November 2018 Real Estate Market Update

Dated: 12/27/2018

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November 2018 Real Estate Market Update

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As expected, the November Pinellas County Real Estate Stats continue to show growth in home sale prices, with the average single family home price climbing to $332,342, which represents a whopping +17.4% increase compared to November 2017.

Inventory increased to a 3 month supply, which is the highest it’s been in over 12 months. This represents a +15.4% increase year over year, but is still considered relatively low. Closed sales were down in the month of November by -4.5% and cash sales declined by -8.2% in the single family home market. Median time to contract was the same as last year, indicating that good homes are still selling fast and for top dollar when priced properly!

The complaint we continue to hear from our clients shopping for single family homes is that there simply isn’t enough ‘good’ inventory available for sale. Buyers have indicated they are disenchanted with what’s available, telling us that homes in need of remodeling and updating are priced similarly to their remodeled counterparts, making them a poor option when it comes to making a purchase. This is a clear symptom of limited housing inventory in the Tampa Bay area.

Meanwhile in the condo and townhouse market, closed sales were up +10% in November 2018 vs November 2017, with cash sales up +15.3% and the average sale price climbing to $291,228- a +37% price increase year over year! Inventory in this market increased +10.3%, with 3.2 months of supply. We attribute the success of the condo and townhouse market to the availability of newer, more updated units hitting the market, as well as a more affordable price point for buyers that are struggling in the single family home market. To see the full version of the November Real Estate Stats, CLICK HERE

If you're thinking of selling your home right now, it's a great time to get it listed and on the market. Historically, homes sell faster and for more money in the 1st quarter of the year when buyers who weren't able to find a home before the holidays are now 'chomping at the bit' to get into a new home. 

If you're thinking of buying a home, it's a great time to find something before the next interest rate increase potentially occurs. The Federal Reserve has indicated that mortgage rates will likely increase several times in 2019. For more information on what's available in your price point, start a home search on our real estate website today or call us to get started. 

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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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