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Your April 2020 Housing Market Update For Pinellas County Florida
The April 2020 Housing Market Update for Pinellas County, Florida
Single Family Home Market
For the month of April, closings were down -26.8% in Pinellas County, but the median sale price increased +7.4%. This is not surprising since the COVID-19 shutdown that went into effect in March resulted in many sellers delaying their plans to list their homes for sale, which resulted in a -31.9% decrease in new listings for the month of April as well. As inventory dried up and interest rates went even lower, buyers were willing to pay more for homes in Pinellas County and wanted to close faster.
The median time to contract (how long a home sits on the market before going under contract) decreased by -46.9%, meaning homes were selling 2 weeks faster than at this same time last year. The median time to sale (aka the closing date) also decreased by 16 days or -22.2%. With the uncertainty surrounding the shutdowns, buyers were in a hurry to not only find houses, but also to get to closing before anything else was shut down or mortgage rates went up.
The average single-family home was selling for 97.3% of the original listed sale price in April, which is an increase of about 1.3% compared to last year at this time. This is an important metric right now for investors who have been searching for desperate sellers willing to make hefty price drops during the shutdown. That is simply not the case for the majority of sellers in Pinellas County based on the latest stats.
Townhouse and Condo Market Stats for April 2020
Closed sales for the townhouse and condo market in Pinellas County were down -35.7%, with a big jump in the median sales price from $165,000 last year at this time to $196,500 in April, or +19.1%. Again, with dwindling inventory and extremely low mortgage interest rates, prices were destined to increase as buyer demand remained. For the month of April, new listing inventory was down a whopping -41.7%!
The median time to contract in the condo and townhouse market decreased by 2 weeks or -35%, meaning properties went under contract 2 weeks faster than last year at this time. Median time to sale (the closing date) was about flat, just 4 days faster than last year. Like single family homes, sellers were getting offers close to their asking prices, with the majority of properties selling for 95.8% of the original listed sales price.
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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