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Find Out What The Latest Real Estate Stats Are Really Telling Us
Find Out What The April 2019 Real Estate Stats Are Really Showing Us
Headlines in the news can be misleading, so we've taken the time to do a thorough breakdown of the latest April 2019 real estate stats for Pinellas County. Find out what's really going on, from a company that has been serving YOU for over 30 years in the Tampa Bay area of Florida.
Sales prices continued to INCREASE in Pinellas County, with the average single family home price INCREASING +6.6% year over year.
Meanwhile, sales prices DECLINED in Hillsborough, Pasco and Hernando Counties, making Pinellas County the clear winner when it comes to desirable places to live in the Tampa Bay Area.
We saw a small decline in closed sales (-2%) in the single family home market in Pinellas, which could feel alarming for some. However, when we dig down into the market stats and trends, here’s what we found:
The decline in closed sales happened in specific price points. Home sales for properties that were $50,000 or less were down 100% (we know it is literally impossible to find ‘fixer upper’ homes in this price point any longer). Home sales between $50k-$99k were down -25%, while home sales in the $100k-$150k price point were down -41% (price points that are becoming increasingly harder to find in our area). These declines were all included in the number representing that -2% decrease.
Other price points are still seeing INCREASES in sales. Comparably, when we look at home sales in the $250k-299k price point, sales INCREASED +29.3% last month. We also saw INCREASES in the $400k-$599k price point (+13.5%), the $600k-$999k price point (up +7.3%), and the $1M+ price point, which jumped a whopping +18%! In our opinion, these stats continue to indicate that there’s a healthy demand for homes in Pinellas County and a steady real estate market in front of us.
Inventory is still a problem for home buyers. Yes, inventory has increased +11.5% year over year, but when you look at what that number actually equates to, it’s only 2.9 months of active inventory available vs 2.6 months the year before at the same time. An increase of just 229 homes year over year. The housing shortage in the single family home market is still making it INCREDIBLY difficult for most home buyers to find the perfect home. Many homes hitting the market are in need of extensive renovations and repairs, leaving buyers that want a ‘move-in ready’ home with limited choices.
The absorption rate is still high. A low absorption rate means homes are selling slowly in a market. A high rate means they are selling fast. The absorption rate for April 2019 was a STRONG 45%, which is exactly the same rate we saw in April 2016 when everyone agreed there was an exceptionally strong demand for housing. Another indicator in favor of our market.
The median home sale price vs the original listing price is 96% in Pinellas County. That’s a big number! Sellers are still getting great offers and selling their homes for TOP DOLLAR (especially when you list with us- our 12 month average is HIGHER than the above number and our listings sell about 2 WEEKS FASTER than the current county average!).
If anything, the above stats should be a strong reminder of why it’s important to have an experienced Realtor working for you that understands not only how to read the stats, but also how to analyze & interpret the market signals that are embedded in the overall numbers released each month.
The Hartmann Team still feels good about the existing real estate market. Homes that are priced right are still selling fast & for top dollar in our area. For our buyers, our competitive strategies are still working when it comes to finding you the perfect home, despite inventory shortages.
We will continue to ENCOURAGE all of our clients, neighbors, friends, and family to contact us when it comes to questions about the current market, the value of your home, or the best strategies for purchasing a home. We are ready and our experience WORKS FOR YOU!
To see the full version of the Pinellas County April 2019 Real Estate Stats, CLICK HERE
Andrea is the Managing Partner of Sandy Hartmann & Associates. She is a licensed Realtor with over 15 years of Marketing and Finance experience, holding a degree in both Finance and International Busi....
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