I have presented an overview of the national, state and Pinellas County residential market. I have relied on statistics provided by NAR (National Association of Realtors), FAR (Florida Association of Realtors), and GTAR (Greater Tampa Area of Realtors).
National and Regional Condominium Market
According to NAR, existing Condominium sales have decreased slightly with projected annual sales of 620,000 units in May 2018 versus 640,000 units in May 2017. Statistics in the South have increased slightly with annual sales in May 2018 of 290,000 versus 271,000 in May 2017.As of May 2018 there was a 3.9 month supply of inventory available, which was down from a 4.2 month supply of inventory available from the previous year, nationwide.
As illustrated on the following table, the median nationwide existing condominium price was $244,100 in May 2018, which is up 2.5% from a year ago. The median price in the South was $189,300, which was down 1.0% from the previous year.
The average nationwide existing condominium price was $292,400 in May 2018, reflecting a 2.6% increase from a year ago. The average price in the South was down 1.3% from the previous year.
Florida Condominium Market
The following data was prepared by the Florida Association of Realtors (FAR).As can be seen in the following charts, sales of condominium units increased by 2.8% in 2018, compared with 2017 numbers. Sales volumes have increased each of the past five years. In the First quarter of 2018, there were 27,088 sales, an increase of 2.8% over the First Quarter of 2017 figures.
STATE OF FLORIDA HISTORICAL CLOSED SALES FIGURES
Along with increases in the number of sales, both the median and average sales pricing has also increased in 2018, up 7.8% and 10.4% from 2017 figures. Both the median and average sales pricing in Florida has continued to increase during the first quarter of 2018.
STATE OF FLORIDA HISTORICAL AVERAGE SALES PRICE FIGURES
Tampa Bay Condominium Market
The following data was prepared by the Greater Tampa Association of Realtors (GTAR). As can be seen in the following charts, sales of condominium units decreased in the first quarter of 2018 over the first quarter of 2017.
TAMPA AREA CLOSED SALES FIGURES
Home pricing has continued to increase, with a median sales price in the First Quarter of 2018 at $154,000, representing a 10.0% increase from First Quarter of 2017.
TAMPA AREA MEDIAN SALES PRICE FIGURES
The Tampa Bay MSA area experienced large growth in residential housing in recent years. Since the beginning of 2015, the market has shown increases in both pricing and sales figures. Pinellas County is slowly becoming more built out with less vacant land available for development. Based upon the previous data, 2018 appears to be showing significant improvement over 2017 in terms of pricing and sales
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