The lack of inventory has been the biggest news in the Pinellas County real estate market. Up until now the inventory shortage hasn’t had much of an effect on the market. For the last several months there have been steady increases in sales.
In the condo market sales were up 11% and the median sales price surged by almost 14%, or $12,500. This is most likely due to a 22% drop in active listings over the last 12 months. Pending sales increased by 13% and the month’s supply of inventory dropped by almost 3 months or 31%.
Source: Pinellas Realtor Organization