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The Latest Real Estate Market Update For Pinellas County March 2020
The Latest Real Estate Market Update For Pinellas County
The February 2020 Real Estate Market stats are out and we sure do have a lot to review this month! While the stats are a good indicator of market trends, the Coronavirus pandemic has thrown us a curveball into somewhat unfamiliar territory.
As you’ve probably guessed, we’re getting MANY calls about the real estate market and what we think will happen as of today. While we don’t have a crystal ball, we do have some information we’d like to share with you about what’s going on in our market.
Market Update, Based on Stats from the Past 3 DAYS in Pinellas County:
211 New Listings Hit the Market
248 Listings SOLD
198 Went Under Contract (pending)
As you can see, the number of homes going under contract in the past 3 days alone is almost equal to new listings hitting the Pinellas County real estate market. This indicates that demand is still relatively strong, despite what’s going on with the current Covid-19 stats and closures of business in the area.
Low mortgage interest rates and continued limited housing inventory are likely the culprits behind the steady demand we’re seeing.
Market Update From the February 2020 Market Stats
As far as last month’s stats go (the most current stats available from the Pinellas County Board of Realtors), demand remained relatively steady for the majority of February as well. Here’s the highlights:
Closed Single Family Home sales jumped +3.4% in February 2020, with 945 closed transactions for the month.
The Median Sale Price increased +5.7% to $280,000 in the single-family home market. Median sales price in the condo townhouse market decreased by -4.3%, likely due to the lack of inventory in the higher price points in Jan and Feb 2020.
Inventory was LOW, down -32.3%, with just 2.1 months of inventory on hand in the single family home market.
To see the full February 2020 Pinellas County Real Estate Stats Report, Click Here.
Based on the above information, the real estate market continued to look healthy in February and still looked good, aside from an inventory shortage, as of just 3 days ago (from the time this blog was published). Yes, a 'Stay at Home' order could cause a temporary slowdown, but we do not feel like this will be a repeat of the 2008 housing crash.
Lastly, we're getting a lot of questions about how the stock market might affect the housing market. The answer is not simple, as again, the stock market crash is being caused by a phenomenon that's ideally going to be temporary. If we look back at history, the odds are in the favor of the housing market, as home prices have actually increased during 3 out of 5 of the last stock market crashes, according to our CoreLogic data dating back to the 1980's.
What we're seeing now, is a crash based on mostly market uncertainty after a national emergency has taken place. Similar to the 2001 9/11 terrorist attacks, it's common for the markets to react with a downturn when something horrible is happening in our country. However, if we look at the 2001-2002 housing market, home prices went up +6.6% while the stock market was struggling.
We hope this information is helpful, and remember, we're here to answer any and all of your real estate questions. Additionally, if you're in need of help during the COVID-19 Pandemic, please remember we have been serving the Tampa Bay Community for over 30 years and would love to use our network of wonderful clients and vendors to help connect you with the resources you need in times of distress.
Please reach out any time!
Andrea is the Managing Partner of The Sandy Hartmann Group. Andrea was born and raised in the Tampa Bay area and is a licensed Realtor with over 15 years of Marketing and Finance experience, holding ....
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