I see lots of activities in our market everyday. It feels very vibrant but not crazy like back in the housing bubble days. Clients I work with buy/sell for a variety of reasons. First time home buyers, downsizing, people from Northern States who are absolutely tired of harsh winters, foreign investors, seeking vacation homes in sunny Florida, relocation, etc… No matter what the reason is, people are definitely looking to buy and sell in Tampa Bay area!
Here’s the newest statistics and press release from Pinellas Realtor Organization.
Pinellas County Real Estate Statistics for March 2015
It’s already hot, hot, hot out there, and it’s not just the unseasonably warm spring we’re having. Pinellas County
achieved the highest number of closed single family and townhome/condo sales in 10 years this March.
The total sold units in March 2015 was 2,033, which sets a new high record. The previous record was set in
March 2005, when 2,005 total units were sold. In addition, year-over-year stats for closed single family sales
showed a 28.8% increase and the townhome/condo segment was up 24.0% for March 2015 over March 2014.
Cash sales in Pinellas County year-over-year were up 7.0% for single family homes and up 10.1% for
This ten year high in closed single family units has caused some to note that the market is so good that it almost
feels like 2005 again.1 But industry experts are quick to point out that prices are rising at a slower rate now than
ten years ago, and lending requirements are much more stringent now than the loose practices of 2005.
“If there is concern in (Florida’s) market, it lies in the upper middle price ranges, where inventories and time on
the market are up even though sales growth is strong,” said John Tuccillo, chief economist for Florida Realtors®.
“This will bear watching over time.”1
According to the National Association of REALTORS®2, inventory climbed about 5% to 2 million existing homes
available for sale. While that’s up 2% from last year, it’s still just a 4.6-month supply of houses at the current sales
pace. A six-month supply is considered a healthy market. Here in Pinellas County, March 2015 showed a 4.2
month home supply, which is actually down 12.7% from March 2014, when the county had a 4.8 month supply
Bottom line for the market right now is that multiple offers are likely with low supply and low interest rates, so
buyers who are pre-approved and prepared to make an offer will benefit most.