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July 2018 Real Estate Stats For Pinellas County
Dated: August 22 2018
July 2018 Stats for Pinellas County
The July 2018 real estate stats for Pinellas County are in! We continue to see year over year growth in median sale prices across the board when it comes to single-family homes, condos and townhouses, but only in the single digits. Year to date, the median single-family home price is up +6.2% or $250,000 and the median price for condos & townhouses is up +3.1% to $164,900. In July, the number of single-family home sales was down -1.1% year over year, while the number of closed sales for townhouses and condos was up +3.1%.
Inventory is up slightly in the single-family home market (+2.4% compared to July 2017), while the condo and townhouse market remains tight, with -5.9% less inventory than we had in July 2017. Even with these small changes, buyers must continue to remain competitive and continue to battle multiple offer situations in the more popular neighborhoods. Basically, the best homes continue to sell in record time for top dollar!
The number of cash sales grew +12% in July 2018 vs July 2017. Homes are closing almost a week faster than they did at this time last year, likely indicating a strong real estate market through the end of the year, despite rising interest rates. We may see a smaller amount of positive growth in median home prices as the year comes to an end, but this is a normal phenomenon as interest rates increase to more normal rates (even rates in the mid-5% range on a 30-year fixed rate mortgage are considered historically low).
With the last 4 months of the year nearly upon us, it’s a great time to sell your home! Did you know that our listings often sell faster and for more money in Sept, Oct, and Nov? It’s a trend we see on the Hartmann Team practically every year, as buyers want to get settled into homes before the holiday rush. If you’ve been thinking of selling this year- now is one of the best times to do it!
To see the full version of the July 2018 Pinellas County Real Estate Stats, CLICK HERE.
Andrea is the Managing Partner of The Sandy Hartmann Group and runs the team alongside Sandy Hartmann. She would love to talk to you about real estate! Andrea was born and raised in the Tampa Bay a....
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