It has been a while since I gave my readers a general update on what is happening with home prices and inventory! Those of you who have recently been in the market are probably aware that prices are continuing to rise, and inventory is still tight, especially at the affordable price points.
National statistics show average prices continuing to rise with a slight drop in homes listed for sale. (Florida Realtors News – April 26, 2016)
And specifically in our neck of the woods, here in Pinellas County March statistics reported by the Pinellas Realtor Organization show that the number of sales of single family homes was up 1.9% over the same time in 2015, while sales of townhomes and condos dipped slightly, 2.2%.
The big news is the upward movement in sales prices. The median sale price for a single family home in March 2016 was up 14.3% over the same time last year! And the median sale price for townhomes and condos was also well up at 10.2%. Plus, the statistics show that homes are selling more quickly.
New listings of single family homes were down a bit at 0.5% over last year, with townhomes and condo up 5.4% from last year.
I know…lots of numbers! So what does it all mean?
Not considering the luxury market, there is still pent up demand and not enough homes for potential buyers. This pressure is allowing sellers to list their homes for higher prices—and get higher prices from buyers anxious to purchase before values push up even higher. For luxury sellers, demand is not as hot and as a result, we do not see the jump up in pricing that we do at the lower prices.
If you are getting ready to buy, make sure you are working with a Realtor® who understands how to get it done in this type of market—us! We will help you get all your ducks in a row so we find your dream house and get you under contract ahead of other buyers!
If you are a homeowner considering selling, we know how to help you get the top dollar for homes in your neighborhood. We understand how to prepare a home for the real estate market and will work with you to make sure it stands out from the rest and is marketed correctly to get you the right buyer.
Call us when you are ready, we’re here to help. 727-286-1249.Google+