There wasn’t much of a surprise in the February sales – we again saw a very small increase from February of last year which continues the trend we’ve been seeing since October 2015. There have been increases over the previous year in each month from last October through last months so we are still in a strong market, but we are not seeing the big increases from the same month in the previous year like we had the first half of last.
One factor in going from larger increases to smaller ones is the level of available inventory. We are continuing to see decreases in available inventory in Pinellas County and are now seeing a below 5-6 month inventory level in January which is always the month with the highest inventory level. This means we are still in a seller’s market but we are getting to a point where a shift is most likely going to occur sometime in the next 6-18 months. Keep watching and we’ll see if that is correct.
Here are the graphs showing you both the sales activity and the inventory levels (click on either graph to see it larger):
(Information for the charts was taken from PRO/Suncoast MLS from Jan 2007 thru May 2011 & from the MFRMLS for May 2011 thru February 2016. This information may or may not include all listed expired, withdrawn, pending or sold properties of one or more members of the My Florida Regional Multiple Listing Service.)