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September 2018 Downtown St. Pete Real Estate Market Update

September 2018 is a Neutral market! The number of for sale listings was down 16.6% from one year earlier and up 11.5% from the previous month. The number of sold listings decreased 31.6% year over year and decreased 49% month over month. The number of under contract listings was down 2.8% compared to previous month and up 29.6% compared to previous year. The Months of Inventory based on Closed Sales is 5.2, up 21% from the previous year.

The Average Sold Price per Square Footage was up 8.9% compared to previous month and down 7.3% compared to last year. The Median Sold Price increased by 15.3% from last month. The Average Sold Price also decreased by 3% from last month. Based on the 6 month trend, the Average Sold Price trend is "Neutral" and the Median Sold Price trend is "Appreciating".

The Average Days on Market showed a downward trend, a decrease of 56.6% compared to previous year. The ratio of Sold Price vs. Original List Price is 98%, an increase of 6.5% compared to previous year.


Downtown St. Pete Real Estate Market Update September 2018

It is a Neutral Market

Property Sales (Sold)
September property sales were 26, down 31.6% from 38 in September of 2017 and 49% lower than the 51 sales last month.

Current Inventory (For Sale)
Versus last year, the total number of properties available this month is lower by 27 units of 16.6%. 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 up 11.5% compared to the previous month.

Property Under Contract (Pended)
There was a decrease of 2.8% in the pended properties in September, with 35 properties versus 36 last month. This month's pended property sales were 29.6% higher than at this time last year.


Downtown St. Pete Real Estate Market Update September 2018

The Average Sold Price per Square Footage is Neutral*

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 September 2018 Average Sold Price per Square Footage
of $330 was up 8.9% from $303 last month and down 7.3% from $356 in September of last year.

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


Downtown St. Pete Real Estate Market Update September 2018

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 September 2018 was 43, down 32.8% from 64 days last month and down 56.6% from 99 days in September of last year.


The Sold/Original List Price Ratio is Rising**

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 98% is up 3.2% % from last month and up from 6.5% % in September of last year.

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


Downtown St. Pete Real Estate Market Update

The Average For Sale Price is Appreciating*

The Average For Sale Price in September was $689,000, down 1.7% from $701,000 in September of 2017 and up 9.5% from $629,000 last month.

The Average Sold Price is Neutral*

The Average Sold Price in September was $480,000, down 26.5% from $653,000 in September of 2017 and down 3% from $495,000 last month.

The Median Sold Price is Appreciating*

The Median Sold Price in September was $461,000, down 10.5% from $515,000 in September of 2017 and up 15.3% from $400,000 last month.

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


Downtown St. Pete Real Estate Market Update September 2018

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 September 2018 Months of Inventory based on Closed Sales of 5.2 was increased by 21% compared to last year and up 117% compared to last month. September 2018 is Neutral market.

Months of Inventory based on Pended Sales
The September 2018 Months of Inventory based on Pended Sales of 3.9 was decreased by 34.8% compared to last year and up 14.8% compared to last month. September 2018 is Neutral market.


Downtown St. Pete Real Estate Market Update September 2018

It is a Neutral 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 September 2018 Absorption Rate based on Closed Sales of 19.1 was decreased by 18% compared to last year and down 54.3% compared to last month.

Absorption Rate based on Pended Sales
The September 2018 Absorption Rate based on Pended Sales of 25.7 was increased by 54.9% compared to last year and down 12.9% compared to last month.

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