Here are the lastest real estate statistics for Pinellas, Hillsborough, Manatee and Sarasota Counties from the month ending June 2022 – broken down by Single Family Homes vs. Condos/Townhomes. Looking at Single Family in Pinellas County as an example, as compared to last month’s numbers: Median sale price is down $5K from $450K last month to $445K this month and average sale price also down $13K from $613K last month to $600K this month. Closed sales went from 1,147 last month down to 1,073 and dollar volume went from $703M to $644M. Supply is UP from 1 month supply to 1.5 months supply which is good news for buyers – more selection and a little less competition.
To explain in lay terms why we measure supply in term’s of months, the months’ supply is the ratio of houses listed for sale to houses sold. This statistic provides an indication of the size of the new for-sale inventory in relation to the number of houses currently being sold. The months’ supply indicates how long the current for-sale inventory would last given the current sales rate if no additional new houses were built or listed for sale.
0-5 months supply = seller’s market, 5-7 months is considered a balanced market, 7+ is considered a buyer’s market.
If you have any questions – post in the comments and I’ll try to accommodate.