Pinellas Real Estate Statistics for November 2018
Kyle Sasser is a Tampa Bay Native and a professional Realtor
The overall market statistics for Pinellas County continue to be positive in November 2018.
The median home price in Pinellas County rose to $261,500, a gain of 12.2% over November 2017.
Remember all real estate market statistics are compared year over year, not month to month because as a year naturally progresses, we have high months and low months. Here in the Tampa Bay area, our low months typically coincide with the beginning of the school year.
So median home price has risen, and the average sales price rose even more, 17.4% to $332,342.
The reason for this difference is the much tighter inventory compared to demand in price points below $400,000, and the fact that there was a drop in new listings for homes under $250,000.
“Median home prices continue to rise, but we continue to build inventory with more houses available to sell, but not enough to overcome demand yet.”
Some other statistics I would like to point out:
Total number of active homes for sale overall is up 13.3% for single family homes in Pinellas County. This is mainly in the $250,000 and higher price points. One stand out is the $250,000 – $299,999 range where there was an increase of 26.4%!
Median Time to Contract in the $100,000 – $149,000 range was up 93.3%! This means either two things. That all of the “good” homes have been purchased already, or that the market has practically collapsed in the $100k-150k range. Personally I don’t believe the market has collapsed and there was something causing this statistically that’s not evident strictly by the numbers. I’ll continue to watch this and see if it’s a trend.
New Listings in the $300,000-$400,000 range, which is a sweet spot for many buyers in St Petersburg, Clearwater, and surrounding areas, saw a 12.7% increase in the number of new listings, which will hopefully provide more choices for buyers in that space.
SELLERS OVERVIEW — Overall the market still seems to be strong for sellers. Median and Average home prices are up, even with an increased supply in the number of houses. The number of new listings also saw a positive bump, resulting in more inventory. One thing to keep an eye on is that 4.5% fewer homes were sold in November 2018 vs November 2017.
BUYERS OVERVIEW — There are now more houses available for sale, and this is a trend that has been in place for a few months now. Unfortunately it does take a while to get through the backlog of people wanting to buy homes, so home prices are still increasing. Given time, the steadily increasing inventory should overcome demand, but that may very well take a year or two.
“There are two things that make a room timeless: a sense of history and a piece of the future.”
CHARLOTTE MOSS, DESIGNER