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This research is brought to you by the Pinellas REALTOR Organization.

 

Pinellas County Real Estate Statistics for March 2018

The Pinellas County real estate market is continuing to see the trend of higher sale prices and a shrinking inventory for both the Single Family and Townhome/Condo markets. The Median Sale Price for Townhomes/Condos was $159,000 for March 2018, up 14.4% from $139,000 in March 2017.  The Median Sale Price for Single Family Homes was up by 8.7% from last year, at $250,000 for March 2018 versus $230,000 for March 2017.  The Months Supply of Inventory for Single Family Homes  is down 14.8% year-over-year, with a 2.3 Month Supply this March, as compared to a 2.7 Month Supply in March 2017.  The Months Supply of Inventory for Townhome/Condo also fell 17.6%, from 3.4 months in March 2017 to 2.8 months in March 2018.

Movement on Single Family Home sales also improved year-over-year.  The Average Sale Price for Single Family Homes leaped from $299,356 in March 2017 to $337,369 in March 2018.  The Median Time to Contract for Single Family Homes was 27 days in March 2018, down 10.0% from 30 days last March. The Median Time to Sale for Single Family Homes was 66 days this March, down 10.0% from 71 days last March.  Dollar Volume for Single Family Homes increased 4.9% year-over-year, with $428.8 million in 2018 versus $408.9 million in March 2017. New Listings for Single Family for March were 1,379, down 14.2% from last March, at 1,607. Due to the low inventory of Single Family Homes, year-over-year, Closed Sales for the Single Family were down 7.0%, with 1,271 in March 2018 versus 1,366 in March 2017.

The Average Sale Price for Townhome/Condo was $221,579 in March 2018, up from $208,706 in March 2017.  The Median Time to Contract for Townhome/Condo market was 29 days. It was 28 days in March 2017.  Median Time to Sale for Townhome/Condo market was 64 days in March 2018 and 70 days in 2017, down at 8.6%. Dollar Volume for Townhome/Condo saw a 9.5% decrease year-over-year, with $180.4 million in March 2018 compared to $199.3 million in March 2017. New Listings for Townhome/Condos for March 2018 were at 944, down 11.2% from 1,063 in March 2017. Coinciding with less Townhome/Condo inventory, closed sales for the Townhome/Condo segment were down by 14.8% year-over-year, at 814 in March 2018 versus 955 in March 2017.

Representing almost 8,000 members, the Pinellas Realtor® Organization is one of the Tampa Bay area’s largest professional trade associations. The organization advances and promotes the real estate profession through professional development programs, government affairs, and political advocacy and maintains a high standard of conduct by real estate professionals through professional standards training and administration.