The Pinellas County Realtor Organization recently reported statistics for July 2013.
According to the accompanying press release, the summer months are typically a slow time in the market but market activity has remained steady.
The report indicates that a slow climb in housing prices is expected in future months due to the following conditions:
• Low inventory – 4.4 months supply of inventory for single-family homes and 4.9 months supply of inventory for condo/townhomes
• Cash sales for single-family homes dropped slightly but is a positive increase from last year
• Cash sales for condo/townhomes increased slightly and is a positive increase from last year
• New listings for single-family homes continue to increase slowly month over month
• New listings for condo/townhomes has increased each month since May of 2013
• Increase in traditional closed sales by 24.9 percent for single-family homes and 46.1 percent for condo/townhomes.
The median days on market decreased 18.5 percent for single-family homes and 10.4 percent for condo/townhomes. The absorption rate is at 36 percent for single-family homes and 25.3 percent for condo/townhomes.
According to the organization, these numbers are reflective of a market with low inventory and an increased number of buyers.
The organization explains that recent changes to FHA requirements may bring additional buyers to the market increasing the demand for housing even further.