Dave and Maggie Smith
CRB, SFR, CLHMS, Realtor
Chairman’s Club Broker
Associates, RE/MAX MetroTop 1% of Realtors – Pinellas  County 2012 & 2013
(727) 573-2727

The latter part of the second quarter of 2017 truly showed us some amazing performance in the market. August’s numbers show that the Single Family Homes sector has held steady, for the most part, while the Townhouses and Condos sector still continues to show growth. Dollar Volume for Townhomes/Condos saw a 16.9% increase year-over-year, with $171.4 million in August 2017 compared to $146.6 million in August 2016. Median Time to Contract for Townhomes and Condos was down 22.2% year-over-year, going from 45 days in August 2016 to 35 days in August 2017. Median Time to Sale for Single Family Homes was 63 days this August, down 13.7% from 73 days last August.

Dollar Volume for Single Family Homes had an increase of 3.3% year-over-year, with $368.3 million in 2017 versus $356.5 million in August 2016. Median Time to Contract for Single Family Homes was 24 days in August 2017, down 11.1% from last August. Median Sale Price for Single Family Homes was up 6.7% from last year, at $237,000 for August 2017 versus $222,000 for August 2016. Average Sale Price for Single Family Homes grew 5.8%, at $298,701 in August 2017 versus $282,239 in August 2016.

The Townhomes/Condo market segment’s sales prices are still holding strong. Median Time to Sale for Townhomes and Condos decreased 7.1% year-over-year at 79 days in August 2017 and 85 days in 2016. Average Sale Price saw a 22.8% increase with $232,299 in August 2017 and $189,178 in August 2016. Median Sale Price for Townhomes/Condos was $152,000 for August 2017, up 16.9% from $130,000 in August 2016.

Year-over-year, Closed Sales for the Single Family segment were down slightly by 2.4%, and Closed Sales for the Townhomes/Condo segment were down 4.8%. New Listings for Single Family for August were 1,401, down 7.3% from last August, at 1,512. New Listings for Townhomes/Condo for August 2017 were at 837, down 1.8% from 852 in August 2016.

The strong seller’s market continues in August, with Months Supply of Inventory down 10.7% year-over-year for Single Family Homes, with a 2.5 Month Supply this August, as compared to a 2.8 Month Supply in August 2016. Months Supply of Inventory for Townhomes/Condo fell 20.6%, with 2.7 months in August 2017 and 3.4 months in August 2016.
Information provided by Pinellas Realtor Organization.