The November 2021 Real Estate Stats For Pinellas County FL

Dated: December 28 2021

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The November 2021 Real Estate Stats for Pinellas County, Florida

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With no end to the housing shortage in sight, the November 2021 housing market remains a seller’s market in Pinellas County and around much of the country. Once again, we saw a dip in housing inventory compared to the year prior at the same time, along with an increase in cash buyers and a slight increase in closed sales around the county. New pending sales increased by +5.7% year over year, as buyers competed for homes despite record low inventory levels.

Keep reading below to see our breakdowns of the Pinellas County single-family home market and the condo/townhouse market:

Single-Family Homes

The single-family home market in Pinellas County continues to break records like never before. The median sale price of a single-family home jumped +18.8% in the month of November to $380,000 and homeowners had to do little negotiating, often collecting 100% of their original list price (or more) in November 2021 vs 98.9% in November 2020.

As many home buyers will agree, housing inventory remained low in Pinellas County with just .8 months of supply available last month (under 1 month), representing a drop of -42.9% compared to the year prior at the same time.

Nov 2021 Single-Family Home Stats in Pinellas County

Other Important Stats to Know from the Single-Family Home Market in Pinellas County:

  • 38% of Single-Family Homes were paid for in cash in November 2021. (That’s just over 1 out of every 3 single-family homes sold)

  • The absorption rate is still extremely high at 149% (aka, for every 100 homes listed, 149 homes are sold!)

  • Cash sales increased by +45.9% in November 2021 compared to November 2020

  • The most popular price range (based on closed sales in November) was $300k-$399k in the single-family home market

  • When it comes to new listings, the $1M or more price range had the most new listings in the single-family home market, jumping +74.1% year over year

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Closed sales dipped ever so slightly last month in the condo/townhouse market (down by -1.8% or just 14 transactions), but demand from buyers remained high with the median condo/townhouse selling for 100% of the original list price and going under contract in just 9 days in November 2021 vs 20 days in November 2020.

Like the single-family home market, the condo/townhouse market remains a seller’s market, with 1 out of every 2 closed transactions being paid for in cash and a +15.9% increase in the median sale price to $259,000. With under a month of inventory available in November vs 2.2 months available the year before, our market would need 6-7 times MORE inventory to level the playing field between buyers and sellers.

Nov 2021 Condo-Townhouse Stats in Pinellas County

Important Highlights from the November 2021 Condo/Townhouse Market in Pinellas County:

  • 52% of closed sales were paid for in cash (1 out of every 2 properties sold)

  • The absorption rate continues to remain over 100%, sitting at 120% in November 2021

  • Cash sales increased by +7.1% year over year

  • When it comes to closed sales by price range, we saw the most closed sales in the $150k-$199k range, followed by the $400k-$599k price range.

  • New Listings in the $1M or more price range jumped by +120.8% in the month of November, representing the largest increase by price last month.

What Does This Housing Market Mean for Buyers and Sellers?

To summarize, the Pinellas County housing market remains one of the strongest in the state, with housing demand at all time highs. If you’re thinking about buying a home, the best advice we can give is to be ready with your proof of funds and a pre-approval letter from a lenderbefore you begin to shop for a home (Don't worry, we can help with that!). While it’s true that home prices have grown at record rates this year, a dip in home prices is NOT predicted for 2022. In fact, the average homeowner is expected to gain 8-12% in home equity in the coming year. In this fast-moving market, sellers are looking for the best possible offer terms at the highest price- so be prepared to make your most competitive offers from the start of your house-hunting journey.

For sellers, our advice is to be surgical when it comes to pricing your home in the right price range to attract the most offers and most competitive terms from the start. As any experienced Realtor will tell you, overpricing a home is the absolute worst decision you can make in a market like this. The sellers walking away with the most cash in hand are deep cleaning, staging, and pricing their homes correctly from the start

Plain and simple, listen to your Realtor’s advice and get ready for multiple offers.

Thinking about buying or selling a home in the Tampa Bay area and need some help? Be sure to call us at (727) 400-3315 to speak with an experienced local Realtor at The Sandy Hartmann Group now. We’ll build the right strategy for you to help you meet all your real estate goals in 2022.

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Andrea Hartmann

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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