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August 2018 Real Estate Stats For Pinellas County
August 2018 Was Another Great Month In Real Estate!
If you recall last month’s blog, we predicted that the market would continue to remain strong through the end of the year. The latest August real estate stats for Pinellas County support that theory, with median sales prices of single family homes increasing +7.6% year over year, to $255,000. Inventory remains historically low, with just a 2.8 month supply of single family homes on the market and absorption rates remain high at 43% (indicating that homes are still selling quickly in Pinellas County). Cash sales increased year over year +5.5%.
High demand continues in the condo and townhouse market as well, with the median sale price increasing +11.8% year over year to $169,900. Closed sales increased +7.5% and cash sales were practically the same compared to August 2017. With just 2.7 months of inventory available, demand is still outpacing supply in the condo and townhouse market.
So what does this mean for homeowners? Basically, we still consider the Pinellas County Real Estate market to be a “seller’s market.” The best homes continue to sell within days (if not hours) of being listed in the MLS. However, it remains EXTREMELY important to price your home correctly from the start to create the most interest from potential buyers. Did you know that even in this “seller’s market” that homes priced too high in the beginning, often sell for less than homes priced correctly from day 1 of listing on the MLS?
For home buyers, you must continue to move quickly once you identify the right home. Be prepared to make competitive offers close or equal to the listing price advertised in the MLS, if not higher. Did you know that 1 in 3 homes in Pinellas sell for cash vs. a purchase loan? In August 2018, the average single family home sold for over 95% of the listed sales price, meaning the Pinellas County real estate market is still hot, hot, hot!
For home buyers that aren’t making cash offers, we recommend using a lender that will “pre-underwrite” your loan so you can make competitive offers with quicker closing dates, to entice sellers to accept your offer over others. Call us to get some recommendations if you’re not sure who to talk to about these types of loan programs.
As always, the Hartmann Team is here to help you with all your real estate needs.
To See the Full Version of the August 2018 Real Estate Stats, CLICK HERE.
Andrea is the Managing Partner of Sandy Hartmann & Associates. She is a licensed Realtor with over 13 years of Marketing and Finance experience, holding a degree in both Finance and International Busi....
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