CRB, SFR, CLHMS, Realtor
Chairman’s Club Broker
Associates, RE/MAX MetroTop 1% of Realtors – Pinellas County 2012 & 2013
After several months of record sales and a blistering seller’s market, statistics in many areas have cooled significantly.
Average sale price for a single family home was $234,647 in August 2015, down 2.8% from last August. The average sale price for townhome/condo was $187,683, down 1% from $189,529 a year ago. The number of cash sales is the lowest since January, at 833 for single family and townhome/condo combined.
Median sales price for single family was $181,399, a 6.7% increase over last August. For the townhome/condo segment, median sales price was $135,500, up 13% over a year ago. Median days on market was also a bright spot, at 47 for single family (down 13% from last August), and 65 for townhome/condo (down 11% from last August).
Inventory is even lower than last month, dropping from 3.9 months to 3.6 months supply. August 2015 active listings for single family and townhome/condo combined were 6,742, the lowest since January 2013, when the count was 6,169. New listings are the lowest they have been since December 2014, at 2,239 versus 1,887 last December. The lack of inventory continues to be a huge part of the Pinellas County real estate story.
The total sold units for single family and townhome/condo combined in August 2015 was 1,888, down significantly from the 2,123 sold in July 2015. In fact, this is the lowest number of sold units since February. Year-over-year closed sale stats for single family and townhome/condo combined were 12.4% higher this August than a year ago, but almost 50% lower when compared with the 24.2% increase for July 2015 over July 2014.
With the Consumer Financial Protection Bureau’s (CFPB) new loan estimate and closing disclosure rules taking effect October 3, we will be watching closely to see how it impacts the market, particularly the number of closed sales.