Pinellas County Real Estate Market Statistics, March 2016

[Jeff Copeland]

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.