July Real Estate Statistics have been released by the Pinellas Realtor Organization indicating that we are likely to continue to see a slow climb in housing prices in future months due to the following conditions for July:
• Low Inventory - 4.4 months supply for Single Family Homes and 4.9 months supply of inventory for Condos.
• Cash sales for Single Family Homes dropped slightly but is a positive increase from last year.
• Cash sales for Condos increased slightly and is a positive increase from last year.
• New Listings for Single Family Homes continues to increase slowly month over month; 24.5% increase from the same time last year and for Condos, an increase each month since May of 2013 and is a 0.4% increase from this same time last year.
• Increase in traditional closed sales by 24.9% for Single Family Homes and 46.1% for Condos.
The median days on market decreased 18.5% for Single Family Homes and 10.4% for Condos. These numbers are reflective of a market with low inventory and an increased number of buyers. Seller confidence seems to be increasing as shown by the slow increase in new listings each month.
Recent changes to FHA requirements may bring additional buyers to the market increasing the demand for housing even further. The market is favorable for those ready to sell their homes and investment properties.