The Pinellas Realtor Organization, following the release of its June real estate statistics, is forecasting a possible seller’s market for the area.
According to PRO, for the first time in the history of Fannie Mae’s National Housing Survey, which polls 1,000 Americans each month, 52 percent of people said they believe now is a good time to sell. And while Florida’s real estate market is unique, this statistic shouldn’t be ignored, as it’s the first time this metric has surpassed the 50 percent mark in the survey’s history.
Locally, Pinellas County’s inventory, or active listings, were down 2.8 percent from June 2014. Combined, 7,211 single-family homes, townhouses and condos were listed last month. The figure is down from May 2015, where there were 7,406 combined active listings throughout Pinellas County.
PRO says “the benchmark for a balanced market is considered 5.5 months of inventory.” What they mean by “balanced” is that the market neither favors buyers or sellers. However, according to Pinellas County’s June 2015 statistics, which show only 3.9 months of inventory for single-family homes, we are quite a bit below that 5.5-month benchmark. And in order to get to it, we need sellers to put more product on the market.
Pinellas County’s combined total single-family homes, townhouses and condos sold in June 2015 came in at 2,192, a figure that’s up a bit from the 2,029 sold in May of 2015. Sales had been on their way up since February, a month that saw 1,606 like homes get sold, but were down some in May, at 2,029 sales.
June’s combined year-over-year stats for closed single-family homes, townhouses and condos in Pinellas County showed a big 26.2 percent increase — that’s comparing June 2015 to June 2014. Compare that to the 10 percent year-over-year increase from May 2014 to May 2015.
PRO’s next Pinellas County real estate data release is slated for August 20.