Pinellas County Florida, like the rest of the state, has taken off in 2015 and the momentum is expected to continue. Inventory is low and we are even seeing bidding wars starting to take place once again on some properties!
Looking at single family homes and comparing February 2015 to February 2014 we see that there have been 34.6% more homes sold and they have had a price increase on average of 4.7%. New listings are up 6.2% but median time on market is down 6.3%. Overall inventory for single family homes is down 2.3% over February 2014.
In the condo/townhome market for the same time period we find sales up 14.3% with a price increase on average of 10.6%. New listings are up 13.2% but median time on market is down 6.2%. Overall inventory for condo/townhomes is up 0.9% over a year ago.
With the market moving in this direction, more sellers are entering the market once again since they are receiving more money for their home and buyers are making their choice sooner since they are realizing that the longer they wait, the more they are going to be paying.
Give us a call today with any questions!