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 April 2016Single Family Inventory is down 9.6% from April 2015 and Single Family is sitting at a 3.4 month supply of inventory for April 2016, the same as March 2016. With Median Sale Price up 11.1% year-over-year for April, and Median Time to Contract down a blistering 30% from 40 days in April 2015 to 28 days in April 2016, buyers can continue to expect a very competitive Single Family market in Pinellas County.

The number of closed sales for Single Family and Townhome/Condo combined for April 2016 was 2,202, up 4.8% from 2,102 in April 2015. Year-over-year, the Single Family segment was up 0.9% and the Townhome/Condo segment was up considerably at 10.6%.

Median Time to Sale for Single Family was just 73 days in April 2016, down from 83 days in April 2015 (down 12.0%).

Median Sale Price for Single Family was $200,000 this April, versus $180,000 last April, a substantial increase of 11.1%. Median Sale Price for the Townhome/Condo segment was also up from last April at 9.1%, at $138,000 for April 2016 versus $126,500 for April 2015.

Median Percent of Original List Price Received for Single Family was 95.9% in April 2016, up 0.9% from 95.0% in April 2015. Townhome/Condo was 95.0% in April 2016, up 1.2% from 93.9% in April 2015.

New Listings for Single Family for April 2016 were 1,512, up 3.9% from last April, when they were 1,455. New Listings for Townhome/Condo for April 2016 were 952, up 3.9% from 916 in April 2015.

Months Supply of Inventory for Single Family was way down again, at 17.1% from last April, with a 3.4 month supply this April, as compared to a 4.1 month supply in April 2015. Months Supply of Inventory for Townhome/Condo was down 12.2% year-over-year, with 4.3 months in April 2016 compared to 4.9 months in April 2015. Active listings for April 2016 Single Family and Townhome/Condo combined were 7,035, down 7.0% from 7,562 in April 2015.

Representing nearly 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 yearApril 2016 Feb. 2014

Closed Sales

Paid in Cash

New Pending Sales

New Listings

Pending Inventory

Inventory (Active Listings)

Combined Single Family Homes & Townhomes/Condos

April 2015

2202 2102 4.8%

974 989 - 1.5%

1517 1647 - 7.9%

2464 2371 3.9%

2318 2371 - 2.2%

7035 7562 - 7.0%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%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

50.0%

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

43.4%

35.9%

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, May 20, 2016. Historical data revised on Friday, February 26, 2016. Dollar Volume revised on April 15, 2016. Next data release is Wednesday, June 22, 2016.

-12.0%

995 -7.8%

Percent Change

Year-over-Year

0.9%

1,455 3.9%

Closed Sales

1,280

83 Days

1,464 -2.5%

4,418 -9.6%

4.1 -17.1%

April 2016

Median Percent of Original

List Price Received

Median Time to Contract

73 Days

917

Median Time to Sale

New Pending Sales

New Listings

Month

1,512

Pending Inventory 1,428

Inventory (Active Listings) 3,995

Months Supply of Inventory 3.4

Summary Statistics

Closed Sales

Paid in Cash

95.9%

April 2016

$200,000Median Sale Price

Average Sale Price

Dollar Volume

April 2015Percent Change

Year-over-Year

414 445 -7.0%

1,280 1,268 0.9%

$180,000 11.1%

$346.4 Million $317.7 Million 9.0%

$270,647 $250,544 8.0%

95.0% 0.9%

28 Days 40 Days -30.0%

December 2015 1,227

November 2015 869

October 2015 1,188

April 2015 1,268

September 2015 1,191

August 2015 1,195

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. 20.9%

July 2015 1,373

June 2015 1,412

26.0%

28.2%

4.0%

3.3%

0.0%

13.3%

8.6%

5.8%

May 2015 1,213

March 2016 1,307 4.5%

3.2%

7.4%

February 2016 1,020

January 2016 840

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

Monthly Market Detail - April 2016

Pinellas County Single Family Homes

0

500

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1,500

Clo

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2012 2013 2014 2015

Closed Sales The number of sales transactions which closed during the month



Month Cash SalesPercent Change

Year-over-Year

April 2016 414 -7.0%

March 2016 444 -11.7%

February 2016 399 -16.0%

January 2016 318 -4.8%

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.

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%

July 2015 482 14.2%

June 2015 487 11.4%

May 2015 450 -13.6%

April 2015 445 -4.1%

MonthPercent of Closed

Sales Paid in Cash

Percent Change

Year-over-Year

April 2016 32.3% -8.0%

March 2016 34.0% -15.4%

February 2016 39.1% -18.7%

January 2016 37.9% -11.2%

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.

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%

July 2015 35.1% -9.3%

June 2015 34.5% -13.1%

May 2015 37.1% -17.0%

April 2015 35.1% -20.6%



0%

10%

20%

30%

40%

50%

60%

Pct

. of

Clo

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Sa

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Pai

d in

Cas

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0

100

200

300

400

500

600

Cas

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ale

s Monthly Market Detail - April 2016

2012 2013 2014 2015


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

2012 2013 2014 2015

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



Month Median Sale PricePercent Change

Year-over-Year

April 2016 $200,000 11.1%

September 2015 $190,000 14.8%

March 2016 $200,000 14.3%

February 2016 $189,700 21.6%

November 2015 $183,750 5.0%

October 2015 $180,000 2.9%

January 2016 $193,000 23.3%

December 2015 $187,000 10.7%

August 2015 $181,399 4.3%

July 2015 $185,000 2.8%

June 2015 $185,000 14.2%

May 2015 $185,000 16.8%

April 2015 $180,000 12.5%

Month Average Sale PricePercent Change

Year-over-Year

April 2016 $270,647 8.0%

March 2016 $257,563 7.8%

February 2016 $254,201 22.7%

January 2016 $263,733 18.6%

September 2015 $256,207 13.7%

August 2015 $234,647 -3.9%

5.0%

November 2015 $243,706 1.8%

October 2015 $246,521 0.2%

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.May 2015 $237,905 5.0%

April 2015 $250,544 9.2%

July 2015 $243,693 1.5%

June 2015 $251,343 10.4%

December 2015 $247,977



$0K

$50K

$100K

$150K

$200K

$250K

$300K

Ave

rage

Sal

e

Pri

ce

$0K

$50K

$100K

$150K

$200K

$250K

Me

dia

n S

ale

Pri

ce


2012 2013 2014 2015


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

2012 2013 2014 2015

Average Sale Price The 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

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%

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.

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%

August 2015 $280.4 Million 4.4%

July 2015 $334.6 Million 27.9%

June 2015 $354.9 Million 41.5%

May 2015 $288.6 Million 9.3%

April 2015 $317.7 Million 32.0%

MonthMed. Pct. of Orig. List

Price Received

Percent Change

Year-over-Year

April 2016 95.9% 0.9%

March 2016 95.9% 1.8%

February 2016 95.3% 1.5%

January 2016 95.2% 1.4%

September 2015 95.6% 1.5%

August 2015 95.9% 0.9%

November 2015 95.8% 1.3%

October 2015 95.7% 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. May 2015 95.5% 1.3%

April 2015 95.0% 1.0%

July 2015 96.0% 1.6%

June 2015 96.1% 1.5%

December 2015 95.7% 1.3%



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

Do

llar

Vo

lum

e


2012 2013 2014 2015


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

2012 2013 2014 2015

Median Percent of Original List Price Received The 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

April 2016 28 Days -30.0%

March 2016 31 Days -29.5%

February 2016 39 Days -27.8%

January 2016 40 Days -24.5%

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.

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%

July 2015 32 Days -25.6%

June 2015 31 Days -24.4%

May 2015 35 Days -14.6%

April 2015 40 Days -4.8%

Month Median Time to SalePercent Change

Year-over-Year

April 2016 73 Days -12.0%

March 2016 73 Days -16.1%



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.





August 2015 74 Days -5.1%

July 2015 75 Days -16.7%

June 2015 76 Days -11.6%

May 2015 79 Days -9.2%

April 2015 83 Days -6.7%


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 0

50

100

150

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20

40

60

80

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t Monthly Market Detail - April 2016

2012 2013 2014 2015


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

2012 2013 2014 2015

Median Time to Sale The 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

April 2016 917 -7.8%

September 2015 835 2.0%

March 2016 924 -9.1%

February 2016 885 -3.3%

November 2015 664 -16.8%

October 2015 796 -9.6%

January 2016 793 -12.4%

December 2015 658 -9.4%

August 2015 892 -2.0%

July 2015 899 -1.1%

June 2015 945 9.9%

May 2015 912 -10.5%

April 2015 995 -1.0%

Month New ListingsPercent Change

Year-over-Year

April 2016 1,512 3.9%

March 2016 1,533 -0.5%

February 2016 1,519 15.2%

January 2016 1,420 3.4%

September 2015 1,269 0.0%

August 2015 1,305 -2.8%

2.3%

November 2015 1,178 6.8%

October 2015 1,393 -0.1%

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.

May 2015 1,422 5.6%

April 2015 1,455 11.1%

July 2015 1,462 10.3%

June 2015 1,419 13.8%

December 2015 1,051



0

500

1,000

1,500

2,000

Ne

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isti

ngs

0

200

400

600

800

1,000

1,200

Pe

nd

ing

Sale


2012 2013 2014 2015


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

2012 2013 2014 2015

New Listings The number of properties put onto the market during the month



April 2015 4.1 -14.6%

June 2015 3.8 -17.4%

May 2015 4.0 -14.9%

August 2015 3.6 -21.7%

July 2015 3.7 -19.6%

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%

April 2015 4,418 0.1%

Month Months SupplyPercent Change

Year-over-Year

June 2015 4,261 -2.0%

May 2015 4,373 0.2%

August 2015 4,095 -6.0%

July 2015 4,237 -2.0%

October 2015 4,027 -10.3%

September 2015 3,952 -9.9%

-10.0%

December 2015 3,878 -8.9%

November 2015 4,053 -7.2%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

April 2016 3,995 -9.6%

March 2016 4,015 -10.2%

February 2016 4,072 -8.3%

January 2016 4,015



0.0

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6.0

8.0

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3,000

4,000

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2012 2013 2014 2015


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

2012 2013 2014 2015

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



$600,000 - $999,999 97 Days 64.4%

$1,000,000 or more 132 Days -18.5%









$150,000 - $199,999 23 Days -17.9%

$200,000 - $249,999 26 Days -16.1%

$250,000 - $299,999

$400,000 - $599,999 43 Days -31.7%

32 Days -33.3%

$300,000 - $399,999 18 Days -45.5%

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 87 Days 107.1%

$1,000,000 or more 25 31.6%

$250,000 - $299,999 136 23.6%

$300,000 - $399,999 112 3.7%

$50,000 - $99,999 34 Days -22.7%

$100,000 - $149,999

$400,000 - $599,999 115 -2.5%

$600,000 - $999,999 61 -3.2%

20 Days -44.4%

$150,000 - $199,999 249 -1.2%

$200,000 - $249,999 199 44.2%

$100,000 - $149,999 237 -4.4%

Sale Price Closed SalesPercent Change

Year-over-Year

Less than $50,000 38 -30.9%

$50,000 - $99,999 108 -31.2%

0 20 40 60 80

100 120 140 160 180

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 or more

Me

dia

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to

C

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trac

t

April 2015 April 2016

0 20 40 60 80 100 120 140 160 180

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 or more

Clo

sed

Sal

es


0

50

100

150

200

250

300



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

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



$600,000 - $999,999 516 23.2%

$1,000,000 or more 370 12.5%

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







$150,000 - $199,999 551 -17.1%

$200,000 - $249,999 476 10.2%

$250,000 - $299,999 409 4.3%

$300,000 - $399,999 453 -2.2%

$400,000 - $599,999 557 7.9%

$50,000 - $99,999 201 -58.2%

$100,000 - $149,999 415 -30.5%

Current Listing Price InventoryPercent Change

Year-over-Year

Less than $50,000 47 -62.1%

$600,000 - $999,999 90 11.1%

$1,000,000 or more 54 22.7%

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








$150,000 - $199,999 272 4.6%

$200,000 - $249,999 222 39.6%

$250,000 - $299,999 181 25.7%

$300,000 - $399,999 178 21.9%

$400,000 - $599,999 164 5.1%

$50,000 - $99,999 86 -46.9%

$100,000 - $149,999 237 -5.2%

Initial Listing Price New ListingsPercent Change

Year-over-Year

Less than $50,000 28 -47.2%

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 or more

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 or more

Inve

nto

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0

100

200

300

400

500

600

700

0

50

100

150

200

250

300



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

Inventory by Current Listing Price The 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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Short Sale

35 49 -28.6%

$150,000 $142,500 5.3%

Foreclosure/REO

138 231 -40.3%

$127,500 $105,300 21.1%

April 2016 April 2015Percent Change

Year-over-Year

Traditional

1,107 988 12.0%

$215,000 $205,000 4.9%

$0

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Traditional Foreclosure/REO Short Sale

2012 2013 2014 2015



Monthly Distressed Market - April 2016


2012 2013 2014 2015



-6.1%

652 -8.0%

Percent Change

Year-over-Year

10.6%

916 3.9%

Closed Sales

922

82 Days

907 -1.9%

3,144 -3.3%

4.9 -12.2%

April 2016

Median Percent of Original

List Price Received

Median Time to Contract

77 Days

600

Median Time to Sale

New Pending Sales

New Listings

Month

952

Pending Inventory 890

Inventory (Active Listings) 3,040

Months Supply of Inventory 4.3

Summary Statistics

Closed Sales

Paid in Cash

95.0%

April 2016

$138,000Median Sale Price

Average Sale Price

Dollar Volume

April 2015Percent Change

Year-over-Year

560 544 2.9%

922 834 10.6%

$126,500 9.1%

$178.3 Million $163.5 Million 9.1%

$193,379 $196,034 -1.4%

93.9% 1.2%

36 Days 44 Days -18.2%

December 2015 725

November 2015 619

October 2015 630

April 2015 834

September 2015 669

August 2015 693

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








than changes from one month to the next. 17.3%

July 2015 748

June 2015 778

18.2%

20.4%

20.6%

6.6%

16.4%

11.1%

14.4%

-3.4%

May 2015 815

March 2016 762 -2.2%

1.3%

-5.9%

February 2016 625

January 2016 477



Pinellas County Townhouses and Condos

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Closed Sales The number of sales transactions which closed during the month



Month Cash SalesPercent Change

Year-over-Year

April 2016 560 2.9%

March 2016 463 -9.0%

February 2016 408 -6.8%

January 2016 293 -18.4%

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.

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%

July 2015 446 10.7%

June 2015 478 14.1%

May 2015 503 10.5%

April 2015 544 7.7%

MonthPercent of Closed

Sales Paid in Cash

Percent Change

Year-over-Year

April 2016 60.7% -6.9%

March 2016 60.8% -6.9%

February 2016 65.3% -8.0%

January 2016 61.4% -13.3%

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.

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%

July 2015 59.6% -6.4%

June 2015 61.4% -5.4%

May 2015 61.7% -8.3%

April 2015 65.2% -8.2%



0%

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2012 2013 2014 2015


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

2012 2013 2014 2015

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



Month Median Sale PricePercent Change

Year-over-Year

April 2016 $138,000 9.1%

September 2015 $120,000 9.1%

March 2016 $132,250 10.2%

February 2016 $122,000 6.6%

November 2015 $135,000 21.3%

October 2015 $124,590 -7.3%

January 2016 $124,900 15.6%

December 2015 $131,000 9.2%

August 2015 $135,500 14.9%

July 2015 $130,000 8.3%

June 2015 $120,000 2.6%

May 2015 $130,000 8.3%

April 2015 $126,500 5.4%

Month Average Sale PricePercent Change

Year-over-Year

April 2016 $193,379 -1.4%

March 2016 $192,975 2.7%

February 2016 $188,317 4.5%

January 2016 $180,662 -2.1%

September 2015 $189,712 1.3%

August 2015 $187,683 0.0%

7.8%

November 2015 $195,613 15.9%

October 2015 $186,036 -3.0%

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.May 2015 $208,631 15.3%

April 2015 $196,034 14.3%

July 2015 $185,847 10.5%

June 2015 $184,509 -2.2%

December 2015 $191,346



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2012 2013 2014 2015


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

2012 2013 2014 2015

Average Sale Price The 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

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%

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.

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%

August 2015 $130.1 Million 14.4%

July 2015 $139.0 Million 30.6%

June 2015 $143.5 Million 17.8%

May 2015 $170.0 Million 39.1%

April 2015 $163.5 Million 34.0%

MonthMed. Pct. of Orig. List

Price Received

Percent Change

Year-over-Year

April 2016 95.0% 1.2%

March 2016 94.5% 0.7%

February 2016 94.2% 1.4%

January 2016 94.4% 1.2%

September 2015 94.4% 1.2%

August 2015 94.2% 1.0%

November 2015 94.5% 1.9%

October 2015 94.3% 1.0%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. May 2015 93.8% 0.8%

April 2015 93.9% 1.3%

July 2015 94.1% 1.5%

June 2015 93.8% 0.6%

December 2015 94.7% 1.5%



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2012 2013 2014 2015


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

2012 2013 2014 2015

Median Percent of Original List Price Received The 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

April 2016 36 Days -18.2%

March 2016 41 Days -18.0%
















July 2015 59 Days -4.8%

June 2015 49 Days -5.8%

May 2015 49 Days -14.0%

April 2015 44 Days -26.7%

Month Median Time to SalePercent Change

Year-over-Year

April 2016 77 Days -6.1%

March 2016 77 Days -14.4%

February 2016 88 Days 0.0%


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.






July 2015 99 Days -1.0%

June 2015 93 Days 4.5%

May 2015 87 Days -12.1%

April 2015 82 Days -12.8%


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 0

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2012 2013 2014 2015


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

2012 2013 2014 2015

Median Time to Sale The 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

April 2016 600 -8.0%

September 2015 489 -6.3%

March 2016 699 -0.1%

February 2016 592 -10.7%

November 2015 492 7.7%

October 2015 608 15.6%

January 2016 519 -12.9%

December 2015 423 -10.2%

August 2015 565 7.6%

July 2015 558 7.3%

June 2015 544 8.4%

May 2015 591 -2.2%

April 2015 652 5.3%

Month New ListingsPercent Change

Year-over-Year

April 2016 952 3.9%

March 2016 1,007 5.4%

February 2016 1,037 8.6%

January 2016 1,028 2.2%

September 2015 776 12.5%

August 2015 769 0.7%

4.1%

November 2015 779 1.4%

October 2015 922 11.8%

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.

May 2015 835 2.0%

April 2015 916 11.7%

July 2015 671 -11.1%

June 2015 751 18.5%

December 2015 708



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2012 2013 2014 2015


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

2012 2013 2014 2015

New Listings The number of properties put onto the market during the month



April 2015 4.9 -9.3%

June 2015 4.4 -15.4%

May 2015 4.6 -16.4%

August 2015 3.9 -25.0%

July 2015 4.0 -23.1%

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%

April 2015 3,144 -2.6%

Month Months SupplyPercent Change

Year-over-Year

June 2015 2,946 -3.9%

May 2015 3,044 -5.2%

August 2015 2,654 -12.8%

July 2015 2,717 -10.2%

October 2015 2,708 -10.3%

September 2015 2,647 -10.4%

-9.8%

December 2015 2,712 -10.9%

November 2015 2,790 -9.8%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

April 2016 3,040 -3.3%

March 2016 3,110 -4.7%

February 2016 3,137 -6.1%

January 2016 2,981



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2012 2013 2014 2015


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

2012 2013 2014 2015

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



$600,000 - $999,999 100 Days 132.6%

$1,000,000 or more 126 Days 70.3%









$150,000 - $199,999 38 Days -9.5%

$200,000 - $249,999 41 Days -4.7%

$250,000 - $299,999

$400,000 - $599,999 44 Days -4.3%

28 Days -9.7%

$300,000 - $399,999 36 Days -34.5%

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 47 Days 0.0%

$1,000,000 or more 10 25.0%

$250,000 - $299,999 66 24.5%

$300,000 - $399,999 83 18.6%

$50,000 - $99,999 29 Days -27.5%

$100,000 - $149,999

$400,000 - $599,999 47 -9.6%

$600,000 - $999,999 24 -14.3%

30 Days -34.8%

$150,000 - $199,999 130 39.8%

$200,000 - $249,999 74 23.3%

$100,000 - $149,999 158 15.3%

Sale Price Closed SalesPercent Change

Year-over-Year

Less than $50,000 94 -18.3%

$50,000 - $99,999 236 8.3%

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$200,000 - $249,999

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

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



$600,000 - $999,999 229 27.2%

$1,000,000 or more 117 0.0%

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







$150,000 - $199,999 348 -3.3%

$200,000 - $249,999 280 -0.4%

$250,000 - $299,999 236 5.4%

$300,000 - $399,999 323 3.9%

$400,000 - $599,999 293 67.4%

$50,000 - $99,999 583 -22.7%

$100,000 - $149,999 452 -0.4%

Current Listing Price InventoryPercent Change

Year-over-Year

Less than $50,000 179 -37.8%

$600,000 - $999,999 44 -8.3%

$1,000,000 or more 30 66.7%

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








$150,000 - $199,999 127 9.5%

$200,000 - $249,999 75 0.0%

$250,000 - $299,999 59 -6.3%

$300,000 - $399,999 78 -12.4%

$400,000 - $599,999 65 35.4%

$50,000 - $99,999 232 3.6%

$100,000 - $149,999 182 19.0%

Initial Listing Price New ListingsPercent Change

Year-over-Year

Less than $50,000 60 -26.8%

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$600,000 - $999,999

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$250,000 - $299,999

$300,000 - $399,999

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$600,000 - $999,999

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

Inventory by Current Listing Price The 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

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Short Sale

7 12 -41.7%

$61,000 $61,000 0.0%

Foreclosure/REO

50 104 -51.9%

$72,950 $70,085 4.1%

April 2016 April 2015Percent Change

Year-over-Year

Traditional

865 718 20.5%

$147,000 $145,000 1.4%

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2012 2013 2014 2015



Monthly Distressed Market - April 2016


2012 2013 2014 2015

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

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