The Tampa Bay real estate market has been on fire this year. Home value has steadily risen as buyer demand remains high and inventory stays low.
Pinellas County Real Estate Statistics for October 2016 As the weather continues to cool down, we’re hoping that this month’s statistics from the Pinellas County Housing Department will join your fireplace in giving you the warm fuzzies. Pending inventory for Townhouses and Condos has grown to 17.2% over the past year, with 920 listings this year compared to 785 in October of 2015. Median Sale Price and Average Sale Price for Townhouses and Condos have increased over the past year at 16.4% and 10.9%, respectively.
Median Sale Price for the Single Family Homes segment was up a tremendous 14.7% from last year, at $206,500 for October 2016 versus $180,000 for October 2015.
Median Time to Contract for Townhome/Condo was 39 days in October 2016, down 15.2% from 46 days last October. Median Time to Sale for Townhome/Condo was 81 days this October, versus 82 days in October 2015, a -1.2% change year-over-year. Median Time to Contract for Single Family was down 12.1% year-over-year, going from 33 days in October 2015 to 29 days in October 2016. Median Time to Sale for Single Family was stagnant year-over-year with 73 days in both October of 2015 and of 2016.
The number of Closed Sales for Single Family and Townhome/Condo combined for October 2016 was 1,737, down 4.5% from 1,818 in October 2015. Year-over-year, closed sales for the Single Family segment were down 9.8%, and Closed Sales for the Townhome/Condo segment were up 5.6%. New Listings for Single Family for October were 1,373, a decline of 1.4% from last October, when they were 1,393. New Listings for Townhome/Condo for October 2016 were at 805, down 12.7% from 922 in October 2015.
Dollar Volume for Townhome/Condo was $137.3 million in October 2016, up a staggering 17.1% from $117.2 million in October 2015. Dollar Volume for Single Family Homes has remained fairly unchanged year-over-year, with a decline of 0.1%.
Months Supply of Inventory for Single Family continues to reflect a seller’s market, with inventory down 8.6% year-over-year, with a 3.2 month supply this October, as compared to a 3.5 month supply in October 2015. Months Supply of Inventory for Townhome/Condo followed suit year-over-year, with 3.7 months in October 2016 and 3.9 months in October 2015, falling 5.1%. Active listings for October 2016 Single Family and Townhome/Condo combined were 6,351, down 5.7% from 6,735 in October 2015