Your October 2018 Real Estate Market Update

Dated: 11/28/2018

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Your October 2018 Real Estate Market Update

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The October Pinellas County Real Estate Stats are in and the news continues to be great for our area! Once again, the stats continue to show growth in both single family home sale prices and condo/townhouse sale prices. In October 2018, the average single family home sale price grew to $321,704, which is equivalent to an 8.2% increase year over year. For condos and townhouses in Pinellas County, sales prices grew a whopping 20% to $248,653, compared to an average sales price of just $207,280 in October of last year.

Housing inventory has been steadily growing over the last few months, but remains at historical lows, with just 2.9 months of inventory available in the single family home market and 3 months of inventory available in the condo/townhouse market.

Despite rising interest rates, the Pinellas County real estate market remains strong, with growth in sold units of 8.2% and cash sales at 6.8%, compared to October 2017. We believe this growth is due to currently low unemployment rates, close proximity to the beaches, and convenient access to Tampa. Based on what we see on a day to day basis in our real estate market, the team at Sandy Hartmann & Associates believes we’ll continue to see steady growth in our housing market through the end of the year. While sales have seen decreases in other markets around the country recently, the average home price in Pinellas County is still considered a bargain by many, compared to similar areas in the U.S. where home prices and state income taxes have maxed out affordability for many home buyers.

To see the full October 2018 Pinellas Real Estate Stats Report,CLICK HERE.

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Andrea Hartmann

Andrea is the Managing Partner of Sandy Hartmann & Associates. She is a licensed Realtor with over 15 years of Marketing and Finance experience, holding a degree in both Finance and International Busi....

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