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March Real Estate Report
As we wrap up the first quarter of 2017, we are seeing some powerful numbers springing into the next season. Dollar Volume for Townhomes/Condos was $199.3 million in March 2017, an astonishing increase of 35.6% from $147.0 million in March 2016. Dollar Volume for Single Family Homes increased 21.5% year-over-year, with $408.9 million in 2017 versus $336.6 million in March 2016.
Median Time to Contract for Townhomes and Condos was down 30.0% year-over-year, going from 40 days in March 2016 to 28 days in March 2017. Median Time to Contract for Single Family Homes was 30 days in March 2017, down 3.2% from last March. Median Time to Sale for Single Family Homes was 71 days this March, down 4.1% from 74 days last March. Median Sale Price for Single Family Homes was up 15.0% from last year, at $230,000 for March 2017 versus $200,000 for March 2016. Average Sale Price for Single Family Homes grew an astounding 16.0%, at $299,356 in March 2017 versus $258,152 in March 2016.
The Townhome/Condo market segment’s sales prices are still holding strong. Median Time to Sale for Townhomes and Condos was down 9.1%, at 70 days in March 2017 and 77 days in March 2016. Median Sale Price for Townhomes/Condos was $139,000 for March 2017, up 4.5% from $133,000 in March 2016.
Year-over-year, Closed Sales for the Single Family segment were up 4.8%, and Closed Sales for the Townhome/Condo segment grew an impressive 26.3%. New Listings for Single Family for March were 1,607, up 4.8% from last March, at 1,533. New Listings for Townhome/Condo for March 2017 were at 1,063, up 5.6% from 1,007 in March 2016.
The strong seller’s market grew even stronger in March, with Months Supply of Inventory down 6.9% year-over-year for Single Family Homes, with a 2.7 Month Supply this March, as compared to a 2.9 Month Supply in March 2016. Months Supply of Inventory for Townhome/Condo fell an astounding 15.0%, with 3.4 months in March 2017 and 4.0 months in March 2016.
Pinellas Realtor Organization, April 21, 2017
