According to member Jim White of Century 21, the real estate market in Pinellas County is off to a good start and gaining strength going into the third month of 2016. Since reaching a bottom in 2011, we are seeing continued appreciation in homes and condos.

The following information was obtained from the Mid Florida Region MLS service of Florida.

The number of closed sales of Single Family homes and Townhomes/Condo combined for February 2016 was 1,645, which is a 2.5% increase from 1605 sales in February 2015.  The Single family home segment was up 3.2% and the Townhomes/Condo segment was up 1.3% year over year.

Properties are also selling in a shorter period of time.  Median time to contract was just 39 days in February 2016, compared to 54 days in February 2015 (down27.8%).  Median time to sale or closing was 83 days in February 2016, down from 95 days in February 2015 (down 12.6%).

Average Sale Price for a single family home was up 22.7% from last year. In February 2016 Average Sale price for a single family home was $254,201 versus $207,140 in February 2015. The Condo market was not quite as strong as far as average sales price.  The Average Sale Price for Townhome/Condo was up only slightly at 4.5% year over year, at $188,317 in February 2016 versus $180,139 last February.

Months Supply of Inventory for Single Family was down 18.6% from last February, with a 3.5 month supply this February, as compared to a 4.3 month supply in February 2015.  Months Supply of Inventory for Townhome/Condo was down 15.1% year-over-year, with 4.5 months in February 2016 compared to 5.3 months in February 2015. Active listings for February 2016 Single Family and Townhome/Condo combined were 7,209, down 7.4% from 7,781 in February 2015.

The Gulf beaches are seeing similar results in terms of increased pricing and shorter days on the market.  We anticipate this trend will continue.  We continue to see out of state consumers wanting to retire, relocate or purchase a second home in Florida.  Interest rates are still low and affordable, so this will help the current trend!

Commercial Real Estate continues to grow as well, as we see more and more sites being developed along the Gulf Beaches.

Jim White

CENTURY 21 Jim White & Associates

10645 Gulf Blvd

Treasure Island, FL  33706