for immediate release contact: david b. bennett president...

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

Pinellas County Real Estate Statistics for August 2016As summer starts to transition to fall, we continue to see the market heating up. This past month has shown us some hot stats and we are excited to share some of the highlights of the Pinellas County Housing Market. New Listings for Single Family for August 2016 were 1,512, an impressive increase of 15.9% from last August, when they were 1,305. New Listings for Townhome/Condo for August 2016 were at 852, up 10.8% from 769 in August 2015.

Median Sale Price for Single Family was up a staggering 22.4% at $222,000 this August, versus $181,399 last August. Median Sale Price for the Townhome/Condo segment was down 4.8% from last year, at $128,950 for August 2016 versus $135,500 for August 2015.

Median Time to Contract for Townhome/Condo was 46 days in August 2016, down 20.7% from 58 days last August. Median Time to Sale for Townhome/Condo was 85 days this August, versus 99 days in August 2015, a -14.1% change year-over-year.

Median Time to Contract for Single Family was down 12.9% year-over-year, going from 31 days in August 2015 to 27 days in August 2016. Median Time to Sale for Single Family was 73 days in August 2016, almost even with August 2015, which was 74.

The number of Closed Sales for Single Family and Townhome/Condo combined for August 2016 was 2,045, up 8.3% from 1,888 in August 2015. Year-over-year, closed sales for the Single Family segment were up 5.9%, and Closed Sales for the Townhome/Condo segment were up 12.6%. New Listings for Single Family and Townhome/Condo combined were up 14.0% for August 2016 over August 2015, at 2,364 versus 2,074 last year.

Dollar Volume for Single Family was $356.5 million in August 2016, an exciting 27.1% increase from $280.4 million in August 2015. Dollar Volume for Townhome/Condo was $146.6 million in August 2016, up 12.7% from $130.1 million in August 2015.

Months Supply of Inventory for Single Family continues to reflect a seller’s market, with inventory down 8.3% year-over-year, with a 3.3 month supply this August, as compared to a 3.6 month supply in August 2015. Months Supply of Inventory for Townhome/Condo was unchanged year-over-year, with 3.9 months in both August 2016 and August 2015. Active listings for August 2016 Single Family and Townhome/Condo combined were 6,648, down 1.5% from 6,749 in August 2015.

Representing more than 7,000 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 profession through professional development programs, government affairs, and political advocacy and maintains a high standard of conduct by real estate professionals through professional standards training and administration.

Summary Statistics % changeyear over yearAug 2016 Feb. 2014

Closed Sales

Paid in Cash

New Pending Sales

New Listings

Pending Inventory

Inventory (Active Listings)

Combined Single Family Homes & Townhomes/Condos

Aug 2015

2045 1888 8.3%

828 833 - 0.6%

1335 1457 - 8.4%

2364 2074 14.0%

1984 2014 - 1.5%

6648 6749 - 1.5%source: Florida Realtors

Absorption rate is the rate at which homes are selling in a given timeframe.

JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

14.5%17.2%23.7%25.4%27.2%29.1%29.8%32.0%26.9%28.5%29.6%31.4%

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%

2012 2013 2014 2015

Absorption Rate

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

JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

10.7%12.5%20.2%20.4%18.8%18.9%16.8%17.3%15.3%16.3%17.7%18.2%

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%

2012 2013 2014 2015

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%

2016

2016

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%

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

2013

2014

2015

2016

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

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

2013

2014

2015

2016

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 Thursday, September 22, 2016. Next data release is Thursday, October 20, 2016.

-1.4%

892 -9.3%

Percent Change

Year-over-Year

5.9%

1,305 15.9%

Closed Sales

1,265

74 Days

1,261 -7.3%

4,095 -4.4%

3.6 -8.3%

August 2016

Median Percent of Original

List Price Received

Median Time to Contract

73 Days

809

Median Time to Sale

New Pending Sales

New Listings

Month

1,512

Pending Inventory 1,169

Inventory (Active Listings) 3,914

Months Supply of Inventory 3.3

Summary Statistics

Closed Sales

Paid in Cash

96.7%

August 2016

$222,000Median Sale Price

Average Sale Price

Dollar Volume

August 2015Percent Change

Year-over-Year

372 417 -10.8%

1,265 1,195 5.9%

$181,399 22.4%

$356.5 Million $280.4 Million 27.1%

$281,796 $234,647 20.1%

95.9% 0.8%

27 Days 31 Days -12.9%

April 2016 1,280

March 2016 1,307

February 2016 1,020

August 2015 1,195

January 2016 840

December 2015 1,227

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. 8.6%

November 2015 869

October 2015 1,188

0.0%

5.8%

13.3%

0.9%

4.5%

7.4%

3.3%

3.2%

September 2015 1,191

July 2016 1,236 -10.0%

0.3%

9.4%

June 2016 1,416

May 2016 1,327

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 A M J J A

Monthly Market Detail - August 2016

Pinellas CountySingle Family Homes

0

500

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2012 2013 2014 2015 2016

Closed SalesThe number of sales transactions which closed during the month



Month Cash SalesPercent Change

Year-over-Year

August 2016 372 -10.8%

July 2016 349 -27.6%

June 2016 431 -11.5%

May 2016 433 -3.8%

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.

April 2016 414 -7.0%

March 2016 444 -11.7%

February 2016 399 -16.0%

January 2016 318 -4.8%

December 2015 396 -13.2%

November 2015 338 -4.0%

October 2015 440 2.1%

September 2015 433 -3.3%

August 2015 417 -2.3%

MonthPercent of Closed

Sales Paid in Cash

Percent Change

Year-over-Year

August 2016 29.4% -15.8%

July 2016 28.2% -19.7%

June 2016 30.4% -11.9%

May 2016 32.6% -12.1%

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.

April 2016 32.3% -8.0%

March 2016 34.0% -15.4%

February 2016 39.1% -18.7%

January 2016 37.9% -11.2%

December 2015 32.3% -15.9%

November 2015 38.9% -4.0%

October 2015 37.0% -3.6%

September 2015 36.4% -14.6%

August 2015 34.9% -10.1%



0%

10%

20%

30%

40%

50%

60%

Pct

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2012 2013 2014 2015 2016


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

2012 2013 2014 2015 2016

Cash Sales as a Percentage of Closed SalesThe percentage of Closed Sales during the month which were Cash Sales



Month Median Sale PricePercent Change

Year-over-Year

August 2016 $222,000 22.4%

January 2016 $193,000 23.3%

July 2016 $214,950 16.2%

June 2016 $220,000 18.9%

March 2016 $200,000 14.3%

February 2016 $189,700 21.6%

May 2016 $200,000 8.1%

April 2016 $200,000 11.1%

December 2015 $187,000 10.7%

November 2015 $183,750 5.0%

October 2015 $180,000 2.9%

September 2015 $190,000 14.8%

August 2015 $181,399 4.3%

Month Average Sale PricePercent Change

Year-over-Year

August 2016 $281,796 20.1%

July 2016 $285,990 17.4%

June 2016 $296,470 18.0%

May 2016 $251,958 5.9%

January 2016 $263,733 18.6%

December 2015 $247,977 5.0%

8.0%

March 2016 $257,563 7.8%

February 2016 $254,201 22.7%

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.September 2015 $256,207 13.7%

August 2015 $234,647 -3.9%

November 2015 $243,706 1.8%

October 2015 $246,521 0.2%

April 2016 $270,647



$0K

$100K

$200K

$300K

$400K

Ave

rage

Sal

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Pri

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$0K

$50K

$100K

$150K

$200K

$250K

Me

dia

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ale

Pri

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2012 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)

2012 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)



Month Dollar VolumePercent Change

Year-over-Year

August 2016 $356.5 Million 27.1%

July 2016 $353.5 Million 5.6%

June 2016 $419.8 Million 18.3%

May 2016 $334.3 Million 15.9%

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.

April 2016 $346.4 Million 9.0%

March 2016 $336.6 Million 12.6%

February 2016 $259.3 Million 26.7%

January 2016 $221.5 Million 27.4%

December 2015 $304.3 Million 8.5%

November 2015 $211.8 Million 1.8%

October 2015 $292.9 Million 6.0%

September 2015 $305.1 Million 28.9%


MonthMed. Pct. of Orig. List

Price Received

Percent Change

Year-over-Year

August 2016 96.7% 0.8%

July 2016 96.5% 0.5%

June 2016 96.2% 0.1%

May 2016 96.4% 0.9%

January 2016 95.2% 1.4%

December 2015 95.7% 1.3%

March 2016 95.9% 1.8%

February 2016 95.3% 1.5%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. September 2015 95.6% 1.5%

August 2015 95.9% 0.9%

November 2015 95.8% 1.3%

October 2015 95.7% 1.5%

April 2016 95.9% 0.9%



0%

20%

40%

60%

80%

100%

120%

Me

d. P

ct. o

f O

rig.

Li

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R

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ive

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$200 M

$300 M

$400 M

$500 M

Do

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Vo

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2012 2013 2014 2015 2016


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

2012 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



MonthMedian Time to

Contract

Percent Change

Year-over-Year

August 2016 27 Days -12.9%

July 2016 29 Days -9.4%

June 2016 28 Days -9.7%

May 2016 28 Days -20.0%

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.

April 2016 28 Days -30.0%

March 2016 31 Days -29.5%

February 2016 39 Days -27.8%

January 2016 40 Days -24.5%

December 2015 30 Days -26.8%

November 2015 32 Days -20.0%

October 2015 33 Days -10.8%

September 2015 34 Days -19.0%

August 2015 31 Days -16.2%

Month Median Time to SalePercent Change

Year-over-Year

August 2016 73 Days -1.4%

July 2016 75 Days 0.0%

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.

April 2016 73 Days -12.0%

March 2016 73 Days -16.1%









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 A M J J A0

50

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tMonthly Market Detail - August 2016

2012 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

2012 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



Month New Pending SalesPercent Change

Year-over-Year

August 2016 809 -9.3%

January 2016 793 -12.4%

July 2016 780 -13.2%

June 2016 806 -14.7%

March 2016 924 -9.1%

February 2016 885 -3.3%

May 2016 793 -13.0%

April 2016 917 -7.8%

December 2015 658 -9.4%

November 2015 664 -16.8%

October 2015 796 -9.6%

September 2015 835 2.0%

August 2015 892 -2.0%

Month New ListingsPercent Change

Year-over-Year

August 2016 1,512 15.9%

July 2016 1,344 -8.1%

June 2016 1,493 5.2%

May 2016 1,460 2.7%

January 2016 1,420 3.4%

December 2015 1,051 2.3%

3.9%

March 2016 1,533 -0.5%

February 2016 1,519 15.2%

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.

September 2015 1,269 0.0%

August 2015 1,305 -2.8%

November 2015 1,178 6.8%

October 2015 1,393 -0.1%

April 2016 1,512



0

500

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1,500

2,000

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200

400

600

800

1,000

1,200

Pe

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s


2012 2013 2014 2015 2016


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

2012 2013 2014 2015 2016

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



August 2015 3.6 -21.7%

October 2015 3.5 -23.9%

September 2015 3.4 -26.1%

December 2015 3.3 -21.4%

November 2015 3.5 -20.5%

February 2016 3.5 -18.6%

January 2016 3.4 -22.7%

April 2016 3.4 -17.1%

March 2016 3.4 -19.0%

June 2016 3.3 -13.2%

May 2016 3.4 -15.0%

August 2016 3.3 -8.3%

July 2016 3.3 -10.8%

August 2015 4,095 -6.0%

Month Months SupplyPercent Change

Year-over-Year

October 2015 4,027 -10.3%

September 2015 3,952 -9.9%

December 2015 3,878 -8.9%

November 2015 4,053 -7.2%

February 2016 4,072 -8.3%

January 2016 4,015 -10.0%

-8.2%

April 2016 3,995 -9.6%

March 2016 4,015 -10.2%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

August 2016 3,914 -4.4%

July 2016 3,855 -9.0%

June 2016 3,916 -8.1%

May 2016 4,014



0.0

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2012 2013 2014 2015 2016


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

2012 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



$600,000 - $999,999 53 Days -31.2%

$1,000,000 or more 71 Days 144.8%









$150,000 - $199,999 21 Days -27.6%

$200,000 - $249,999 20 Days -35.5%

$250,000 - $299,999

$400,000 - $599,999 42 Days -37.3%

22 Days -38.9%

$300,000 - $399,999 29 Days -23.7%

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








than changes from one month to the next.

Sale PriceMedian Time to

Contract

Percent Change

Year-over-Year

Less than $50,000 21 Days -25.0%

$1,000,000 or more 22 83.3%

$250,000 - $299,999 142 17.4%

$300,000 - $399,999 174 95.5%

$50,000 - $99,999 22 Days -26.7%

$100,000 - $149,999

$400,000 - $599,999 135 35.0%

$600,000 - $999,999 61 64.9%

24 Days 4.3%

$150,000 - $199,999 249 7.8%

$200,000 - $249,999 194 26.8%

$100,000 - $149,999 198 -22.7%

Sale Price Closed SalesPercent Change

Year-over-Year

Less than $50,000 11 -78.0%

$50,000 - $99,999 79 -45.9%

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

Me

dia

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t

August 2015 August 2016

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

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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



$600,000 - $999,999 493 15.7%

$1,000,000 or more 362 21.5%

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







$150,000 - $199,999 563 -5.7%

$200,000 - $249,999 473 5.3%

$250,000 - $299,999 404 13.8%

$300,000 - $399,999 494 10.8%

$400,000 - $599,999 572 16.5%

$50,000 - $99,999 157 -58.6%

$100,000 - $149,999 361 -35.3%

Current Listing Price InventoryPercent Change

Year-over-Year

Less than $50,000 35 -63.5%

$600,000 - $999,999 100 44.9%

$1,000,000 or more 41 105.0%

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








$150,000 - $199,999 300 21.0%

$200,000 - $249,999 240 57.9%

$250,000 - $299,999 186 44.2%

$300,000 - $399,999 179 28.8%

$400,000 - $599,999 169 53.6%

$50,000 - $99,999 94 -33.8%

$100,000 - $149,999 190 -24.3%

Initial Listing Price New ListingsPercent Change

Year-over-Year

Less than $50,000 13 -71.1%

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

Ne

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100

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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

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0

100

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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

A

M

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A

S

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D

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F

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A

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Short Sale

19 49 -61.2%

$137,000 $123,500 10.9%

Foreclosure/REO

100 208 -51.9%

$137,250 $109,950 24.8%

August 2016 August 2015Percent Change

Year-over-Year

Traditional

1,146 938 22.2%

$230,050 $197,750 16.3%

$0

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Traditional Foreclosure/REO Short Sale

2012 2013 2014 2015 2016



Monthly Distressed Market - August 2016


2012 2013 2014 2015 2016



-14.1%

565 -6.9%

Percent Change

Year-over-Year

12.6%

769 10.8%

Closed Sales

780

99 Days

753 8.2%

2,654 3.0%

3.9 0.0%

August 2016

Median Percent of Original

List Price Received

Median Time to Contract

85 Days

526

Median Time to Sale

New Pending Sales

New Listings

Month

852

Pending Inventory 815

Inventory (Active Listings) 2,734

Months Supply of Inventory 3.9

Summary Statistics

Closed Sales

Paid in Cash

95.0%

August 2016

$128,950Median Sale Price

Average Sale Price

Dollar Volume

August 2015Percent Change

Year-over-Year

456 416 9.6%

780 693 12.6%

$135,500 -4.8%

$146.6 Million $130.1 Million 12.7%

$187,975 $187,683 0.2%

94.2% 0.8%

46 Days 58 Days -20.7%

April 2016 922

March 2016 762

February 2016 625

August 2015 693

January 2016 477

December 2015 725

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








than changes from one month to the next. 14.4%

November 2015 619

October 2015 630

16.4%

-3.4%

11.1%

10.6%

-2.2%

-5.9%

6.6%

1.3%

September 2015 669

July 2016 687 -8.2%

3.6%

-4.3%

June 2016 806

May 2016 780



Pinellas CountyTownhouses and Condos

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Closed SalesThe number of sales transactions which closed during the month



Month Cash SalesPercent Change

Year-over-Year

August 2016 456 9.6%

July 2016 379 -15.0%

June 2016 458 -4.2%

May 2016 454 -9.7%

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.

April 2016 560 2.9%

March 2016 463 -9.0%

February 2016 408 -6.8%

January 2016 293 -18.4%

December 2015 439 -1.3%

November 2015 409 19.9%

October 2015 390 -6.0%

September 2015 413 5.4%

August 2015 416 10.1%

MonthPercent of Closed

Sales Paid in Cash

Percent Change

Year-over-Year

August 2016 58.5% -2.5%

July 2016 55.2% -7.4%

June 2016 56.8% -7.5%

May 2016 58.2% -5.7%

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.

April 2016 60.7% -6.9%

March 2016 60.8% -6.9%

February 2016 65.3% -8.0%

January 2016 61.4% -13.3%

December 2015 60.6% -7.3%

November 2015 66.1% 3.1%

October 2015 61.9% -2.8%

September 2015 61.7% -5.2%

August 2015 60.0% -3.8%



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2012 2013 2014 2015 2016


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

2012 2013 2014 2015 2016

Cash Sales as a Percentage of Closed SalesThe percentage of Closed Sales during the month which were Cash Sales



Month Median Sale PricePercent Change

Year-over-Year

August 2016 $128,950 -4.8%

January 2016 $124,900 15.6%

July 2016 $139,000 6.9%

June 2016 $140,000 16.7%

March 2016 $132,250 10.2%

February 2016 $122,000 6.6%

May 2016 $138,250 6.3%

April 2016 $138,000 9.1%

December 2015 $131,000 9.2%

November 2015 $135,000 21.3%

October 2015 $124,590 -7.3%

September 2015 $120,000 9.1%

August 2015 $135,500 14.9%

Month Average Sale PricePercent Change

Year-over-Year

August 2016 $187,975 0.2%

July 2016 $197,528 6.3%

June 2016 $204,720 11.0%

May 2016 $205,441 -1.5%

January 2016 $180,662 -2.1%

December 2015 $191,346 7.8%

-1.4%

March 2016 $192,975 2.7%

February 2016 $188,317 4.5%

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.September 2015 $189,712 1.3%

August 2015 $187,683 0.0%

November 2015 $195,613 15.9%

October 2015 $186,036 -3.0%

April 2016 $193,379



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2012 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)

2012 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)



Month Dollar VolumePercent Change

Year-over-Year


July 2016 $135.7 Million -2.4%

June 2016 $165.0 Million 14.9%

May 2016 $160.2 Million -5.8%

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.

April 2016 $178.3 Million 9.1%

March 2016 $147.0 Million 0.5%

February 2016 $117.7 Million 5.9%

January 2016 $86.2 Million -7.9%

December 2015 $138.7 Million 14.9%

November 2015 $121.1 Million 34.8%

October 2015 $117.2 Million -6.2%

September 2015 $126.9 Million 12.5%


MonthMed. Pct. of Orig. List

Price Received

Percent Change

Year-over-Year

August 2016 95.0% 0.8%

July 2016 94.7% 0.6%

June 2016 94.4% 0.6%

May 2016 94.6% 0.9%

January 2016 94.4% 1.2%

December 2015 94.7% 1.5%

March 2016 94.5% 0.7%

February 2016 94.2% 1.4%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. September 2015 94.4% 1.2%

August 2015 94.2% 1.0%

November 2015 94.5% 1.9%

October 2015 94.3% 1.0%

April 2016 95.0% 1.2%



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2012 2013 2014 2015 2016


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

2012 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



MonthMedian Time to

Contract

Percent Change

Year-over-Year

August 2016 46 Days -20.7%

July 2016 40 Days -32.2%

June 2016 44 Days -10.2%

May 2016 40 Days -18.4%









April 2016 36 Days -18.2%

March 2016 41 Days -18.0%








Month Median Time to SalePercent Change

Year-over-Year

August 2016 85 Days -14.1%

July 2016 79 Days -20.2%

June 2016 86 Days -7.5%

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.

April 2016 77 Days -6.1%

March 2016 77 Days -14.4%

February 2016 88 Days 0.0%








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 M A M J J A0

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2012 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

2012 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



Month New Pending SalesPercent Change

Year-over-Year

August 2016 526 -6.9%

January 2016 519 -12.9%

July 2016 537 -3.8%

June 2016 534 -1.8%

March 2016 699 -0.1%

February 2016 592 -10.7%

May 2016 560 -5.2%

April 2016 600 -8.0%

December 2015 423 -10.2%

November 2015 492 7.7%

October 2015 608 15.6%

September 2015 489 -6.3%

August 2015 565 7.6%

Month New ListingsPercent Change

Year-over-Year

August 2016 852 10.8%

July 2016 812 21.0%

June 2016 761 1.3%

May 2016 859 2.9%

January 2016 1,028 2.2%

December 2015 708 4.1%

3.9%

March 2016 1,007 5.4%

February 2016 1,037 8.6%

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








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.

September 2015 776 12.5%

August 2015 769 0.7%

November 2015 779 1.4%

October 2015 922 11.8%

April 2016 952



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2012 2013 2014 2015 2016


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

2012 2013 2014 2015 2016

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



August 2015 3.9 -25.0%

October 2015 3.9 -23.5%

September 2015 3.8 -24.0%

December 2015 3.9 -22.0%

November 2015 4.0 -23.1%

February 2016 4.5 -15.1%

January 2016 4.3 -18.9%

April 2016 4.3 -12.2%

March 2016 4.5 -11.8%

June 2016 4.0 -9.1%

May 2016 4.2 -8.7%

August 2016 3.9 0.0%

July 2016 3.9 -2.5%

August 2015 2,654 -12.8%

Month Months SupplyPercent Change

Year-over-Year

October 2015 2,708 -10.3%

September 2015 2,647 -10.4%

December 2015 2,712 -10.9%

November 2015 2,790 -9.8%

February 2016 3,137 -6.1%

January 2016 2,981 -9.8%

-2.2%

April 2016 3,040 -3.3%

March 2016 3,110 -4.7%Economists' note : There are a number of ways to define and calculate







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

August 2016 2,734 3.0%

July 2016 2,746 1.1%

June 2016 2,791 -5.3%

May 2016 2,977



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

2012 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



$600,000 - $999,999 83 Days 124.3%

$1,000,000 or more 110 Days -58.6%









$150,000 - $199,999 39 Days -15.2%

$200,000 - $249,999 41 Days -29.3%

$250,000 - $299,999

$400,000 - $599,999 75 Days 53.1%

67 Days -28.7%

$300,000 - $399,999 62 Days -20.5%

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








than changes from one month to the next.

Sale PriceMedian Time to

Contract

Percent Change

Year-over-Year

Less than $50,000 81 Days 14.1%

$1,000,000 or more 9 50.0%

$250,000 - $299,999 48 0.0%

$300,000 - $399,999 58 -17.1%

$50,000 - $99,999 41 Days -31.7%

$100,000 - $149,999

$400,000 - $599,999 46 27.8%

$600,000 - $999,999 12 -20.0%

30 Days -37.5%

$150,000 - $199,999 103 28.8%

$200,000 - $249,999 62 0.0%

$100,000 - $149,999 162 47.3%

Sale Price Closed SalesPercent Change

Year-over-Year

Less than $50,000 59 -32.2%

$50,000 - $99,999 221 23.5%

0

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$200,000 -$249,999

$250,000 -$299,999

$300,000 -$399,999

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$600,000 -$999,999

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$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

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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



$600,000 - $999,999 210 22.1%

$1,000,000 or more 127 19.8%

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







$150,000 - $199,999 337 1.8%

$200,000 - $249,999 240 14.3%

$250,000 - $299,999 203 10.3%

$300,000 - $399,999 295 11.3%

$400,000 - $599,999 267 33.5%

$50,000 - $99,999 483 -17.4%

$100,000 - $149,999 420 7.4%

Current Listing Price InventoryPercent Change

Year-over-Year

Less than $50,000 152 -27.6%

$600,000 - $999,999 29 0.0%

$1,000,000 or more 21 31.3%

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








$150,000 - $199,999 118 4.4%

$200,000 - $249,999 66 29.4%

$250,000 - $299,999 54 17.4%

$300,000 - $399,999 74 25.4%

$400,000 - $599,999 75 -10.7%

$50,000 - $99,999 197 7.7%

$100,000 - $149,999 175 56.3%

Initial Listing Price New ListingsPercent Change

Year-over-Year

Less than $50,000 43 -43.4%

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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

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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

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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

A

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D

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F

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A

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J

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Short Sale

10 13 -23.1%

$82,000 $90,000 -8.9%

Foreclosure/REO

50 81 -38.3%

$101,700 $69,900 45.5%

August 2016 August 2015Percent Change

Year-over-Year

Traditional

720 599 20.2%

$133,500 $149,500 -10.7%

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2012 2013 2014 2015 2016



Monthly Distressed Market - August 2016


2012 2013 2014 2015 2016

for immediate release contact: david b. bennett president...

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