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The Pinellas County Real Estate Stats For June 2021
Dated: July 28 2021
The Pinellas County Real Estate Stats for June 2021
What a month June 2021 was for the Pinellas County Real Estate Market! Check out the breakdown of the latest real estate stats below to find out what happened last month and what’s going on in our housing market!
The Single Family Home Market
The Median Sale Price of a Single-Family Home in Pinellas increased +25% to $375,000 in June 2021 vs June 2020.
Closed Sales were almost flat to last year at the same time in June 2021, with a small +2.7% increase year over year. This equates to just 35 more closed sales compared to June 2020.
Cash Sales were up a whopping +72% last month, further emphasizing the massive competition buyers continue to face in the Pinellas County real estate market.
Our market was sitting on less than a month of active housing inventory in June, despite a +18.7% increase in new listings. The reason for this is simply because new home listings continue to go under contract in record time.
The Median Time to Contract was sitting at just 5 days in the single-family housing market last month compared to 28 days at the same time last year.
Sellers continue to collect TOP DOLLAR for their homes in Pinellas County, with the median single-family home selling for 100% of the original list price last month.
The Condo/Townhouse Market
The Median Sale Price of a condo/townhouse in Pinellas County jumped +16% to $237,900.
Closed Sales in the condo/townhouse market showed no signs of a slowdown last month, increasing +32% year over year.
Cash Sales also jumped +46.3% in June, with 1 out of 2 buyers in the condo/townhouse market paying with cash.
Surprisingly, inventory in the condo/townhouse market was even lower than the single-family home market in June, sitting at just .8 months of inventory for the month.
Median Time to Contract dropped by 79% in the condo/townhouse market to just 8 days vs 39 days in June 2020.
Similar to the single-family home market, sellers of condos/townhouses were collecting record prices for their properties, with the median property selling for 100% of the original list price.
So What Does This Mean?
Demand for housing in Pinellas County showed no slowdown in sight based on last month’s sales numbers and price increases. While it’s true that an influx of housing inventory could steady the demand for housing and alleviate some of the intense bidding wars our real estate market has seen, we believe prices will hold at their current levels in the foreseeable future. Even if more inventory hits the market, we would need almost 7 times MORE housing inventory in Pinellas County than we currently have to meet today’s demand and drive us into a balanced housing market.
To give more context, in June of 2021, the absorption rate for Single-Family homes in Pinellas County was a whopping 150%. While this is lower than the previous month, it still ranks high when it comes to the pace at which homes are selling. As a reminder, a low absorption rate means homes are selling slowly, a high one means they are selling quickly. Last year at this time, that stats for June 2020 broke the 5-year record when the absorption rate hit 79%. At 150% today, that basically means that for every 100 homes that list for sale, 150 homes are selling. This is why inventory continues to decline in our area.
However, with that said, low inventory levels are currently giving sellers the upper hand when it comes to negotiating. As more inventory hits the market (which is what we’re expecting as we approach the last quarter of the year) buyers will have more properties to choose from and bidding wars that escalate prices above asking will likely settle down, with buyers asking for more contingencies and concessions in their offers.
If you would like more information about what the housing market in your neighborhood looks like, feel free to contact us at The Sandy Hartmann Group to get a thorough market analysis of your home! Call us at (727) 400-3315 or Message us by clicking HERE.
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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....
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