Remarkable Pinellas Co. Condo & Town Home Sales Stats (incl. November 30, 2018 update) ---------------------------------------------...
Remarkable Pinellas Co. Condo & Town Home Sales Stats (incl. November 30, 2018 update)
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NOVEMBER 30 2018 UPDATE:
Latest figures through November from the Pinellas Realtors Organization indicate that price gains throughout the County continued throughout 2018. Median sales price for town houses and condos was $169,900 up 5.2% from the previous November.
Perhaps more remarkable were the price gains for the three close-in to St. Petersburg over 55 communities I've featured before. Just for the 7 month period from May 2 through November 30 the following gains in median per square feet actual sales price:
Patriot Square to $94 from $82 per square foot.
Winston Park to $101 from $84 per square foot.
Town Shores to $132 from $108 per square foot!
The community that experienced least of these increases over t still represents more than a 28% gain on an annualized basis. Town Shores, in particular, stands out with an annualized gain of 44% for the period May 1-November 30th.
Again, all three of these communities are located in a core area convenient to all of St. Petersburg's increasing urban attractions and cultural amenities.
La
Latest figures through November from the Pinellas Realtors Organization indicate that price gains throughout the County continued throughout 2018. Median sales price for town houses and condos was $169,900 up 5.2% from the previous November.
Perhaps more remarkable were the price gains for the three close-in to St. Petersburg over 55 communities I've featured before. Just for the 7 month period from May 2 through November 30 the following gains in median per square feet actual sales price:
Patriot Square to $94 from $82 per square foot.
Winston Park to $101 from $84 per square foot.
Town Shores to $132 from $108 per square foot!
The community that experienced least of these increases over t still represents more than a 28% gain on an annualized basis. Town Shores, in particular, stands out with an annualized gain of 44% for the period May 1-November 30th.
Again, all three of these communities are located in a core area convenient to all of St. Petersburg's increasing urban attractions and cultural amenities.
La
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Local MLS statistics supplied by the Pinellas Realtors Organization found that price increases for condominiums and town homes during the 12 months preceeding the end of April 2018 exceeded those for single family homes. The Median Sale Price for Townhomes/Condos was $169,900 for April 2018, up 8.9% from $156,000 in April 2017. By way of contrast, the Median Sale Price for Single Family Homes was up by 7.6% from last year, at $252,750 for April 2018 versus $235,000 for April 2017. The months supply of inventory for Single Family Homes remained the same year-over-year, with a 2.6 Month Supply this April, as compared to a 2.6 Month Supply in April 2017. The Months Supply of inventory for Townhome/Condos actually fell 9.1%, from 3.3 months in April 2017 to 3.0 months in April 2018.
The Average Sale Price for Townhomes/Condos was $236,292 in April 2018, up from $223,482 in April 2017. The median time on the market before a contract for sale 29 days. It was 34 days in April 2017. Median Time to Sale for Townhome/Condo market was 70 days in April 2018 and 77 days in 2017, down at 9.1%. Dollar Volume for Townhome/Condo saw a 2.2% increase year-over-year, with $203.4 million in April 2018 compared to $199.1 million in April 2017. At the same time there was less available inventory of town homes and condos so the number of sales actually decreased. Closed sales for the Townhome/Condo segment were down by 3.4% year-over-year, at 861 in April 2018 versus 891 in April 2017.
Looking at actual sales prices on a per square basis is a quick of measuring change over time or comparing one neighborhood or complex to another with a large number of sales to extract data from. Three existing large local over-55 communities where I've sold a number of units include Patriot Square in SW St. Petersburg, Town Shores in Gulfport, and Winston Park NE in Northeast St. Petersburg. Comparing MLS sales stats for them, I come up with the following year to year percent increases:
Patriot Square from $59 to $82 average per square ft.
Town Shores from $85 to $108 average per square ft.
Winston Park NE from $68 to $84 average per square ft.
That's a 20-25% annual average per square foot value increase for each of these three, an increase double that of Pinellas County as a whole. Why? Let me hazard a few educated guesses!
1. All 3 offer nice recreational facilities and a place to walk though located in an urban environment. They all are located directly on bus lines which is the exception rather than the rule in Pinellas County.
2. They are still a relative bargain as an active retirement choice. Their average resale price per square feet still runs half or less that of newer adult communities in much less urban areas of inland Florida. That's not to mention much higher prices yet in such parts of the Northeast as northern Virginia, suburban Maryland or New York.
3. All 3 are integral parts of the neighborhoods in which they are located. Further, the neighborhoods in which they are located are relatively close to the urban amenities and vibrant cultural attractions of St. Petersburg. Further, all 3 offer easy access to some of the best cultural, sports, and artistic venues of the Tampa Bay area. Far from desiring to locate in an isolated semi-rural enclave, many of today's retiring baby boomers want their place in the sun--but where the action still is!
Looking at actual sales prices on a per square basis is a quick of measuring change over time or comparing one neighborhood or complex to another with a large number of sales to extract data from. Three existing large local over-55 communities where I've sold a number of units include Patriot Square in SW St. Petersburg, Town Shores in Gulfport, and Winston Park NE in Northeast St. Petersburg. Comparing MLS sales stats for them, I come up with the following year to year percent increases:
Patriot Square from $59 to $82 average per square ft.
Town Shores from $85 to $108 average per square ft.
Winston Park NE from $68 to $84 average per square ft.
That's a 20-25% annual average per square foot value increase for each of these three, an increase double that of Pinellas County as a whole. Why? Let me hazard a few educated guesses!
1. All 3 offer nice recreational facilities and a place to walk though located in an urban environment. They all are located directly on bus lines which is the exception rather than the rule in Pinellas County.
2. They are still a relative bargain as an active retirement choice. Their average resale price per square feet still runs half or less that of newer adult communities in much less urban areas of inland Florida. That's not to mention much higher prices yet in such parts of the Northeast as northern Virginia, suburban Maryland or New York.
3. All 3 are integral parts of the neighborhoods in which they are located. Further, the neighborhoods in which they are located are relatively close to the urban amenities and vibrant cultural attractions of St. Petersburg. Further, all 3 offer easy access to some of the best cultural, sports, and artistic venues of the Tampa Bay area. Far from desiring to locate in an isolated semi-rural enclave, many of today's retiring baby boomers want their place in the sun--but where the action still is!
