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The Latest Real Estate Stats For Pinellas County
The May 2019 real estate market stats are out! As you may remember from last month, our prediction was that the market would continue to show positive signs of growth, and the May stats have confirmed our theory. Increases were seen in the following areas in the Single Family Home Market:
Median Single Family Home Price +7.1%
Closed Sales (+13.8%)
Cash Sales (1.9%)
New Pending Sales (+4.7%)
Inventory remains low, with just 2.8 months of supply on the market, which continues to drive demand for housing. The absorption rate also increased to a whopping 54%, which is an +8% increase year over year. (Reminder, a low absorption rate means homes are selling slowly, a high rate means homes are selling quickly). The last time the absorption rate hit these levels was in May and June of 2017- during record breaking times in the Pinellas and Tampa Bay Real Estate Market.
For the condo and townhouse market, the Median sales price increased +6.0% and closed sales were down -2% (a small difference of just 18 less sales compared to May 2018, so we consider this “flat” to last year). The condo and townhouse market fluctuates somewhat dramatically with the new inventory hitting the market at different times in Pinellas County. In past months, the sales have soared when new units are released by builders. This has also driven up pricing in this market, due to the higher prices commanded for newly built condos and townhouses. Right now, inventory is still tight at just 3.2 months of active inventory on the market vs 2.8 months in May 2018. Again, nothing we believe is a negative indicator, as the inventory and closed sales could easily jump next month if/when more new units are released.
To see the full Pinellas County, FL Real Estate Market Stats for May 2019, CLICK HERE
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Andrea is the Managing Partner of The Sandy Hartmann Group. Andrea was born and raised in the Tampa Bay area and is a licensed Realtor with over 15 years of Marketing and Finance experience, holding ....