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

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

Pinellas County Real Estate Statistics for September 2016At this time of year everyone starts to get in the spirit for the holidays. We are happy to share some stats from the Pinellas County Housing Department that will give you even more of a reason to be excited. Pending Inventory for Townhouses and Condos has climbed up to 18.9% over the past year, with 830 listings this year compared to 698 in September of 2015. Median Sale Price, Average Sale Price, and Dollar Volume for Single Family Homes have increased over the past year at 16.6%, 10.6% and 12.2%, respectively.

Median Sale Price for the Townhome/Condo segment was up 5.0% from last year, at $126,000 for September 2016 versus $120,000 for September 2015. Median Time to Contract for Townhome/Condo was 36 days in September 2016, down 20.0% from 45 days last September. Median Time to Sale for Townhome/Condo was 80 days this September, versus 86 days in September 2015, a -7.0% change year-over-year.

Median Time to Contract for Single Family was down 23.5% year-over-year, going from 34 days in September 2015 to 26 days in September 2016. Median Time to Sale for Single Family was 72 days in September 2016, just a hair less than September 2015, which was 75, a decrease of 4.0%.

The number of Closed Sales for Single Family and Townhome/Condo combined for September 2016 was 1,885, up 1.3% from 1,860 in September 2015. Year-over-year, closed sales for the Single Family segment were up 1.4%, and Closed Sales for the Townhome/Condo segment were up 1.2%. New Listings for Single Family for September were 1293, a growth of 1.9% from last September, when they were 1,269. New Listings for Townhome/Condo for September 2016 were at 823, up 6.1% from 776 in September 2015.

Dollar Volume for Single Family was $342.4 million in September 2016, a 12.2% increase from $305.1 million in September 2015. Dollar Volume for Townhome/Condo was $128.0 million in September 2016, up 0.9% from $126.9 million in September 2015.

Months Supply of Inventory for Single Family continues to reflect a seller’s market, with inventory down 2.9% year-over-year, with a 3.3 month supply this September, as compared to a 3.4 month supply in September 2015. Months Supply of Inventory for Townhome/Condo was unchanged year-over-year, with 3.8 months in both September 2016 and September 2015. Active listings for September 2016 Single Family and Townhome/Condo combined were 6,557, down 0.6% from 6,599 in September 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 yearSept 2016 Feb. 2014

Closed Sales

Paid in Cash

New Pending Sales

New Listings

Pending Inventory

Inventory (Active Listings)

Combined Single Family Homes & Townhomes/Condos

Sept 2015

1885 1860 1.3%

744 846 - 12.1%

1193 1324 - 9.9%

2116 2045 3.5%

1907 1903 0.2%

6557 6599 - 0.6%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%

40.0%

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

28.6%

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, October 20, 2016. Next data release is Tuesday, November 22, 2016.

August 2016 1,265 5.9%

-10.0%

0.3%

July 2016 1,236

June 2016 1,416

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. 13.3%

December 2015 1,227

November 2015 869

3.3%

0.0%

5.8%

9.4%

0.9%

3.2%

7.4%

4.5%

October 2015 1,188

September 2015 1,191

February 2016 1,020

January 2016 840

May 2016 1,327

April 2016 1,280

March 2016 1,307

95.6% 0.9%

26 Days 34 Days -23.5%

$190,000 16.6%

$342.4 Million $305.1 Million 12.2%

$283,448 $256,207 10.6%

September 2015Percent Change

Year-over-Year

339 433 -21.7%

1,208 1,191 1.4%

Summary Statistics

Closed Sales

Paid in Cash

96.5%

September 2016

$221,475Median Sale Price

Average Sale Price

Dollar Volume

September 2016

Median Percent of Original

List Price Received

Median Time to Contract

72 Days

693

Median Time to Sale

New Pending Sales

New Listings

Month

1,293

Pending Inventory 1,077

Inventory (Active Listings) 3,857

Months Supply of Inventory 3.3

-4.0%

835 -17.0%

Percent Change

Year-over-Year

1.4%

1,269 1.9%

Closed Sales

1,208

75 Days

1,205 -10.6%

3,952 -2.4%

3.4 -2.9%

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 A M J J A S

Monthly Market Detail - September 2016

Pinellas CountySingle Family Homes

0

500

1,000

1,500

Clo

sed

Sal

es

2012 2013 2014 2015 2016

Closed SalesThe number of sales transactions which closed during the month



October 2015 37.0% -3.6%

September 2015 36.4% -14.6%

December 2015 32.3% -15.9%

November 2015 38.9% -4.0%

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.

May 2016 32.6% -12.1%

April 2016 32.3% -8.0%

March 2016 34.0% -15.4%

February 2016 39.1% -18.7%

January 2016 37.9% -11.2%

July 2016 28.2% -19.7%

June 2016 30.4% -11.9%

September 2016 28.1% -22.8%

August 2016 29.4% -15.8%

September 2015 433 -3.3%

MonthPercent of Closed

Sales Paid in Cash

Percent Change

Year-over-Year

November 2015 338 -4.0%

October 2015 440 2.1%

January 2016 318 -4.8%

December 2015 396 -13.2%

June 2016 431 -11.5%

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.

May 2016 433 -3.8%

April 2016 414 -7.0%

March 2016 444 -11.7%

February 2016 399 -16.0%

August 2016 372 -10.8%

July 2016 349 -27.6%

Month Cash SalesPercent Change

Year-over-Year

September 2016 339 -21.7%



0%

10%

20%

30%

40%

50%

60%

Pct

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Clo

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Pai

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100

200

300

400

500

600

Cas

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s


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



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.October 2015 $246,521 0.2%

September 2015 $256,207 13.7%

December 2015 $247,977 5.0%

November 2015 $243,706 1.8%

May 2016 $251,958 5.9%

April 2016 $270,647 8.0%

March 2016 $257,563 7.8%

February 2016 $254,201 22.7%

January 2016 $263,733 18.6%

July 2016 $285,990 17.4%

June 2016 $296,470 18.0%

September 2016 $283,448 10.6%

August 2016 $281,796 20.1%

September 2015 $190,000 14.8%

Month Average Sale PricePercent Change

Year-over-Year

November 2015 $183,750 5.0%

October 2015 $180,000 2.9%

January 2016 $193,000 23.3%

December 2015 $187,000 10.7%

$220,000 18.9%

May 2016 $200,000 8.1%

February 2016 $189,700 21.6%

August 2016 $222,000 22.4%

July 2016 $214,950 16.2%

April 2016 $200,000 11.1%

March 2016 $200,000 14.3%

June 2016

Month Median Sale PricePercent Change

Year-over-Year

September 2016 $221,475 16.6%



$0K

$100K

$200K

$300K

$400K

Ave

rage

Sal

e

Pri

ce

$0K

$50K

$100K

$150K

$200K

$250K

Me

dia

n S

ale

Pri

ce


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)



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. October 2015 95.7% 1.5%

September 2015 95.6% 1.5%

December 2015 95.7% 1.3%

November 2015 95.8% 1.3%

May 2016 96.4% 0.9%

April 2016 95.9% 0.9%

March 2016 95.9% 1.8%

February 2016 95.3% 1.5%

January 2016 95.2% 1.4%

July 2016 96.5% 0.5%

June 2016 96.2% 0.1%

September 2016 96.5% 0.9%

August 2016 96.7% 0.8%

September 2015 $305.1 Million 28.9%

MonthMed. Pct. of Orig. List

Price Received

Percent Change

Year-over-Year

November 2015 $211.8 Million 1.8%

October 2015 $292.9 Million 6.0%

January 2016 $221.5 Million 27.4%

December 2015 $304.3 Million 8.5%

June 2016 $419.8 Million 18.3%

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.

May 2016 $334.3 Million 15.9%

April 2016 $346.4 Million 9.0%

March 2016 $336.6 Million 12.6%

February 2016 $259.3 Million 26.7%

August 2016 $356.5 Million 27.1%

July 2016 $353.5 Million 5.6%

Month Dollar VolumePercent Change

Year-over-Year




0%

20%

40%

60%

80%

100%

120%

Me

d. P

ct. o

f O

rig.

Li

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rice

R

ece

ive

d

$0

$100 M

$200 M

$300 M

$400 M

$500 M

Do

llar

Vo

lum

e


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



October 2015 73 Days -2.7%

September 2015 75 Days -12.8%

December 2015 73 Days -12.0%

November 2015 79 Days -4.8%

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.

May 2016 74 Days -6.3%

April 2016 73 Days -12.0%

March 2016 73 Days -16.1%

February 2016 83 Days -12.6%

January 2016 85 Days -11.5%

July 2016 75 Days 0.0%

June 2016 72 Days -5.3%


August 2016 73 Days -1.4%


Month Median Time to SalePercent Change

Year-over-Year





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.

May 2016 28 Days -20.0%

April 2016 28 Days -30.0%

March 2016 31 Days -29.5%


August 2016 27 Days -12.9%

July 2016 29 Days -9.4%

MonthMedian Time to

Contract

Percent Change

Year-over-Year



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 S0

50

100

150

Me

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Sa

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20

40

60

80

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dia

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tMonthly Market Detail - September 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



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.

October 2015 1,393 -0.1%

September 2015 1,269 0.0%

December 2015 1,051 2.3%

November 2015 1,178 6.8%

May 2016 1,460 2.7%

April 2016 1,512 3.9%

March 2016 1,533 -0.5%

February 2016 1,519 15.2%

January 2016 1,420 3.4%

July 2016 1,344 -8.1%

June 2016 1,493 5.2%

September 2016 1,293 1.9%

August 2016 1,512 15.9%

September 2015 835 2.0%

Month New ListingsPercent Change

Year-over-Year

November 2015 664 -16.8%

October 2015 796 -9.6%

January 2016 793 -12.4%

December 2015 658 -9.4%

806 -14.7%

May 2016 793 -13.0%

February 2016 885 -3.3%

August 2016 809 -9.3%

July 2016 780 -13.2%

April 2016 917 -7.8%

March 2016 924 -9.1%

June 2016

Month New Pending SalesPercent Change

Year-over-Year

September 2016 693 -17.0%



0

500

1,000

1,500

2,000

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isti

ngs

0

200

400

600

800

1,000

1,200

Pe

nd

ing

Sale

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



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

September 2016 3,857 -2.4%

August 2016 3,914 -4.4%

July 2016 3,855 -9.0%

June 2016 3,916 -8.1%

May 2016 4,014 -8.2%

April 2016 3,995 -9.6%

March 2016 4,015 -10.2%

February 2016 4,072 -8.3%

January 2016 4,015 -10.0%

December 2015 3,878 -8.9%

November 2015 4,053 -7.2%

October 2015 4,027 -10.3%

September 2015 3,952 -9.9%

Month Months SupplyPercent Change

Year-over-Year

September 2016 3.3 -2.9%

August 2016 3.3 -8.3%

July 2016 3.3 -10.8%

June 2016 3.3 -13.2%

May 2016 3.4 -15.0%

April 2016 3.4 -17.1%

March 2016 3.4 -19.0%

February 2016 3.5 -18.6%

January 2016 3.4 -22.7%

December 2015 3.3 -21.4%

September 2015 3.4 -26.1%

November 2015 3.5 -20.5%

October 2015 3.5 -23.9%



0.0

2.0

4.0

6.0

8.0

Mo

nth

s Su

pp

ly o

f In

ven

tory

0

1,000

2,000

3,000

4,000

5,000

6,000

Inve

nto

ry


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



$100,000 - $149,999 194 -17.4%

Sale Price Closed SalesPercent Change

Year-over-Year

Less than $50,000 22 -38.9%

$50,000 - $99,999 74 -48.3%

$150,000 - $199,999 243 13.0%

$200,000 - $249,999 189 17.4%

$50,000 - $99,999 15 Days -50.0%

$100,000 - $149,999

$400,000 - $599,999 131 42.4%

$600,000 - $999,999 41 -28.1%

26 Days -13.3%

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 46 Days -41.0%

$1,000,000 or more 25 56.3%

$250,000 - $299,999 145 18.9%

$300,000 - $399,999 144 26.3%









$150,000 - $199,999 20 Days -33.3%

$200,000 - $249,999 22 Days -15.4%

$250,000 - $299,999

$400,000 - $599,999 49 Days -3.9%

16 Days -36.0%

$300,000 - $399,999 26 Days -38.1%

$600,000 - $999,999 92 Days -8.0%

$1,000,000 or more 209 Days -27.2%

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

Me

dia

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to

C

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trac

t

September 2015 September 2016

0

50

100

150

200

250

300

350

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 15 -34.8%

$50,000 - $99,999 73 -38.1%

$100,000 - $149,999 170 -19.8%

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








$150,000 - $199,999 274 3.0%

$200,000 - $249,999 189 21.9%

$250,000 - $299,999 158 2.6%

$300,000 - $399,999 172 31.3%

$400,000 - $599,999 122 14.0%

$600,000 - $999,999 72 -5.3%

$1,000,000 or more 48 77.8%

Current Listing Price InventoryPercent Change

Year-over-Year

Less than $50,000 34 -58.0%

$50,000 - $99,999 153 -54.9%

$100,000 - $149,999 351 -32.2%








$150,000 - $199,999 538 -11.4%

$200,000 - $249,999 470 10.6%

$250,000 - $299,999 417 11.8%

$300,000 - $399,999 501 12.3%

$400,000 - $599,999 549 24.5%

$600,000 - $999,999 479 11.1%

$1,000,000 or more 365 25.4%

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

Ne

w L

isti

ngs


0

100

200

300

400

500

600

700

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

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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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September 2016 September 2015Percent Change

Year-over-Year

Traditional

1,091 963 13.3%

$227,100 $209,900 8.2%

Foreclosure/REO

92 187 -50.8%

$137,450 $115,000 19.5%

Short Sale

25 41 -39.0%

$125,700 $120,000 4.8%

$0

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$150,000

$200,000

$250,000

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Traditional Foreclosure/REO Short Sale

2012 2013 2014 2015 2016



Monthly Distressed Market - September 2016


2012 2013 2014 2015 2016



August 2016 780 12.6%

-8.2%

3.6%

July 2016 687

June 2016 806

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








than changes from one month to the next. 11.1%

December 2015 725

November 2015 619

6.6%

16.4%

-3.4%

-4.3%

10.6%

1.3%

-5.9%

-2.2%

October 2015 630

September 2015 669

February 2016 625

January 2016 477

May 2016 780

April 2016 922

March 2016 762

94.4% 0.8%

36 Days 45 Days -20.0%

$120,000 5.0%

$128.0 Million $126.9 Million 0.9%

$189,068 $189,712 -0.3%

September 2015Percent Change

Year-over-Year

405 413 -1.9%

677 669 1.2%

Summary Statistics

Closed Sales

Paid in Cash

95.2%

September 2016

$126,000Median Sale Price

Average Sale Price

Dollar Volume

September 2016

Median Percent of Original

List Price Received

Median Time to Contract

80 Days

500

Median Time to Sale

New Pending Sales

New Listings

Month

823

Pending Inventory 830

Inventory (Active Listings) 2,700

Months Supply of Inventory 3.8

-7.0%

489 2.2%

Percent Change

Year-over-Year

1.2%

776 6.1%

Closed Sales

677

86 Days

698 18.9%

2,647 2.0%

3.8 0.0%



Pinellas CountyTownhouses and Condos

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2012 2013 2014 2015 2016

Closed SalesThe number of sales transactions which closed during the month



October 2015 61.9% -2.8%

September 2015 61.7% -5.2%

December 2015 60.6% -7.3%

November 2015 66.1% 3.1%

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.

May 2016 58.2% -5.7%

April 2016 60.7% -6.9%

March 2016 60.8% -6.9%

February 2016 65.3% -8.0%

January 2016 61.4% -13.3%

July 2016 55.2% -7.4%

June 2016 56.8% -7.5%

September 2016 59.8% -3.1%

August 2016 58.5% -2.5%

September 2015 413 5.4%

MonthPercent of Closed

Sales Paid in Cash

Percent Change

Year-over-Year

November 2015 409 19.9%

October 2015 390 -6.0%

January 2016 293 -18.4%

December 2015 439 -1.3%

June 2016 458 -4.2%

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.

May 2016 454 -9.7%

April 2016 560 2.9%

March 2016 463 -9.0%

February 2016 408 -6.8%

August 2016 456 9.6%

July 2016 379 -15.0%

Month Cash SalesPercent Change

Year-over-Year

September 2016 405 -1.9%



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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



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.October 2015 $186,036 -3.0%

September 2015 $189,712 1.3%

December 2015 $191,346 7.8%

November 2015 $195,613 15.9%

May 2016 $205,441 -1.5%

April 2016 $193,379 -1.4%

March 2016 $192,975 2.7%

February 2016 $188,317 4.5%

January 2016 $180,662 -2.1%

July 2016 $197,528 6.3%

June 2016 $204,720 11.0%

September 2016 $189,068 -0.3%

August 2016 $187,975 0.2%

September 2015 $120,000 9.1%

Month Average Sale PricePercent Change

Year-over-Year

November 2015 $135,000 21.3%

October 2015 $124,590 -7.3%

January 2016 $124,900 15.6%

December 2015 $131,000 9.2%

$140,000 16.7%

May 2016 $138,250 6.3%

February 2016 $122,000 6.6%

August 2016 $128,950 -4.8%

July 2016 $139,000 6.9%

April 2016 $138,000 9.1%

March 2016 $132,250 10.2%

June 2016

Month Median Sale PricePercent Change

Year-over-Year

September 2016 $126,000 5.0%



$0K

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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)



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. October 2015 94.3% 1.0%

September 2015 94.4% 1.2%

December 2015 94.7% 1.5%

November 2015 94.5% 1.9%

May 2016 94.6% 0.9%

April 2016 95.0% 1.2%

March 2016 94.5% 0.7%

February 2016 94.2% 1.4%

January 2016 94.4% 1.2%

July 2016 94.7% 0.6%

June 2016 94.4% 0.6%

September 2016 95.2% 0.8%

August 2016 95.0% 0.8%


MonthMed. Pct. of Orig. List

Price Received

Percent Change

Year-over-Year

November 2015 $121.1 Million 34.8%

October 2015 $117.2 Million -6.2%

January 2016 $86.2 Million -7.9%

December 2015 $138.7 Million 14.9%

June 2016 $165.0 Million 14.9%

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.

May 2016 $160.2 Million -5.8%

April 2016 $178.3 Million 9.1%

March 2016 $147.0 Million 0.5%

February 2016 $117.7 Million 5.9%

August 2016 $146.6 Million 12.7%

July 2016 $135.7 Million -2.4%

Month Dollar VolumePercent Change

Year-over-Year




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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







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.

May 2016 83 Days -4.6%

April 2016 77 Days -6.1%

March 2016 77 Days -14.4%

February 2016 88 Days 0.0%


July 2016 79 Days -20.2%

June 2016 86 Days -7.5%


August 2016 85 Days -14.1%


Month Median Time to SalePercent Change

Year-over-Year





June 2016 44 Days -10.2%









May 2016 40 Days -18.4%

April 2016 36 Days -18.2%

March 2016 41 Days -18.0%


August 2016 46 Days -20.7%

July 2016 40 Days -32.2%

MonthMedian Time to

Contract

Percent Change

Year-over-Year



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 S0

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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



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.

October 2015 922 11.8%

September 2015 776 12.5%

December 2015 708 4.1%

November 2015 779 1.4%

May 2016 859 2.9%

April 2016 952 3.9%

March 2016 1,007 5.4%

February 2016 1,037 8.6%

January 2016 1,028 2.2%

July 2016 812 21.0%

June 2016 761 1.3%

September 2016 823 6.1%

August 2016 852 10.8%

September 2015 489 -6.3%

Month New ListingsPercent Change

Year-over-Year

November 2015 492 7.7%

October 2015 608 15.6%

January 2016 519 -12.9%

December 2015 423 -10.2%

534 -1.8%

May 2016 560 -5.2%

February 2016 592 -10.7%

August 2016 526 -6.9%

July 2016 537 -3.8%

April 2016 600 -8.0%

March 2016 699 -0.1%

June 2016

Month New Pending SalesPercent Change

Year-over-Year

September 2016 500 2.2%



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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










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

September 2016 2,700 2.0%

August 2016 2,734 3.0%

July 2016 2,746 1.1%

June 2016 2,791 -5.3%

May 2016 2,977 -2.2%

April 2016 3,040 -3.3%

March 2016 3,110 -4.7%

February 2016 3,137 -6.1%

January 2016 2,981 -9.8%

December 2015 2,712 -10.9%

November 2015 2,790 -9.8%

October 2015 2,708 -10.3%

September 2015 2,647 -10.4%

Month Months SupplyPercent Change

Year-over-Year

September 2016 3.8 0.0%

August 2016 3.9 0.0%

July 2016 3.9 -2.5%

June 2016 4.0 -9.1%

May 2016 4.2 -8.7%

April 2016 4.3 -12.2%

March 2016 4.5 -11.8%

February 2016 4.5 -15.1%

January 2016 4.3 -18.9%

December 2015 3.9 -22.0%

September 2015 3.8 -24.0%

November 2015 4.0 -23.1%

October 2015 3.9 -23.5%



0.0

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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



$100,000 - $149,999 114 1.8%

Sale Price Closed SalesPercent Change

Year-over-Year

Less than $50,000 65 -30.9%

$50,000 - $99,999 206 4.0%

$150,000 - $199,999 94 27.0%

$200,000 - $249,999 50 6.4%

$50,000 - $99,999 27 Days -41.3%

$100,000 - $149,999

$400,000 - $599,999 44 76.0%

$600,000 - $999,999 18 28.6%

26 Days -38.1%

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 47 Days -11.3%

$1,000,000 or more 5 -54.5%

$250,000 - $299,999 35 0.0%

$300,000 - $399,999 46 -22.0%









$150,000 - $199,999 22 Days -15.4%

$200,000 - $249,999 54 Days 74.2%

$250,000 - $299,999

$400,000 - $599,999 77 Days 156.7%

99 Days 59.7%

$300,000 - $399,999 39 Days 25.8%

$600,000 - $999,999 97 Days -4.0%

$1,000,000 or more 62 Days -56.9%

0

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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

$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



Initial Listing Price New ListingsPercent Change

Year-over-Year

Less than $50,000 45 -27.4%

$50,000 - $99,999 169 -20.7%

$100,000 - $149,999 153 30.8%

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








$150,000 - $199,999 128 18.5%

$200,000 - $249,999 65 -5.8%

$250,000 - $299,999 60 20.0%

$300,000 - $399,999 81 28.6%

$400,000 - $599,999 66 17.9%

$600,000 - $999,999 33 32.0%

$1,000,000 or more 23 76.9%

Current Listing Price InventoryPercent Change

Year-over-Year

Less than $50,000 134 -25.6%

$50,000 - $99,999 455 -19.9%

$100,000 - $149,999 412 -0.2%








$150,000 - $199,999 336 -0.6%

$200,000 - $249,999 233 7.9%

$250,000 - $299,999 222 20.7%

$300,000 - $399,999 298 16.0%

$400,000 - $599,999 267 24.8%

$600,000 - $999,999 216 21.3%

$1,000,000 or more 127 28.3%

0

50

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

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100

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300

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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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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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September 2016 September 2015Percent Change

Year-over-Year

Traditional

623 581 7.2%

$134,500 $133,000 1.1%

Foreclosure/REO

46 74 -37.8%

$75,000 $76,250 -1.6%

Short Sale

8 14 -42.9%

$66,450 $75,000 -11.4%

$0

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Traditional Foreclosure/REO Short Sale

2012 2013 2014 2015 2016



Monthly Distressed Market - September 2016


2012 2013 2014 2015 2016

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

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