August 2015 Pinellas County Real Estate Market Update

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August showed the market is still very strong although the pace of increase slowed slightly from the previous 3 months. This is not unusual to see in August since a lot of the buying activity in the Spring is related to families wanting to buy and move before the school year starts. Even though the pace of growth is not as dramatic as in the previous months it still is showing an increase over last year and can’t be considered that the market is turning.

With the changes that will begin on October 3rd there will likely be an increase in properties going under contract during September which should translate to increase closings in September and October but probably starting sometime in mid-late October there will be somewhat of a slowdown.

Inventory is still very low, August is the 5th month in a row where the inventory level was below 3 months. We have not seen this since 2005 which was the peak of that market. So if you’ve considered selling, now would be a good time to get further information to find out if you should proceed.

Here are the August graphs (click either one to see a larger version):

Pinellas county residential real estate sales graph Jan 2007 thru Aug 2015

Pinellas county residential real estate inventory graph Jan 2007 thru Aug 2015

(Information for charts above was taken from PRO/Suncoast MLS from Jan 2007 thru May 2011 & from the MFRMLS for May 2011 thru August 2015. This information may or may not include all listed expired, withdrawn, pending or sold properties of one or more members of the My Florida Regional Multiple Listing Service.)

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