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The Latest Pinellas County Real Estate Stats
Dated: January 24 2023
The Latest Real Estate Stats for Pinellas County
The December real estate stats for Pinellas County are in and while sales remain down in this slower market, median home prices continue to exceed last year’s home prices. Check out our breakdown of the stats below to get all the info you need on what’s going on in the Pinellas County housing market.
The Single-Family Home Market:
Closed Sales of single-family homes in Pinellas County were down -39.6% year over year. There were 744 closed sales vs. 1232 in December of 2021.
The Median Sale Price of a single-family home increased +10.6% year over year from $395,000 in December 2021 to $436,750 in December 2022. The average home price also increased +9.2% from $549,226 to $599,778. Even with higher interest rates, the average seller is still getting top dollar for their home in today’s market.
Cash buyers continue to represent about 1 out of 3 (or 33%) of home sales in Pinellas County, which is about the same as what we saw for most of 2022.
The median single-family home is selling for approximately 94.7% of the original list price, compared to 100% at the same time last year. But how is this possible if sale prices are continuing to go up? Basically, this means sellers have been over-shooting on their initial listing prices and are now willing to negotiate down by about 5% to get their homes sold. Despite negotiating more, they are still collecting more than they would have last year at the closing table.
Homes continue to take longer to sell year over year, with the median home going under contract in 25 days in December 2022 vs. 11 days in December 2021 (a +127% increase). With low housing inventory, higher home prices, and higher mortgage rates, buyers are taking their time to find the perfect home and in many cases, a seller that will negotiate.
Housing inventory remains low, with just under a 2-month supply of inventory available last month. While this is still 185% higher than December 2021(when there was less than 1-monthof available supply), it’s far lower than what our market needs to ensure there are enough homes to meet buyer demand. A normal market requires 5-6 months of housing inventory to be fully balanced.
The price range with the most single-family home sales last month was in the $400k-$599k price bracket, followed by the $300k-$399k bracket.
The Condo/Townhouse Market:
Closed sales dropped by -34.8%, with 562 closed sales in December 2022 vs 862 in December 2021.
The Median Sale Price of condos/townhouses increased +11.7% year over year from $277,500 in December 2021 to $310,000 in December 2022. The average sale price also increased by +10.8% from $380,369 in December 2021 to $421,580 in December 2022.
Cash buyers represented 56% of all closed transactions or about 1 out of every 2 closings. Like the single-family home market, this percentage has remained steady over the past 12 months.
The Median Condo/Townhouse is selling for about 96.2% of the original list price, compared to 100% at the same time last year. This basically means sellers are listing high, but eventually willing to negotiate with buyers once they get an offer.
Condos and Townhouses are taking longer to sell, with the median property taking 27 days to go under contract in December 2022 vs. 11 days in December 2021(a 145.5% increase in time). While under 30 days is still competitive, sellers should be ready for homes to sit on the market longer than they anticipated last year.
Inventory continues to be low, with just 2.4 months of supply available last month. This is still +200% higher than the same time last year, when there was less than a month of supply available.
The most popular price range, in terms of closed sales last month, was a tie between the $300k-$399k range and the $400k-$599k range.
So What Does it all Mean?
Pricing is everything in this market. Buyers are hesitant to overpay for homes in today’s real estate market and are more educated than ever on comparable sales, right down to finish upgrades and insurance rates. If a home is overpriced, sellers will miss out on showings and offers, often receiving less for their home in the end than if they had just priced it correctly from the start. There’s still a stigma about multiple price decreases that signals to buyers a seller might be desperate to sell, or the house may have major deficiencies. This inevitably results in less showing appointments and lower offers for sellers.
Our advice to sellers in this market is to take advantage of the continued year over year price gains our market is experiencing, while so many other housing markets are seeing dramatic price drops. Be sure to follow your Realtor’s advice in regards to pricing and staging in this ever-changing market and be ready to negotiate once you get an offer.
For buyers, our advice remains the same as last month, which is to communicate with your lender (if you’re using one) to make sure the higher interest rates haven’t changed your purchasing budgets. If they have, be sure to inform your Realtor so you can target the appropriate homes in your search. Remember, it’s ok to buy a home at a competitive price now, then refinance into a lower mortgage rate next year when many lenders agree that rates will be lower. For buyers hoping to wait until rates drop, it’s important to note that inventory is low, meaning it could take more time than you think to find the right home. Additionally, once mortgage rates do drop again, the prices of the homes you’re interested in could start going back up. The low interest rates of last year were one of the factors that triggered multiple offers on the best homes. Buyers often had to pay 6-figures over asking price in many cases and were competing with many more buyers. Don’t get stuck in that position again and get the home you want now! In the long run, real estate will grow in value, even if rates are a little high right now.
For more information on our housing market for general real estate questions, call us at (727) 400-3315.
You can also message us directly by CLICKING HERE.
Andrea is the Managing Partner of The Sandy Hartmann Group and runs the team alongside Sandy Hartmann. She would love to talk to you about real estate! Andrea was born and raised in the Tampa Bay a....
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