September 2018 Pinellas County Real Estate Market Update
September 2018 is a Seller's market! The number of for sale listings was up 7.3% from one year earlier and up 4.5% from the previous month. The number of sold listings increased 3.8% year over year and decreased 18.6% month over month. The number of under contract listings was down 3.8% compared to previous month and up 56.8% compared to previous year. The Months of Inventory based on Closed Sales is 3, up 3.5% from the previous year.
The Average Sold Price per Square Footage was the same as compared to previous month and up 6.3% compared to last year. The Median Sold Price decreased by 1.5% from last month. The Average Sold Price also decreased by 2.3% 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 9.1% compared to previous year. The ratio of Sold Price vs. Original List Price is 96%, was the same compared to previous year.
It is a Seller's Market
Property Sales (Sold)
September property sales were 981, up 3.8% from 945 in September of 2017
and 18.6% lower than the 1205 sales last month.
Current Inventory (For Sale)
Versus last year, the total number of properties available this month is higher by 199 units of 7.3%. 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 4.5% compared to the previous month.
Property Under Contract (Pended)
There was a decrease of 3.8% in the pended properties in September, with 1151 properties versus 1196 last month. This month's pended property sales were 56.8% 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 September 2018 Average Sold Price per Square Footage of $119 was the same as last month and up 6.3% from $112 in September 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 September 2018 was 50, down 3.8% from 52 days last month and down 9.1% from 55 days in September
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 96% is the same as last month and the same as in September 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 September was $273,000, up 2.2% from $267,000 in September of 2017 and down 1.8% from $278,000 last month.
The Average Sold Price is Neutral*
The Average Sold Price in September was $208,000, up 2% from $204,000 in September of 2017 and down 2.3% from $213,000 last month.
The Median Sold Price is Neutral*
The Median Sold Price in September was $195,000, up 3.2% from $189,000 in September of 2017 and down 1.5% from $198,000 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 September 2018 Months of Inventory based on Closed Sales of 3 was increased by 3.5% compared to last year and up 30.1% compared to last month. September 2018 is Seller's market.
Months of Inventory based on Pended Sales
The September 2018 Months of Inventory based on Pended Sales of 2.5 was decreased by 32.2% compared to last year and up 8.5% compared to last month. September 2018 is Seller's market.
Post a Comment