo
The Average Sale Price for Townhome/Condo was $236,292 in April 2018, up from $223,482 in April 2017. The Median Time to Contract for Townhome/Condo market was 29 days. It was 34 days in April 2017. Median Time to Sale for Townhome/Condo market was 70 days in April 2018 and 77 days in 2017, down at 9.1%. Dollar Volume for Townhome/Condo saw a 2.2% increase year-over-year, with $203.4 million in April 2018 compared to $199.1 million in April 2017. Coinciding with less Townhome/Condo inventory, closed sales for the Townhome/Condo segment were down by 3.4% year-over-year, at 861 in April 2018 versus 891 in April 2017.
Pinellas Realtor Association May 24, 2018
