November 2018 Pinellas County Market Update

November 2018 is a Neutral market!

The number of for sale listings was up 13.5% from one year earlier and up 6.6% from the previous month. The number of sold listings increased 1.2% year over year and decreased 6.1% month over month. The number of under contract listings was down 2.5% compared to previous month and up 1% compared to previous year. The Months of Inventory based on Closed Sales is 3.3, up 13.8% from the previous year.

The Average Sold Price per Square Footage was up 6.8% compared to previous month and up 18.7% compared to last year. The Median Sold Price increased by 0.4% from last month. The Average Sold Price also increased by 6.9% from last month. Based on the 6 month trend, the Average Sold Price trend is "Appreciating" and the Median Sold Price trend is "Neutral".

The Average Days on Market showed a neutral trend, a decrease of 7% compared to previous year. The ratio of Sold Price vs. Original List Price is 94%, was the same compared to previous year.

It is a Neutral Market

Property Sales (Sold)

November property sales were 1752, up 1.2% from 1731 in November of 2017 and 6.1% lower than the 1866 sales last month.

Current Inventory (For Sale)

Versus last year, the total number of properties available this month is higher by 676 units of 13.5%. This year's bigger inventory means that buyers who waited to buy may have bigger selection to choose from. The number of current inventory is up 6.6% compared to the previous month.

Property Under Contract (Pended)

There was a decrease of 2.5% in the pended properties in November, with 1753 properties versus 1798 last month. This month's pended property sales were 1% 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
$203 was up 6.8% from $190 last month and up 18.7% from $171 in November 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 November 2018 was 53, down 1.9% from 54 days last month and down 7% from 57 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 94% is the same as last month and the same as 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 Depreciating*

The Average For Sale Price in November was $459,000, down 6.5% from
$491,000 in November of 2017 and down 2.1% from $469,000 last month.

The Average Sold Price is Appreciating*

The Average Sold Price in November was $309,000, up 21.2% from $255,000 in
November of 2017 and up 6.9% from $289,000 last month.

The Median Sold Price is Neutral*

The Median Sold Price in November was $226,000, up 7.6% from $210,000 in November of 2017 and up 0.4% from $225,000 last month.

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

It is a Neutral 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 3.3 was increased by 13.8% compared to last year and up 14% compared to last month. November 2018 is Neutral market.

Months of Inventory based on Pended Sales

The November 2018 Months of Inventory based on Pended Sales of 3.2 was increased by 10.4% compared to last year and up 6.7% compared to last month. November 2018 is Neutral market.