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Our December 2019 Real Estate Market Update
The Latest Stats Are In And It’s All About Low Inventory In The November 2019 Stats Report!
The latest real estate market stats are in and the story remains much the same as last month's! While the number of closed single family home sales saw a conservative +2.3% increase in November 2019 vs November 2018, it was the condo and townhouse market that saw the most drastic drop with a -20.3% decrease in closed sales!
But don’t panic!
As in most cases, you can’t just read the top-line numbers from the latest stats report. The decrease in condo and townhouse sales is a direct result of a LARGE number of new construction luxury condos that were delivered and closed in November of 2018. In November 2019, we did not have a comparable new construction project deliver at the same time of year, so the stats are not representative of a normal market trend or very comparable in that category.
Other highlights from last month include:
The median single family home price increased +4.9% to $274,250 and homes were selling 5 days FASTER than they were in November 2018. A great indicator that buyer demand remains strong in the Pinellas County real estate market.
The struggle with inventory continues! New Single Family Home listings were down -12.4% and the combined inventory for condos, townhouses, and single family homes was down a whopping -17.6% last month! Low home inventory mixed with low mortgage interest rates and low unemployment is the perfect recipe for growing home prices (aka a seller’s market in most areas of Pinellas County).
The price points with the biggest gains in year over year closed sales were in the $300,000-$1M+ price range. All ranges in that category saw increases in closed sales year over year (meaning this is where the most demand in the market is right now).
The absorption rate was at 39% last month, which is still strong and about an 8% gain over last year (Transaltion: homes are selling about 8% faster than last year).
Cash sales in the single family home market INCREASED +10.7%, which provides further evidence of a strong housing market. This percentage translates to about 30% of buyers for single family homes that used cash to purchase the homes they wanted last month. That's A LOT of cash buyers!
Basically, everything we’ve predicted all year is continuing to happen and likely will through the end of the year in our opinion. As unemployment remains low in the Tampa Bay, FL area, more people will naturally move here to continue or start their careers. Low mortgage interest rates are making homes a more affordable dream for many buyers, but the home inventory remains low. This equals the perfect driver of demand for housing in our area, not to mention the beaches which are a limited resource themselves!
Basically, if you’re thinking of selling your home in the next year NOW is a great time to talk to us about it. We have DOZENS of buyers looking for the perfect home and our home listings sell in a matter of days when they’re priced right and staged properly.
To See the FULL VERSION of the Pinellas County Real Estate Stats for November 2019, CLICK HERE.
As a reminder, we're here to help you with all your real estate needs, whether it be residential, income properties, condos, 2nd homes, or commercial property.
Andrea is the Managing Partner of The Sandy Hartmann Group. She is a licensed Realtor with over 15 years of Marketing and Finance experience, holding a degree in both Finance and International Busines....
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