Some interesting excerpts from the Pinellas County Real Estate Statistics for March 2016, which continue to indicate a strong seller's market:
- Homes got to contract quicker, closed faster, and sold for more money year-over-year for March.
- Year-over-year, the Single Family segment was up big at 18.7%
- For Single Family, Median Time to Contract was a blistering 31 days in March 2016, compared to 44 days in March 2015 (down 29.5%).
- Median Time to Sale for Single Family was just 73 days in March 2016, down from 87 days in March 2015 (down 16.1%).
- This reporting and feedback from members indicates the TRID policies implemented October 1, 2015 have not slowed the closing process as many had feared.
- Median Sale Price for Single Family was $200,000 this March, versus $175,000 last March, a wide increase of 14.3%.
- Median Sale Price for the Townhome/Condo segment was also up from last March at 10.2%, at $132,000 for March 2016 versus $120,000 for March 2015.
- Months Supply of Inventory for Single Family was way down at 19.0% from last March, with a 3.4 month supply this March, as compared to a 4.2 month supply in March 2015.
- Months Supply of Inventory for Townhome/Condo was down 11.8% year-over-year, with 4.5 months in March 2016 compared to 5.1 months in March 2015.
Thank you for sharing this, Jeff. The absorption rate jumped high in March!
Great info! Can someone explain how each one of those statistics effect investors? Sorry I am new investor so I would love to understand all that I can.
@Matthew Croker I can sum all of that in 2 words: SELLER'S MARKET!
@Matthew Croker Two words probably did not help you understand why the information points to a sellers market. The amount of inventory is often an important indicator. Six months of inventory is usually recognized as the equilibrium point between a buyers/sellers market. If inventory is shorter than six months, advantage seller.
Double digit YoY increases are also an indicator of buyer demand. Advantage seller.
Properties going under contract quicker are one more indicator of buyer activity. Advantage seller.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing