March 2019 Real Estate Market Update for Pinellas County

More properties are going onto the market in St Petersburg and Pinellas, giving buyers time to breathe while they make a selection that’s right for them.

It’s still a seller’s market, but not as strongly as it was a year ago.

Single Family Home Sales

The St Pete real estate market remains stable, going through it’s annual spring cycle. Year to year demand is a bit lower, with a slightly reduced absorption rate – at 39% for March 2019 compare to 48% in 2018, reflecting a 3 month supply of inventory.

Median Sale Price in Pinellas was up 6% year to year, while the number of closed sales were down by 94 units (-7.4%)
Time to contract increased by 3 days, to 30 days. Active/available inventory increased by 23%.

Condo and Townhome Sales

Median Sale Price in Pinellas County was up by 6.9% for condos and townhomes and the total number of sales was up 8% year over year.

Condo and townhome inventory increased by 551 units – that 26% – resulting in more months of inventory as well (from 2.9 to 3.5 months), which seems small but is a 21% increase.

How does this affect you?

Contact us and let’s talk about hos this affects your home sale or your plans to purchase property in St Petersburg / Pinellas County.

By Kathleen Seide | Posted in Market Reports | Leave a comment

 


Leave a Reply

Your email address will not be published. Required fields are marked *