November 2018 Downtown St. Pete Real Estate Market Statistics
November 2018 was a Seller's market for Downtown St Pete! The number of for sale listings was down 17.9% from one year earlier and down 11.8% from the previous month. The number of sold listings increased 146.9% year over year and increased 113.5% month over month. The number of under contract listings was up 211.8% compared to previous month and up 202.9% compared to previous year. The Months of Inventory based on Closed Sales is 1.8, down 66.6% from the previous year.
The Average Sold Price per Square Footage was up 10.4% compared to previous month and up 50.5% compared to last year. The Median Sold Price increased by 11.2% from last month. The Average Sold Price also increased by 14.4% from last month. Based on the 6 month trend, the Average Sold Price trend is "Appreciating" and the Median Sold Price trend is "Appreciating".
The Average Days on Market showed a downward trend, a decrease of 73.8% compared to previous year. The ratio of Sold Price vs. Original List Price is 97%, an increase of 1% compared to previous year.
It is a Seller's Market
Property Sales (Sold)
November property sales were 79, up 146.9% from 32 in November of 2017 and 113.5% higher than the 37 sales last month.
Current Inventory (For Sale)
Versus last year, the total number of properties available this month is lower by 31 units of 17.9%. 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 11.8% compared to the previous month.
Property Under Contract (Pended)
There was an increase of 211.8% in the pended properties in November, with 106 properties versus 34 last month. This month's pended property sales were 202.9% higher than at this time last year.
The Average Sold Price per Square Footage is Appreciating*
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 November 2018 Average Sold Price per Square Footage of $426 was up 10.4% from $386 last month and up 50.5% from $283 in November of last year.
* Based on 6 month trend – Appreciating/Depreciating/Neutral
The Days on Market Shows Downward 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 November 2018 was 34, down 22.7% from 44 days last month and down 73.8% from 130 days in November 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 97% is up 1% % from last month and up from 1% % in November 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 November was $683,000, down 5.9% from $726,000 in November of 2017 and down 0.4% from $686,000 last month.
The Average Sold Price is Appreciating*
The Average Sold Price in November was $709,000, up 78.1% from $398,000 in November of 2017 and up 14.4% from $620,000 last month.
The Median Sold Price is Appreciating*
The Median Sold Price in November was $656,000, up 93.5% from $339,000 in November of 2017 and up 11.2% from $590,000 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 November 2018 Months of Inventory based on Closed Sales of 1.8 was decreased by 66.6% compared to last year and down 59.8% compared to last month. November 2018 is Seller's market.
Months of Inventory based on Pended Sales
The November 2018 Months of Inventory based on Pended Sales of 1.3 was decreased by 72.8% compared to last year and down 71.8% compared to last month. November 2018 is Seller's 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 November 2018 Absorption Rate based on Closed Sales of 55.6 was increased by 200.6% compared to last year and up 141.9% compared to last month.
Absorption Rate based on Pended Sales
The November 2018 Absorption Rate based on Pended Sales of 74.6 was increased by 268.9% compared to last year and up 253.3% compared to last month.
Post a Comment