June Real Estate, by the Numbers

Pinellas Realtor Organization released their June Real Estate Statistics today.

Active inventory for single family residences is down 15.3% from last June and townhomes/condos is down 10.8%. We remain in a seller's market and the lack of inventory continues to frustrate potential homebuyers with many losing out to wealthier cash buyers and investment organizations.

The median sales price for single family residences is up 18.7% from last year at $159,000. This is a decrease from May's number of $162,250 but is still higher than any other month we've had in years. The median sales price for townhomes/condos is up 11.2% from last year at $119,000.

The number of closed sales for single family short sales has decreased 31.6% and the number of townhomes/condo short sales has decreased 40.9%. Perhaps more owners are willing to try a loan modification and wait it out for now with prices increasing.

While the saying goes that real estate is about location, location, location, location, it's also about timing, timing, timing. If we've learned anything, it's that the market can flip around very quickly.