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Pinellas/Clearwater Beach Real Estate Report – June 2016
The Absorption Rate for the Single Family real estate market has been steadily rising this year, and is at an all-time high, not just for 2016, but dating back to at least January 2012. The Absorption Rate is the rate at which homes are selling in a given time frame. Mortgage interest rates dropped after the Brexit vote and continue to remain low, which could push new buyers and investors into the market. Find your piece of paradise on Clearwater Beach.
The number of Closed Sales for Single Family and Townhome/Condo combined for June 2016 was 2,222, up 1.5% from 2,190 in June 2015. Year-over-year, closed sales for the Single Family segment were up at 0.3%, and Closed Sales for the Townhome/Condo segment were up 3.6%. New Listings for Single Family and Townhome/Condo combined were up 3.9% for June 2016 over June 2015, at 2,254 versus 2,170 last year.
Median Time to Contract for Single Family was down 9.7% year-over-year, going from 31 days in June 2015 to 28 days in June 2016. Median Time to Sale for Single Family was just 72 days in June 2015, down from 76 days in June 2016 (down 5.3%). For Townhome/Condo Median Time to Sale was 86 days this June, versus 93 days in June 2015, a -7.5% change year-over-year.
- Median Sale Price for Single Family was $220,000 this June, versus $185,000 last June, a huge increase of 18.9%.
- Median Sale Price for the Townhome/Condo segment was also way up from last June at 16.7%, at $140,000 for June 2016 versus $120,000 for June 2015.
Dollar Volume for Single Family was $419.8 million in June 2016, up 18.3% from $354.9 million in June 2015.
Dollar Volume for Townhome/Condo was $165.0 million in June 2016, up 14.9% from $143.5 million in June 2015.
New Listings for Single Family for June 2016 were 1,493, up 5.2% from last June, when they were 1,419.
New Listings for Townhome/Condo for June 2016 were 761, up 1.3% from 751 in June 2015.
Months Supply of Inventory for Single Family continues to reflect the seller’s market, with inventory down 13.2% year-over-year, with a 3.3 month supply this June, as compared to a 3.8 month supply in June 2015. Months Supply of Inventory for Townhome/Condo was down 9.1% year-over-year, with 4.0 months in June 2016 compared to 4.4 months in June 2015. Active listings for June 2016 Single Family and Townhome/Condo combined were 6,707, down 6.9% from 7,207 in June 2015.
Pinellas Realtor® Association July 2016
