PINELLAS Realtor Organization, Matrix-MLS
Pinellas Statistics January 2018
Pinellas County kicked off the New Year strong, with both the Single Family and Townhome/Condo markets continuing to see both higher sale prices and units moving at a faster rate. Median Time to Contract for Single Family Homes was 29 days in January 2018, down 19.4% from 36 days last January. Average Sale Price for Single Family Homes rose 20.6%, at $322,894 in January 2018 versus $267,704 in January 2017. Median Sale Price for Townhomes/Condos was $147,000 for January 2018, up 8.9% from $135,000 in January 2018. New Listings for Townhomes/Condo for January 2018 were at 1,079, up 6.6% from 1,012 in January 2017.
Year-over-year, Closed Sales for the Single Family segment were down 12.8%, with 793 in January 2018 versus 909 in January 2017. Dollar Volume for Single Family Homes increased 5.2% year-over-year, with $256.1 million in 2018 versus $243.3 million in January 2017. New Listings for Single Family for January were 1,423, up 1.3% from last January, at 1,405. Median Time to Sale for Single Family Homes was 73 days this January, down 9.9% from 81 days last January. Median Sale Price for Single Family Homes was up by an impressive 14.0% from last year, at $245,000 for January 2018 versus $215,000 for January 2017.
Closed Sales for the Townhomes/Condos segment were down slightly by 5.7% year-over-year, at 598 in January 2018 versus 634 in January 2017. Average Sale Price for Townhome/Condo was $216,233 in January 2018, down 7.9% from last year at $234,800 in January 2017. Dollar Volume for Townhomes/Condos saw a 13.1% decrease year-over-year, with $129.3 million in January 2018 compared to $148.9 million in January 2017. Median Time to Contract for Townhomes and Condos was down, at 12.5% year-over-year, going from 40 days in January 2017 to 35 days in January 2018. Median Time to Sale for Townhomes and Condos was 72 days in January 2018 and 82 days in 2017, down 12.2%.
Inventory continues to shrink, with Months Supply of Inventory down 7.1% year-over-year for Single Family Homes, with a 2.6 Month Supply this January, as compared to a 2.8 Month Supply in January 2017. Months Supply of Inventory for Townhomes/Condo fell a staggering 17.1%, with 2.9 months in January 2018 and 3.5 months in January 2017.
DEFINITIONS FOR MEDIAN SALES PRICE AND ABSORPTION RATE
“Median Sale Price”
Economists’ note : Median Sale Price is our preferred summary statistic for price activity because, unlike Average Sale Price, Median Sale Price is not sensitive to high sale prices for small numbers of homes that may not be characteristic of the market area. Keep in mind that median price trends over time are not always solely caused by changes in the general value of local real estate. Median sale price only reflects the values of the homes that sold each month, and the mix of the types of homes that sell can change over time.
The rate at which available homes are sold in a specific real estate market during a given time period. It is calculated by dividing the total number of available homes by the average number of sales per month. The figure shows how many months it will take to exhaust the supply of homes on the market. A high absorption rate may indicate that the supply of available homes will shrink rapidly, increasing the odds that a homeowner will sell a piece of property in a shorter period of time.