Downtown St. Pete August Market Update

Below is a chart showing inventory level, pended and sold properties in downtown St. Pete. Actually, it is for zip code 33701. Which includes homes and condos in nearby neighborhoods.

The data above shows that there were 38.9% more downtown properties sold in August of 2018 versus July of 2018. There are about 25% fewer downtown homes and condos for sale when comparing August 2018 to August 2017. For the same time period there were 28.2% more sold properties. When comparing the current quarter versus the same quarter in 2017 there is about 25% fewer properties for sale and 23% fewer sold properties. 

August 2018 is a Seller's Market in Downtown St. Pete

The number of for sale listings was down 24.7% from one year earlier and down 3.2% from the previous month. The number of sold listings increased 28.2% year over year and increased 38.9% month over month. The number of under contract listings was up 25% compared to previous month and the same compared to previous year. The Months of Inventory based on Closed Sales is 2.4, down 43.3% from the previous year.

The Average Sold Price per Square Footage was down 12.8% compared to previous month and down 18.9% compared to last year. The Median Sold Price decreased by 1.7% from last month. The Average Sold Price also decreased by 7.1% from last month. Based on the 6 month trend, the Average Sold Price trend is "Neutral" and the Median Sold Price trend is "Neutral".

The Average Days on Market showed a neutral trend, a decrease of 12.2% compared to previous year. The ratio of Sold Price vs. Original List Price is 94%, a decrease of 1.1% compared to previous year.

It is a Seller's Market

Property Sales (Sold)

August property sales were 50, up 28.2% from 39 in August of 2017 and 38.9% higher than the 36 sales last month.

Current Inventory (For Sale)

Versus last year, the total number of properties available this month is lower by 40 units of 24.7%. This year's smaller inventory means that buyers who waited to buy may have smaller selection to choose from. The number of current inventory is down 3.2% compared to the previous month.

Property Under Contract (Pended)

There was an increase of 25% in the pended properties in August, with 40 properties versus 32 last month. This month's pended property sales were the same as at this time last year.

The Average Sold Price per Square Footage is Depreciating*

The Average Sold Price per Square Footage is a great indicator for the direction of property values. Since Median Sold Price and Average Sold Price can be impacted by the 'mix' of high or low end properties in the market, the Average Sold Price per Square Footage is a more normalized indicator on the direction of property values. The August 2018 Average Sold Price per Square Footage of $292 was down 12.8% from $335 last month and down 18.9% from $360 in August of last year.

* Based on 6 month trend – Appreciating/Depreciating/Neutral

The Days on Market Shows Neutral Trend*

The average Days on Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM trends to indicate a move towards more of a Buyer’s market, a downward trend indicates a move towards more of a Seller’s market. The DOM for August 2018 was 65, down 19.8% from 81 days last month and down 12.2% from 74 days in August of last year.

The Sold/Original List Price Ratio Remains Steady**

The Sold Price vs. Original List Price reveals the average amount that sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. This month Sold Price vs. Original List Price of 94% is the same as last month and down from 1.1% % in August of last year.

* Based on 6 month trend – Upward/Downward/Neutral
** Based on 6 month trend – Rising/Falling/Remains Steady

The Average For Sale Price is Neutral*

The Average For Sale Price in August was $629,000, down 6.4% from $672,000 in August of 2017 and down 0.2% from $630,000 last month.

The Average Sold Price is Neutral*

The Average Sold Price in August was $473,000, down 26.9% from $647,000 in August of 2017 and down 7.1% from $509,000 last month.

The Median Sold Price is Neutral*

The Median Sold Price in August was $400,000, down 8.3% from $436,000 in August of 2017 and down 1.7% from $407,000 last month.

* Based on 6 month trend – Appreciating/Depreciating/Neutral

It is a Seller's Market*

A comparatively lower Months of Inventory is more beneficial for sellers while a higher months of inventory is better for buyers.

*Buyer’s market: more than 6 months of inventory
Seller’s market: less than 3 months of inventory
Neutral market: 3 – 6 months of inventory

Months of Inventory based on Closed Sales

The August 2018 Months of Inventory based on Closed Sales of 2.4 was decreased by 43.3% compared to last year and down 31.4% compared to last month. August 2018 is Seller's market.

Months of Inventory based on Pended Sales

The August 2018 Months of Inventory based on Pended Sales of 3.1 was decreased by 24.7% compared to last year and down 20.3% compared to last month. August 2018 is Neutral market.

It is a Seller's Market*

Absorption Rate measures the inverse of Months of Inventory and represents how much of the current active listings (as a percentage) are being absorbed each month.

*Buyer’s market: 16.67% and below
Seller’s market: 33.33% and above
Neutral market: 16.67% - 33.33%

Absorption Rate based on Closed Sales The August 2018 Absorption Rate based on Closed Sales of 41 was increased by 70.2% compared to last year and up 43.4% compared to last month.

Absorption Rate based on Pended Sales

The August 2018 Absorption Rate based on Pended Sales of 32.8 was increased by 32.8% compared to last year and up 29.1% compared to last month.