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FOR IMMEDIATE RELEASEContact: David B. BennettPresident & CEO Phone: 727-216-3002Email: [email protected]

Pinellas County Real Estate Statistics for March 2017

As we wrap up the first quarter of 2017, we are seeing some powerful numbers springing into the next season. Dollar Volume for Townhomes/Condos was $199.3 million in March 2017, an astonishing increase of 35.6% from $147.0 million in March 2016. Dollar Volume for Single Family Homes increased 21.5% year-over-year, with $408.9 million in 2017 versus $336.6 million in March 2016. Median Time to Contract for Town-homes and Condos was down 30.0% year-over-year, going from 40 days in March 2016 to 28 days in March 2017.

Median Time to Contract for Single Family Homes was 30 days in March 2017, down 3.2% from last March. Median Time to Sale for Single Family Homes was 71 days this March, down 4.1% from 74 days last March. Median Sale Price for Single Family Homes was up 15.0% from last year, at $230,000 for March 2017 versus $200,000 for March 2016. Average Sale Price for Single Family Homes grew an astounding 16.0%, at $299,356 in March 2017 versus $258,152 in March 2016.

The Townhome/Condo market segment’s sales prices are still holding strong. Median Time to Sale for Townhomes and Condos was down 9.1%, at 70 days in March 2017 and 77 days in March 2016. Median Sale Price for Townhomes/Condos was $139,000 for March 2017, up 4.5% from $133,000 in March 2016.

Year-over-year, Closed Sales for the Single Family segment were up 4.8%, and Closed Sales for the Townhome/Condo segment grew an impressive 26.3%. New Listings for Single Family for March were 1,607, up 4.8% from last March, at 1,533. New Listings for Townhome/Condo for March 2017 were at 1,063, up 5.6% from 1,007 in March 2016.

The strong seller’s market grew even stronger in March, with Months Supply of Inventory down 6.9% year-over-year for Single Family Homes, with a 2.7 Month Supply this March, as compared to a 2.9 Month Supply in March 2016. Months Supply of Inventory for Townhome/Condo fell an astounding 15.0%, with 3.4 months in March 2017 and 4.0 months in March 2016.

Representing more than 8,000 members, the Pinellas Realtor® Organization is one of the Tampa Bay area’s largest professional trade associations. The organization advances and promotes the real estate profes-sion through professional development programs, government affairs, and political advocacy and main-tains a high standard of conduct by real estate professionals through professional standards training and administration.

Summary Statistics % changeyear over yearMar 2017 Feb. 2014

Closed Sales

Paid in Cash

New Pending Sales

New Listings

Pending Inventory

Inventory (Active Listings)

Combined Single Family Homes & Townhomes/Condos

Mar 2016

2321 2060 12.7%

1002 907 10.5%

2539 2405 5.6%

2670 2540 5.1%

3201 3375 - 5.2%

5692 6124 - 7.1%source: Florida Realtors

Absorption rate estimates the rate at which active listings are selling in a given market.

It’s calculated by dividing the number of closed sales by the number of active listings.

A low absorption rate means that homes are selling slowly (suggesting a buyer’s market) while a high absorption rate means that homes are selling quickly (suggesting a seller’s market).

JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

22.7%27.0%38.0%37.4%39.1%38.1%36.0%34.6%29.0%24.2%20.7%21.9%

17.3%18.7%25.0%27.9%31.8%29.8%30.2%29.6%28.2%29.2%23.1%32.0%

2014 2015 2016

Absorption Rate

Single Family21.6%27.8%36.3%36.8%36.5%42.9%

JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

13.5%16.8%22.3%28.3%28.1%23.9%25.3%24.0%20.3%18.1%16.3%18.7%

13.5%17.3%20.1%23.1%22.2%21.8%22.2%21.1%21.1%22.8%18.2%23.1%

Condo16.7%

2013 2014 2015 2016

20.5%27.3%30.6%31.6%30.8%

40.7%

30.6%

37.2%

29.1%

37.8%

28.1%

36.7%

26.4%25.5%

26.6%39.1%

28.9%

2017

2017

26.4%

17.6%

32.5%

22.1%

43.0%

27.8%

43.4%

35.9%

45.4%

30.9%

48.0%

32.8%

40.2%

29.2%

42.1%

33.2%

40.0%

28.6%

34.1%

27.6%

33.4%

28.1%

38.2%

28.5%

201329.5%

25.7%

31.7%

26.5%

47.1%

41.2%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2014

2015

2016

2017

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2014

2015

2016

2017

Produced by Florida REALTORS® with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.

Data released on Friday, April 21, 2017. Data revised on Monday, January 16, 2017. Next data release is Wednesday, May 24, 2017.

February 2017 949 -6.2%

8.6%

-2.9%

January 2017 909

December 2016 1,188

Economists' note : Closed Sales are one of the simplest—yet most

important—indicators for the residential real estate market. When

comparing Closed Sales across markets of different sizes, we

recommend comparing the percent changes in sales rather than the

number of sales. Closed Sales (and many other market metrics) are

affected by seasonal cycles, so actual trends are more accurately

represented by year-over-year changes (i.e. comparing a month's

sales to the amount of sales in the same month in the previous year),

rather than changes from one month to the next. 4.4%

June 2016 1,412

May 2016 1,321

0.4%

9.2%

0.6%

26.7%

-9.7%

6.0%

-10.1%

1.2%

April 2016 1,276

March 2016 1,304

August 2016 1,263

July 2016 1,228

November 2016 1,093

October 2016 1,070

September 2016 1,203

95.9% 0.0%

30 Days 31 Days -3.2%

$200,000 15.0%

$408.9 Million $336.6 Million 21.5%

$299,356 $258,152 16.0%

March 2016Percent Change

Year-over-Year

422 444 -5.0%

1,366 1,304 4.8%

Summary Statistics

Closed Sales

Paid in Cash

95.9%

March 2017

$230,000Median Sale Price

Average Sale Price

Dollar Volume

March 2017

Median Percent of Original

List Price Received

Median Time to Contract

71 Days

1,533

Median Time to Sale

New Pending Sales

New Listings

Month

1,607

Pending Inventory 1,898

Inventory (Active Listings) 3,206

Months Supply of Inventory 2.7

-4.1%

1,448 5.9%

Percent Change

Year-over-Year

4.8%

1,533 4.8%

Closed Sales

1,366

74 Days

2,052 -7.5%

3,342 -4.1%

2.9 -6.9%

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M

Monthly Market Detail - March 2017

Pinellas CountySingle Family Homes

0

500

1,000

1,500

Clo

sed

Sal

es

2013 2014 2015 2016

Closed SalesThe number of sales transactions which closed during the month



April 2016 32.4% -7.7%

March 2016 34.0% -15.6%

June 2016 30.5% -11.8%

May 2016 32.9% -11.6%

Economists' note : This statistic is simply another way of viewing

Cash Sales. The remaining percentages of Closed Sales (i.e. those not

paid fully in cash) each month involved some sort of financing, such as

mortgages, owner/seller financing, assumed loans, etc.

November 2016 32.1% -18.1%

October 2016 32.3% -12.9%

September 2016 28.2% -22.5%

August 2016 29.5% -15.7%

July 2016 28.4% -19.5%

January 2017 34.9% -8.2%

December 2016 27.9% -13.9%

March 2017 30.9% -9.1%

February 2017 35.0% -11.2%

March 2016 444 -11.7%

MonthPercent of Closed

Sales Paid in Cash

Percent Change

Year-over-Year

May 2016 434 -3.6%

April 2016 414 -7.0%

July 2016 349 -27.6%

June 2016 431 -11.5%

December 2016 332 -16.2%

Economists' note : Cash Sales can be a useful indicator of the extent to

which investors are participating in the market. Why? Investors are

far more likely to have the funds to purchase a home available up

front, whereas the typical homebuyer requires a mortgage or some

other form of financing. There are, of course, many possible

exceptions, so this statistic should be interpreted with care.

November 2016 351 3.8%

October 2016 346 -21.4%

September 2016 339 -21.7%

August 2016 372 -10.8%

February 2017 332 -16.8%

January 2017 317 -0.3%

Month Cash SalesPercent Change

Year-over-Year

March 2017 422 -5.0%



0%

10%

20%

30%

40%

50%

60%

Pct

. of

Clo

sed

Sa

les

Pai

d in

Cas

h

0

100

200

300

400

500

600

Cas

h S

ale

s


2013 2014 2015 2016


Cash SalesThe number of Closed Sales during the month in which buyers exclusively paid in cash

2013 2014 2015 2016

Cash Sales as a Percentage of Closed Sales

The percentage of Closed Sales during the month which were Cash Sales



Economists' note : Median Sale Price is our preferred summary

statistic for price activity because, unlike Average Sale Price, Median

Sale Price is not sensitive to high sale prices for small numbers of

homes that may not be characteristic of the market area. Keep in mind

that median price trends over time are not always solely caused by

changes in the general value of local real estate. Median sale price

only reflects the values of the homes that sold each month, and the

mix of the types of homes that sell can change over time.

Economists' note : Usually, we prefer Median Sale Price over Average

Sale Price as a summary statistic for home prices. However, Average

Sale Price does have its uses—particularly when it is analyzed

alongside the Median Sale Price. For one, the relative difference

between the two statistics can provide some insight into the market

for higher-end homes in an area.April 2016 $271,491 8.4%

March 2016 $258,152 7.9%

June 2016 $297,304 17.9%

May 2016 $253,121 6.1%

November 2016 $277,227 13.0%

October 2016 $273,294 10.6%

September 2016 $284,614 10.9%

August 2016 $282,239 19.9%

July 2016 $287,816 17.5%

January 2017 $267,704 1.1%

December 2016 $276,945 11.3%

March 2017 $299,356 16.0%

February 2017 $286,417 11.8%

March 2016 $200,000 14.3%

Month Average Sale PricePercent Change Year-

over-Year

May 2016 $201,000 8.6%

April 2016 $200,000 11.1%

July 2016 $215,000 16.0%

June 2016 $220,000 18.9%

$222,250 17.6%

November 2016 $219,900 18.9%

August 2016 $222,200 22.1%

February 2017 $222,000 16.8%

January 2017 $215,000 10.8%

October 2016 $207,000 15.0%

September 2016 $222,000 16.8%

December 2016

Month Median Sale PricePercent Change Year-

over-Year

March 2017 $230,000 15.0%



$0K

$100K

$200K

$300K

$400K

Ave

rage

Sal

e

Pri

ce

$0K

$50K

$100K

$150K

$200K

$250K

Me

dia

n S

ale

Pri

ce


2013 2014 2015 2016


Median Sale PriceThe median sale price reported for the month (i.e. 50% of sales were above and 50% of sales were below)

2013 2014 2015 2016

Average Sale PriceThe average sale price reported for the month (i.e. total sales in dollars divided by the number of sales)



Economists' note : The Median Percent of Original List Price Received

is useful as an indicator of market recovery, since it typically rises as

buyers realize that the market may be moving away from them and

they need to match the selling price (or better it) in order to get a

contract on the house. This is usually the last measure to indicate a

market has shifted from down to up, so it is what we would call a

lagging indicator. April 2016 95.9% 0.9%

March 2016 95.9% 1.8%

June 2016 96.2% 0.1%

May 2016 96.4% 0.9%

November 2016 96.2% 0.4%

October 2016 96.7% 1.0%

September 2016 96.5% 0.9%

August 2016 96.7% 0.8%

July 2016 96.5% 0.5%

January 2017 95.3% 0.1%

December 2016 95.6% -0.1%

March 2017 95.9% 0.0%

February 2017 95.5% 0.2%

March 2016 $336.6 Million 12.6%

MonthMed. Pct. of Orig. List

Price Received

Percent Change Year-

over-Year

May 2016 $334.4 Million 15.9%

April 2016 $346.4 Million 9.0%

July 2016 $353.4 Million 5.6%

June 2016 $419.8 Million 18.3%

December 2016 $329.0 Million 8.1%

Economists' note : Dollar Volume is simply the sum of all sale prices

in a given time period, and can quickly be calculated by multiplying

Closed Sales by Average Sale Price. It is a strong indicator of the

health of the real estate industry in a market, and is of particular

interest to real estate professionals, investors, analysts, and

government agencies. Potential home sellers and home buyers, on the

other hand, will likely be better served by paying attention to trends in

the two components of Dollar Volume (i.e. sales and prices)

individually.

November 2016 $303.0 Million 43.1%

October 2016 $292.4 Million -0.1%

September 2016 $342.4 Million 12.2%

August 2016 $356.5 Million 27.1%

February 2017 $271.8 Million 4.8%

January 2017 $243.3 Million 9.8%

Month Dollar VolumePercent Change Year-

over-Year

March 2017 $408.9 Million 21.5%



0%

20%

40%

60%

80%

100%

120%

Me

d. P

ct. o

f O

rig.

Li

st P

rice

R

ece

ive

d

$0

$100 M

$200 M

$300 M

$400 M

$500 M

Do

llar

Vo

lum

e


2013 2014 2015 2016


Dollar VolumeThe sum of the sale prices for all sales which closed during the month

2013 2014 2015 2016

Median Percent of Original List Price ReceivedThe median of the sale price (as a percentage of the original list price) across all properties selling during the month



April 2016 73 Days -12.0%

March 2016 74 Days -14.9%

June 2016 72 Days -5.3%

May 2016 74 Days -6.3%

Economists' note : Time to Sale is a measure of the length of the home

selling process, calculated as the number of days between the initial

listing of a property and the closing of the sale. Median Time to Sale is

the amount of time the "middle" property selling this month was on

the market. That is, 50% of homes selling this month took less time to

sell, and 50% of homes took more time to sell. Median Time to Sale

gives a more accurate picture than Average Time to Sale, which can be

skewed upward by small numbers of properties taking an abnormally

long time to sell.

November 2016 73 Days -6.4%

October 2016 73 Days 1.4%

September 2016 72 Days -4.0%

August 2016 73 Days -1.4%

July 2016 75 Days 0.0%

January 2017 81 Days -4.7%

December 2016 73 Days 0.0%

March 2017 71 Days -4.1%

February 2017 81 Days -1.2%

March 2016 31 Days -29.5%

Month Median Time to SalePercent Change Year-

over-Year

May 2016 28 Days -20.0%

April 2016 28 Days -30.0%

July 2016 28 Days -12.5%

June 2016 28 Days -9.7%


Economists' note : Like Time to Sale, Time to Contract is a measure of

the length of the home selling process calculated for sales which

closed during the month. The difference is that Time to Contract

measures the number of days between the initial listing of a property

and the signing of the contract which eventually led to the closing of

the sale. When the gap between Median Time to Contract and Median

Time to Sale grows, it is usually a sign of longer closing times and/or

declining numbers of cash sales.


October 2016 29 Days -12.1%


August 2016 27 Days -12.9%

February 2017 38 Days 0.0%


MonthMedian Time to

Contract


over-Year

March 2017 30 Days -3.2%


J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M0

20

40

60

80

100

120

Me

dia

n T

ime

to

Sa

le

0

20

40

60

80

Me

dia

n T

ime

to

C

on

trac

tMonthly Market Detail - March 2017

2013 2014 2015 2016


Median Time to ContractThe median number of days between the listing date and contract date for all Closed Sales during the month

2013 2014 2015 2016

Median Time to SaleThe median number of days between the listing date and closing date for all Closed Sales during the month



Economists' note : New Listings tend to rise in delayed response to

increasing prices, so they are often seen as a lagging indicator of

market health. As prices rise, potential sellers raise their estimations

of value—and in the most recent cycle, rising prices have freed up

many potential sellers who were previously underwater on their

mortgages. Note that in our calculations, we take care to not include

properties that were recently taken off the market and quickly

relisted, since these are not really new listings.

Economists' note : Because of the typical length of time it takes for a

sale to close, economists consider Pending Sales to be a decent

indicator of potential future Closed Sales. It is important to bear in

mind, however, that not all Pending Sales will be closed successfully.

So, the effectiveness of Pending Sales as a future indicator of Closed

Sales is susceptible to changes in market conditions such as the

availability of financing for homebuyers and the inventory of

distressed properties for sale.

April 2016 1,512 3.9%

March 2016 1,533 -0.5%

June 2016 1,493 5.2%

May 2016 1,464 3.0%

November 2016 1,317 11.8%

October 2016 1,373 -1.4%

September 2016 1,293 1.9%

August 2016 1,512 15.9%

July 2016 1,344 -8.1%

January 2017 1,405 -1.1%

December 2016 995 -5.3%

March 2017 1,607 4.8%

February 2017 1,370 -9.8%

March 2016 1,448 -4.6%

Month New ListingsPercent Change Year-

over-Year

May 2016 1,327 -6.5%

April 2016 1,537 4.3%

July 2016 1,282 -6.0%

June 2016 1,348 -4.7%

994 -1.2%

November 2016 1,025 -3.9%

August 2016 1,332 -3.0%

February 2017 1,319 -6.3%

January 2017 1,280 -0.3%

October 2016 1,209 0.4%

September 2016 1,129 -9.0%

December 2016

Month New Pending SalesPercent Change

Year-over-Year

March 2017 1,533 5.9%



0

500

1,000

1,500

2,000

Ne

w L

isti

ngs

0

500

1,000

1,500

2,000

Pe

nd

ing

Sale

s


2013 2014 2015 2016


New Pending SalesThe number of listed properties that went under contract during the month

2013 2014 2015 2016

New ListingsThe number of properties put onto the market during the month



Economists' note : There are a number of ways to define and

calculate Inventory. Our method is to simply count the number of

active listings on the last day of the month, and hold this number to

compare with the same month the following year. Inventory rises

when New Listings are outpacing the number of listings that go off-

market (regardless of whether they actually sell). Likewise, it falls

when New Listings aren't keeping up with the rate at which homes are

going off-market.

Economists' note : MSI is a useful indicator of market conditions. The

benchmark for a balanced market (favoring neither buyer nor seller)

is 5.5 months of inventory. Anything higher is traditionally a buyers'

market, and anything lower is a sellers' market. There is no single

accepted way of calculating MSI. A common method is to divide

current Inventory by the most recent month's Closed Sales count, but

this count is a usually poor predictor of future Closed Sales due to

seasonal cycles. To eliminate seasonal effects, we use the 12-month

average of monthly Closed Sales instead.

Month InventoryPercent Change Year-

over-Year

March 2017 3,206 -4.1%

February 2017 3,272 -3.3%

January 2017 3,305 -1.9%

December 2016 3,288 -0.9%

November 2016 3,447 0.4%

October 2016 3,334 -2.0%

September 2016 3,275 -1.3%

August 2016 3,246 -3.9%

July 2016 3,224 -8.4%

June 2016 3,219 -8.3%

May 2016 3,292 -8.1%

April 2016 3,225 -12.0%

March 2016 3,342 -9.7%

Month Months SupplyPercent Change Year-

over-Year

March 2017 2.7 -6.9%

February 2017 2.8 -3.4%

January 2017 2.8 -3.4%

December 2016 2.8 -3.4%

November 2016 2.9 -3.3%

October 2016 2.9 0.0%

September 2016 2.8 -3.4%

August 2016 2.8 -6.7%

July 2016 2.8 -9.7%

June 2016 2.7 -15.6%

March 2016 2.9 -17.1%

May 2016 2.8 -15.2%

April 2016 2.8 -17.6%



0.0

1.0

2.0

3.0

4.0

5.0

Mo

nth

s Su

pp

ly o

f In

ven

tory

0

1,000

2,000

3,000

4,000

5,000

Inve

nto

ry


2013 2014 2015 2016


Inventory (Active Listings)The number of property listings active at the end of the month

2013 2014 2015 2016

Months Supply of InventoryAn estimate of the number of months it will take to deplete the current Inventory given recent sales rates



$100,000 - $149,999 185 -25.1%

Sale Price Closed SalesPercent Change Year-

over-Year

Less than $50,000 11 -68.6%

$50,000 - $99,999 60 -52.4%

$150,000 - $199,999 281 19.1%

$200,000 - $249,999 236 9.8%

$50,000 - $99,999 21 Days -19.2%

$100,000 - $149,999

$400,000 - $599,999 133 38.5%

$600,000 - $999,999 88 57.1%

23 Days -11.5%

Economists' note: Closed Sales are one of the simplest—yet most






represented by year-over-year changes (i.e. comparing a month's sales

to the amount of sales in the same month in the previous year), rather

than changes from one month to the next.

Sale PriceMedian Time to

Contract


over-Year

Less than $50,000 11 Days -64.5%

$1,000,000 or more 23 21.1%

$250,000 - $299,999 183 32.6%

$300,000 - $399,999 166 22.1%


the length of the home selling process calculated for sales which closed

during the month. The difference is that Time to Contract measures

the number of days between the initial listing of a property and the

signing of the contract which eventually led to the closing of the sale.

When the gap between Median Time to Contract and Median Time to

Sale grows, it is usually a sign of longer closing times and/or declining

numbers of cash sales.

$150,000 - $199,999 17 Days -39.3%

$200,000 - $249,999 36 Days 33.3%

$250,000 - $299,999

$400,000 - $599,999 70 Days 62.8%

27 Days -30.8%

$300,000 - $399,999 40 Days 0.0%

$600,000 - $999,999 86 Days 13.2%

$1,000,000 or more 128 Days 24.3%

0

20

40

60

80

100

120

140

Less than$50,000

$50,000 -$99,999

$100,000 -$149,999

$150,000 -$199,999

$200,000 -$249,999

$250,000 -$299,999

$300,000 -$399,999

$400,000 -$599,999

$600,000 -$999,999

$1,000,000 ormore

Med

ian

Tim

e t

o

Co

ntr

act

March 2016 March 2017

0

20

40

60

80

100

120

140

0

50

100

150

200

250

300

Less than$50,000

$50,000 -$99,999

$100,000 -$149,999

$150,000 -$199,999

$200,000 -$249,999

$250,000 -$299,999

$300,000 -$399,999

$400,000 -$599,999

$600,000 -$999,999

$1,000,000 ormore

Clo

sed

Sal

es


0

50

100

150

200

250

300



Closed Sales by Sale PriceThe number of sales transactions which closed during the month

Median Time to Contract by Sale PriceThe median number of days between the listing date and contract date for all Closed Sales during the month



Initial Listing Price New ListingsPercent Change Year-

over-Year

Less than $50,000 7 -69.6%

$50,000 - $99,999 47 -58.8%

$100,000 - $149,999 144 -41.7%

Economists' note: New Listings tend to rise in delayed response to






properties that were recently taken off the market and quickly relisted,

since these are not really new listings.

$150,000 - $199,999 305 16.0%

$200,000 - $249,999 265 18.8%

$250,000 - $299,999 230 42.0%

$300,000 - $399,999 241 31.7%

$400,000 - $599,999 192 18.5%

$600,000 - $999,999 127 22.1%

$1,000,000 or more 49 -5.8%

Current Listing Price InventoryPercent Change Year-

over-Year

Less than $50,000 12 -74.5%

$50,000 - $99,999 80 -57.7%

$100,000 - $149,999 177 -47.0%

Economists' note : There are a number of ways to define and calculate

Inventory. Our method is to simply count the number of active listings

on the last day of the month, and hold this number to compare with the

same month the following year. Inventory rises when New Listings are

outpacing the number of listings that go off-market (regardless of

whether they actually sell). Likewise, it falls when New Listings aren't

keeping up with the rate at which homes are going off-market.

$150,000 - $199,999 414 -7.6%

$200,000 - $249,999 384 2.7%

$250,000 - $299,999 312 4.0%

$300,000 - $399,999 448 28.0%

$400,000 - $599,999 513 9.6%

$600,000 - $999,999 475 -3.3%

$1,000,000 or more 391 14.7%

0

50

100

150

200

250

300

350

Less than$50,000

$50,000 -$99,999

$100,000 -$149,999

$150,000 -$199,999

$200,000 -$249,999

$250,000 -$299,999

$300,000 -$399,999

$400,000 -$599,999

$600,000 -$999,999

$1,000,000 ormore

New

Lis

tin

gs


0

100

200

300

400

500

600

Less than$50,000

$50,000 -$99,999

$100,000 -$149,999

$150,000 -$199,999

$200,000 -$249,999

$250,000 -$299,999

$300,000 -$399,999

$400,000 -$599,999

$600,000 -$999,999

$1,000,000 ormore

Inve

nto

ry


0

100

200

300

400

500

600

0

50

100

150

200

250

300

350



New Listings by Initial Listing PriceThe number of properties put onto the market during the month

Inventory by Current Listing PriceThe number of property listings active at the end of the month

Closed Sales

Median Sale Price

Closed Sales

Median Sale Price

Closed Sales

Median Sale Price



March 2017 March 2016Percent Change Year-

over-Year

Traditional

1,290 1,109 16.3%

$235,000 $216,500 8.5%

Foreclosure/REO

53 166 -68.1%

$165,000 $122,000 35.2%

Short Sale

23 29 -20.7%

$135,000 $123,500 9.3%

$0

$50,000

$100,000

$150,000

$200,000

$250,000

Me

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0%

10%

20%

30%

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50%

60%

70%

80%

90%

100%

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Traditional Foreclosure/REO Short Sale

2013 2014 2015 2016



Monthly Distressed Market - March 2017


2013 2014 2015 2016



February 2017 646 4.0%

32.9%

-4.7%

January 2017 634

December 2016 687

Economists' note : Closed Sales are one of the simplest—yet most






represented by year-over-year changes (i.e. comparing a month's

sales to the amount of sales in the same month in the previous year),

rather than changes from one month to the next. -3.0%

June 2016 800

May 2016 779

3.5%

-4.2%

10.0%

11.5%

5.1%

12.8%

-8.2%

1.4%

April 2016 917

March 2016 756

August 2016 775

July 2016 682

November 2016 687

October 2016 660

September 2016 674

94.5% 0.6%

28 Days 40 Days -30.0%

$133,000 4.5%

$199.3 Million $147.0 Million 35.6%

$208,706 $194,492 7.3%

March 2016Percent Change

Year-over-Year

580 463 25.3%

955 756 26.3%

Summary Statistics

Closed Sales

Paid in Cash

95.1%

March 2017

$139,000Median Sale Price

Average Sale Price

Dollar Volume

March 2017

Median Percent of Original

List Price Received

Median Time to Contract

70 Days

1,006

Median Time to Sale

New Pending Sales

New Listings

Month

1,063

Pending Inventory 1,303

Inventory (Active Listings) 2,486

Months Supply of Inventory 3.4

-9.1%

957 5.1%

Percent Change

Year-over-Year

26.3%

1,007 5.6%

Closed Sales

955

77 Days

1,323 -1.5%

2,782 -10.6%

4.0 -15.0%



Pinellas CountyTownhouses and Condos

0

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1,200

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2013 2014 2015 2016

Closed SalesThe number of sales transactions which closed during the month



April 2016 61.1% -6.3%

March 2016 61.2% -6.3%

June 2016 57.3% -7.3%

May 2016 58.3% -5.8%

Economists' note : This statistic is simply another way of viewing

Cash Sales. The remaining percentages of Closed Sales (i.e. those not

paid fully in cash) each month involved some sort of financing, such as

mortgages, owner/seller financing, assumed loans, etc.

November 2016 60.3% -9.2%

October 2016 54.8% -11.8%

September 2016 60.1% -3.2%

August 2016 58.8% -3.0%

July 2016 55.6% -7.3%

January 2017 59.8% -2.6%

December 2016 54.1% -11.2%

March 2017 60.7% -0.8%

February 2017 60.8% -7.5%

March 2016 463 -9.0%

MonthPercent of Closed

Sales Paid in Cash

Percent Change

Year-over-Year

May 2016 454 -9.7%

April 2016 560 2.9%

July 2016 379 -15.0%

June 2016 458 -4.2%

December 2016 372 -15.3%

Economists' note : Cash Sales can be a useful indicator of the extent to

which investors are participating in the market. Why? Investors are

far more likely to have the funds to purchase a home available up

front, whereas the typical homebuyer requires a mortgage or some

other form of financing. There are, of course, many possible

exceptions, so this statistic should be interpreted with care.

November 2016 414 1.2%

October 2016 362 -7.2%

September 2016 405 -1.9%

August 2016 456 9.6%

February 2017 393 -3.7%

January 2017 379 29.4%

Month Cash SalesPercent Change

Year-over-Year

March 2017 580 25.3%



0%

20%

40%

60%

80%

100%

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Sa

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2013 2014 2015 2016


Cash SalesThe number of Closed Sales during the month in which buyers exclusively paid in cash

2013 2014 2015 2016

Cash Sales as a Percentage of Closed Sales

The percentage of Closed Sales during the month which were Cash Sales



Economists' note : Median Sale Price is our preferred summary

statistic for price activity because, unlike Average Sale Price, Median

Sale Price is not sensitive to high sale prices for small numbers of

homes that may not be characteristic of the market area. Keep in mind

that median price trends over time are not always solely caused by

changes in the general value of local real estate. Median sale price

only reflects the values of the homes that sold each month, and the

mix of the types of homes that sell can change over time.

Economists' note : Usually, we prefer Median Sale Price over Average

Sale Price as a summary statistic for home prices. However, Average

Sale Price does have its uses—particularly when it is analyzed

alongside the Median Sale Price. For one, the relative difference

between the two statistics can provide some insight into the market

for higher-end homes in an area.April 2016 $194,422 -0.8%

March 2016 $194,492 3.5%

June 2016 $206,242 11.1%

May 2016 $205,711 -1.6%

November 2016 $214,146 8.9%

October 2016 $207,645 11.3%

September 2016 $189,901 -0.5%

August 2016 $189,178 -0.1%

July 2016 $198,965 6.3%

January 2017 $234,800 30.0%

December 2016 $215,214 11.9%

March 2017 $208,706 7.3%

February 2017 $236,827 25.0%

March 2016 $133,000 10.8%

Month Average Sale PricePercent Change Year-

over-Year

May 2016 $139,000 6.9%

April 2016 $139,000 9.9%

July 2016 $139,635 7.4%

June 2016 $140,551 17.1%

$142,000 7.6%

November 2016 $147,500 9.1%

August 2016 $130,000 -5.5%

February 2017 $149,500 20.6%

January 2017 $135,000 8.1%

October 2016 $145,000 16.1%

September 2016 $126,000 5.0%

December 2016

Month Median Sale PricePercent Change Year-

over-Year

March 2017 $139,000 4.5%



$0K

$50K

$100K

$150K

$200K

$250K

Ave

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Sal

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Pri

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$0K

$50K

$100K

$150K

$200K

Me

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2013 2014 2015 2016


Median Sale PriceThe median sale price reported for the month (i.e. 50% of sales were above and 50% of sales were below)

2013 2014 2015 2016

Average Sale PriceThe average sale price reported for the month (i.e. total sales in dollars divided by the number of sales)



Economists' note : The Median Percent of Original List Price Received

is useful as an indicator of market recovery, since it typically rises as

buyers realize that the market may be moving away from them and

they need to match the selling price (or better it) in order to get a

contract on the house. This is usually the last measure to indicate a

market has shifted from down to up, so it is what we would call a

lagging indicator. April 2016 95.0% 1.2%

March 2016 94.5% 0.7%

June 2016 94.4% 0.6%

May 2016 94.6% 0.9%

November 2016 95.1% 0.6%

October 2016 94.9% 0.6%

September 2016 95.2% 0.8%

August 2016 95.0% 0.8%

July 2016 94.7% 0.6%

January 2017 95.0% 0.6%

December 2016 94.7% 0.0%

March 2017 95.1% 0.6%

February 2017 95.1% 1.0%

March 2016 $147.0 Million 0.5%

MonthMed. Pct. of Orig. List

Price Received


over-Year

May 2016 $160.2 Million -5.8%

April 2016 $178.3 Million 9.0%

July 2016 $135.7 Million -2.4%

June 2016 $165.0 Million 14.9%

December 2016 $147.9 Million 6.6%

Economists' note : Dollar Volume is simply the sum of all sale prices

in a given time period, and can quickly be calculated by multiplying

Closed Sales by Average Sale Price. It is a strong indicator of the

health of the real estate industry in a market, and is of particular

interest to real estate professionals, investors, analysts, and

government agencies. Potential home sellers and home buyers, on the

other hand, will likely be better served by paying attention to trends in

the two components of Dollar Volume (i.e. sales and prices)

individually.

November 2016 $147.1 Million 21.5%

October 2016 $137.0 Million 16.9%

September 2016 $128.0 Million 0.9%

August 2016 $146.6 Million 12.7%

February 2017 $153.0 Million 30.0%

January 2017 $148.9 Million 72.7%

Month Dollar VolumePercent Change Year-

over-Year

March 2017 $199.3 Million 35.6%



0%

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Me

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$150 M

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$250 M

Do

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2013 2014 2015 2016


Dollar VolumeThe sum of the sale prices for all sales which closed during the month

2013 2014 2015 2016

Median Percent of Original List Price ReceivedThe median of the sale price (as a percentage of the original list price) across all properties selling during the month



April 2016 77 Days -6.1%

March 2016 77 Days -14.4%

June 2016 86 Days -4.4%

May 2016 83 Days -4.6%

Economists' note : Time to Sale is a measure of the length of the home

selling process, calculated as the number of days between the initial

listing of a property and the closing of the sale. Median Time to Sale is

the amount of time the "middle" property selling this month was on

the market. That is, 50% of homes selling this month took less time to

sell, and 50% of homes took more time to sell. Median Time to Sale

gives a more accurate picture than Average Time to Sale, which can be

skewed upward by small numbers of properties taking an abnormally

long time to sell.

November 2016 78 Days 0.0%



August 2016 85 Days -14.1%

July 2016 79 Days -20.2%



March 2017 70 Days -9.1%

February 2017 91 Days 3.4%

March 2016 40 Days -20.0%

Month Median Time to SalePercent Change Year-

over-Year

May 2016 40 Days -18.4%

April 2016 36 Days -18.2%

July 2016 40 Days -31.0%

June 2016 44 Days -8.3%



the length of the home selling process calculated for sales which

closed during the month. The difference is that Time to Contract

measures the number of days between the initial listing of a property

and the signing of the contract which eventually led to the closing of

the sale. When the gap between Median Time to Contract and Median

Time to Sale grows, it is usually a sign of longer closing times and/or

declining numbers of cash sales.




August 2016 45 Days -19.6%

February 2017 47 Days -4.1%


MonthMedian Time to

Contract


over-Year

March 2017 28 Days -30.0%


J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M0

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60

80

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tMonthly Market Detail - March 2017

2013 2014 2015 2016


Median Time to ContractThe median number of days between the listing date and contract date for all Closed Sales during the month

2013 2014 2015 2016

Median Time to SaleThe median number of days between the listing date and closing date for all Closed Sales during the month



Economists' note : New Listings tend to rise in delayed response to






properties that were recently taken off the market and quickly

relisted, since these are not really new listings.

Economists' note : Because of the typical length of time it takes for a

sale to close, economists consider Pending Sales to be a decent

indicator of potential future Closed Sales. It is important to bear in

mind, however, that not all Pending Sales will be closed successfully.

So, the effectiveness of Pending Sales as a future indicator of Closed

Sales is susceptible to changes in market conditions such as the

availability of financing for homebuyers and the inventory of

distressed properties for sale.

April 2016 952 3.9%

March 2016 1,007 5.4%

June 2016 761 1.3%

May 2016 871 4.3%

November 2016 827 6.2%

October 2016 805 -12.7%

September 2016 823 6.1%

August 2016 852 10.8%

July 2016 812 21.0%

January 2017 1,012 -1.6%

December 2016 680 -4.0%

March 2017 1,063 5.6%

February 2017 974 -6.1%

March 2016 957 -1.6%

Month New ListingsPercent Change Year-

over-Year

May 2016 810 -0.1%

April 2016 875 -1.4%

July 2016 769 2.5%

June 2016 760 -2.3%

616 5.3%

November 2016 699 4.0%

August 2016 778 5.6%

February 2017 885 6.8%

January 2017 842 9.8%

October 2016 730 -10.0%

September 2016 725 7.6%

December 2016

Month New Pending SalesPercent Change

Year-over-Year

March 2017 1,006 5.1%



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2013 2014 2015 2016


New Pending SalesThe number of listed properties that went under contract during the month

2013 2014 2015 2016

New ListingsThe number of properties put onto the market during the month



Economists' note : There are a number of ways to define and

calculate Inventory. Our method is to simply count the number of

active listings on the last day of the month, and hold this number to

compare with the same month the following year. Inventory rises

when New Listings are outpacing the number of listings that go off-

market (regardless of whether they actually sell). Likewise, it falls

when New Listings aren't keeping up with the rate at which homes are

going off-market.

Economists' note : MSI is a useful indicator of market conditions. The

benchmark for a balanced market (favoring neither buyer nor seller)

is 5.5 months of inventory. Anything higher is traditionally a buyers'

market, and anything lower is a sellers' market. There is no single

accepted way of calculating MSI. A common method is to divide

current Inventory by the most recent month's Closed Sales count, but

this count is a usually poor predictor of future Closed Sales due to

seasonal cycles. To eliminate seasonal effects, we use the 12-month

average of monthly Closed Sales instead.

Month InventoryPercent Change Year-

over-Year

March 2017 2,486 -10.6%

February 2017 2,537 -10.2%

January 2017 2,527 -5.7%

December 2016 2,440 -1.6%

November 2016 2,483 -1.7%

October 2016 2,434 0.3%

September 2016 2,410 0.9%

August 2016 2,421 1.4%

July 2016 2,443 1.2%

June 2016 2,499 -3.4%

May 2016 2,672 -1.5%

April 2016 2,693 -3.9%

March 2016 2,782 -4.5%

Month Months SupplyPercent Change Year-

over-Year

March 2017 3.4 -15.0%

February 2017 3.5 -14.6%

January 2017 3.5 -10.3%

December 2016 3.4 -5.6%

November 2016 3.5 -2.8%

October 2016 3.4 -2.9%

September 2016 3.4 -2.9%

August 2016 3.4 -2.9%

July 2016 3.5 -2.8%

June 2016 3.6 -7.7%

March 2016 4.0 -13.0%

May 2016 3.8 -7.3%

April 2016 3.8 -11.6%



0.0

1.0

2.0

3.0

4.0

5.0

6.0

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s Su

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ly o

f In

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tory

0

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2,000

3,000

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2013 2014 2015 2016


Inventory (Active Listings)The number of property listings active at the end of the month

2013 2014 2015 2016

Months Supply of InventoryAn estimate of the number of months it will take to deplete the current Inventory given recent sales rates



$100,000 - $149,999 178 21.9%

Sale Price Closed SalesPercent Change Year-

over-Year

Less than $50,000 55 -20.3%

$50,000 - $99,999 269 25.1%

$150,000 - $199,999 137 45.7%

$200,000 - $249,999 73 9.0%

$50,000 - $99,999 29 Days -19.4%

$100,000 - $149,999

$400,000 - $599,999 83 93.0%

$600,000 - $999,999 28 47.4%

19 Days -52.5%

Economists' note: Closed Sales are one of the simplest—yet most






represented by year-over-year changes (i.e. comparing a month's sales

to the amount of sales in the same month in the previous year), rather

than changes from one month to the next.

Sale PriceMedian Time to

Contract


over-Year

Less than $50,000 34 Days 25.9%

$1,000,000 or more 13 18.2%

$250,000 - $299,999 51 24.4%

$300,000 - $399,999 68 33.3%


the length of the home selling process calculated for sales which closed

during the month. The difference is that Time to Contract measures

the number of days between the initial listing of a property and the

signing of the contract which eventually led to the closing of the sale.

When the gap between Median Time to Contract and Median Time to

Sale grows, it is usually a sign of longer closing times and/or declining

numbers of cash sales.

$150,000 - $199,999 27 Days -40.0%

$200,000 - $249,999 50 Days 4.2%

$250,000 - $299,999

$400,000 - $599,999 41 Days -31.7%

20 Days -48.7%

$300,000 - $399,999 59 Days 103.4%

$600,000 - $999,999 75 Days 17.2%

$1,000,000 or more 83 Days 53.7%

0102030405060708090

Less than$50,000

$50,000 -$99,999

$100,000 -$149,999

$150,000 -$199,999

$200,000 -$249,999

$250,000 -$299,999

$300,000 -$399,999

$400,000 -$599,999

$600,000 -$999,999

$1,000,000 ormore

Med

ian

Tim

e t

o

Co

ntr

act


0102030405060708090

0

50

100

150

200

250

300

Less than$50,000

$50,000 -$99,999

$100,000 -$149,999

$150,000 -$199,999

$200,000 -$249,999

$250,000 -$299,999

$300,000 -$399,999

$400,000 -$599,999

$600,000 -$999,999

$1,000,000 ormore

Clo

sed

Sal

es


0

50

100

150

200

250

300



Closed Sales by Sale PriceThe number of sales transactions which closed during the month

Median Time to Contract by Sale PriceThe median number of days between the listing date and contract date for all Closed Sales during the month



Initial Listing Price New ListingsPercent Change Year-

over-Year

Less than $50,000 47 -20.3%

$50,000 - $99,999 231 -14.8%

$100,000 - $149,999 214 28.1%

Economists' note: New Listings tend to rise in delayed response to






properties that were recently taken off the market and quickly relisted,

since these are not really new listings.

$150,000 - $199,999 140 9.4%

$200,000 - $249,999 87 -2.2%

$250,000 - $299,999 72 -6.5%

$300,000 - $399,999 124 20.4%

$400,000 - $599,999 92 43.8%

$600,000 - $999,999 44 37.5%

$1,000,000 or more 12 -29.4%

Current Listing Price InventoryPercent Change Year-

over-Year

Less than $50,000 58 -64.8%

$50,000 - $99,999 397 -26.2%

$100,000 - $149,999 354 -4.8%

Economists' note : There are a number of ways to define and calculate

Inventory. Our method is to simply count the number of active listings

on the last day of the month, and hold this number to compare with the

same month the following year. Inventory rises when New Listings are

outpacing the number of listings that go off-market (regardless of

whether they actually sell). Likewise, it falls when New Listings aren't

keeping up with the rate at which homes are going off-market.

$150,000 - $199,999 278 -9.7%

$200,000 - $249,999 206 -14.2%

$250,000 - $299,999 215 -6.1%

$300,000 - $399,999 353 10.0%

$400,000 - $599,999 289 3.6%

$600,000 - $999,999 203 -7.7%

$1,000,000 or more 133 20.9%

0

50

100

150

200

250

300

Less than$50,000

$50,000 -$99,999

$100,000 -$149,999

$150,000 -$199,999

$200,000 -$249,999

$250,000 -$299,999

$300,000 -$399,999

$400,000 -$599,999

$600,000 -$999,999

$1,000,000 ormore

New

Lis

tin

gs


0

100

200

300

400

500

600

Less than$50,000

$50,000 -$99,999

$100,000 -$149,999

$150,000 -$199,999

$200,000 -$249,999

$250,000 -$299,999

$300,000 -$399,999

$400,000 -$599,999

$600,000 -$999,999

$1,000,000 ormore

Inve

nto

ry


0

100

200

300

400

500

600

0

50

100

150

200

250

300



New Listings by Initial Listing PriceThe number of properties put onto the market during the month

Inventory by Current Listing PriceThe number of property listings active at the end of the month

Closed Sales

Median Sale Price

Closed Sales

Median Sale Price

Closed Sales

Median Sale Price



March 2017 March 2016Percent Change Year-

over-Year

Traditional

907 689 31.6%

$144,000 $135,000 6.7%

Foreclosure/REO

37 60 -38.3%

$118,000 $87,750 34.5%

Short Sale

11 7 57.1%

$85,050 $134,000 -36.5%

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

Me

dia

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100%

Clo

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Sal

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Traditional Foreclosure/REO Short Sale

2013 2014 2015 2016



Monthly Distressed Market - March 2017


2013 2014 2015 2016

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