The September 2021 Pinellas County Real Estate StatsThe September 2021 real estate stats for Pinellas County are here! At first glance, it appears that closed sales and new pending sales have
The September 2021 Pinellas County Real Estate Stats
Dated: October 21 2021
The September 2021 Pinellas County Real Estate Stats
The September 2021 real estate stats for Pinellas County are here! At first glance, it appears that closed sales and new pending sales have dropped, which could feel alarming for homeowner’s…however, as we usually point out, it’s worth digging into the stats a little deeper to see what’s really happening in our housing market! Keep reading below to see a more detailed breakdown of the stats and what kind of a story those numbers are really telling:
The Single-Family Home Market in Pinellas County
While it appears that closed hone sales dropped last month when looking at the overall stats, this is not the case in the single-family home market in Pinellas County. If we break out the stats for the Single-Family Home market, closed sales actually increased compared to the same time last year (by +3.8%).
The same is true for the median sale price, which jumped +15.6% to $370,000 year over year for the same time period. While pending sale did experience a small decline of -2.1%, this is attributed to a decrease in new single-family home listings (aka new inventory) vs. a drop in buyer interest or demand. How do we know this? Not only from the increase in the median sale price, but also by looking at cash sales, which increased +56.8% year over year AND how much sellers are getting for their homes. In September 2020, the median seller was getting 98.7% of the original list price for a single-family home (which was great!) in Pinellas. In September 2021, sellers collected even more, with the median seller getting 100% of the original list price!
Regarding housing inventory for the single-family home market, it dropped -28.6% in September 2021 to just 1 month of active inventory to choose from (a normal housing market has 5-6 months of active inventory for buyers at any given time).
What About the Condo & Townhouse Market in Pinellas County?
The condo and townhouse market in Pinellas County tells a similar story when it comes to buyer demand and inventory constraints. Like the single-family home market, closed sales dropped, but a bit steeper, by -11.4%. However, cash sales still increased year over year by +5.3% and the median sale price also increased by +7.3% to $236,000 compared to the same time last year.
New inventory in the condo and townhouse market dropped -58.3% in September 2021 vs September 2020 and the median time to contract dropped from 24 days in 2020 to just 8 DAYS in 2021. None of these metrics indicate any type of slowdown in demand, just more of the same low inventory problems we’ve been talking about all year. Sellers continued to collect top dollar in the Pinellas condo and townhouse market as well, with the median seller getting 100% of their original list price (meaning they did not have to negotiate on price in most instances).
So What Does It All Mean?
Basically, Pinellas County is still experiencing solid growth in the real estate market and more demand for housing than the current inventory levels can tolerate. At this point, our area could use 5-6 times MORE housing inventory, and even then, we would just be in what’s considered a ‘balanced housing market.’
Based on these stats, sellers are still in a great position to get top dollar for homes they list in the remainder of 2021. Buyers who are diving into this housing market should be prepared to put their highest and best offers forward on homes they love, and be ready to submit offers with proof of funds and pre-approval letters if they want to stand a chance when it comes to getting a house. And remember, if you're paying in cash, so are 1 out of 3 single-family home buyers in Pinellas County, which means you'll still have competition in this market to compete with, even with cash!
While this market may seem intense, there’s still plenty of opportunity to make great investment choices that will help your real estate portfolio grow over time. Rental prices are climbing even faster than real estate prices in Tampa Bay and thanks to our beaches, homeowners have also discovered a very profitable short-term rental market here as well.
Like any popular area with desirable elements (beaches, jobs, growing infrastructure, etc) and limited land to develop, prices are predicted to continue growing in Pinellas County over the long term.
Have more questions about buying and selling real estate in Pinellas County? Contact us at The Sandy Hartmann Group by clicking HERE or call us at (727) 400-3315.
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....
Latest Blog Posts
How Staging Your Home Can Help You Sell it for More Money With record sales price growth in the Tampa Bay housing market, sellers are more anxious than ever to capitalize on the hot
Homebuyer Tips for Finding Your Next Home in the Tampa Bay AreaSome Highlights The best advice carries across multiple areas of life. When it comes to homebuying, a few simple tips can help
Everything You Need to Know About Living in the City of SeminoleWhen you think about moving to the Tampa Bay area of Florida, the cities of Tampa, St Petersburg, or Clearwater Beach likely come to