The August 2022 Pinellas County Real Estate Stats The August stats are finally here and while there’s A LOT of data to look at, we’ve broken down all the most important numbers and trends in
The June 2022 Pinellas County Real Estate Stats
Dated: July 25 2022
The June 2022 Pinellas County Real Estate Market Stats
April showers bring May flowers, but what about June?? Last month, the June 2022 housing market delivered a nice bump in housing inventory compared to the year before, but also higher home prices than the same time last year as well in Pinellas County. Check out our breakdown of the local real estate market below to find out what’s happening and our recommendations for your next move if you’ve been thinking of buying or selling in 2022:
Breaking Down the June 2022 Pinellas County Real Estate Stats
The Single-Family Home Market:
Closed Sales Declined -19.4%, which is not surprising given that interest rates have jumped and home prices continue to break records in the Pinellas County housing market. To give more context, there were 1,073 closed single-family home sale, which is just 258 less closed sales compared to the year before at the same time. However, when we look at other months in 2022, the months with the LOWEST number of closed sales were in January 2022 (with just 926 closed sales) and February 2022 (with just 1013 closed sales). Interest rate hikes hadn’t taken effect yet in those months, so it’s worth noting, as June is certainly not the slowest month of 2022 when it comes to closings.
Single-Family Home Prices remain strong in Pinellas County, with the median sale price sitting at $445,000 or +18.7% higher than the same time last year. The average single-family home price also jumped +23.5% to $600,192 year over year. The median home sold for 100% of the original listing price last month as well.
Single Family Home Inventory also increased, giving buyers some of the relief they’ve been hoping for when it comes to having a few more homes to look at. There was 1.5 months of inventory on the market last month, which is a +66.7% increase compared to June 2021. While the percentage seems extreme, that simply means we had 1.5 months of inventory for buyers to shop vs. just .9 months at the same time last year. Until the housing market reaches 5-6 months of inventory, we are still very much in a seller’s market.
The Median Time to Contract for a single-family home in Pinellas increased by 2 days from just 5 days last year to 7 days in June 2022. This means homes are still selling in about a week’s time, which continues to be very competitive compared to other housing markets in Florida and around the U.S.
The Most Popular Price Range in the single-family home market appears to be the $400k-$599k range, with 372 closings falling into that price point last month, followed by the $300k-$399k price range with 301 closings last month. There were just 6 closings at $149k or less in the single-family home market in Pinellas last month.
The Condo/Townhouse Market:
Closed Sales dropped -17.4% in the condo/townhouse market in Pinellas last month, which is equivalent to 167 less closings compared to the same time the year before. Again, this slowdown is not unexpected, as that was the main goal of the interest rate increases we saw over the past several weeks. However, similar to the single-family home market, the lowest month for sales was actually in January 2022 with just 682 closed sales and February 2022 with just 769 closed sales. So even though this decline may feel extreme, it’s really not been the slowest month of the year for home sales in 2022.
Condo and Townhouse Prices remain strongin Pinellas County, with the median sale price increasing +26.3% year over year to $300,500 and the average sale price increasing +17.6% year over year to $397,860. When it comes to sale prices, the median condo/townhouse also sold for 100% of the original listing price in June 2022.
Inventory in the Condo/Townhouse Market saw a similar increase as the single-family home market with a +62.5% year over year from just .8 months of inventory to 1.3 months of inventory in June 2022. Like the single-family home market, the condo/townhouse market is still very much a seller’s market until we see housing inventory increase to 5-6 months on hand.
Condos and Townhouses Continued to Sell Quickly last month, with no change in the median time for a property to go under contract, which sits at just 8 days (in June 2022 and 2021).
The Most Desirable Price Range in the condo/townhouse market last month appears to be the $300k-$399k price point, with 143 closed sales. This was followed by the $200k-$249k price point with 126 closed sales, indicating that buyers are still able to find properties in this market for under $250,000 (though the lower the price point, the faster properties tend to sell).
So What Should You Be Doing Now if You’re Thinking of Buying or Selling a Home in 2022?
Based on the above information, we are still seeing a strong seller’s market in Pinellas County, despite days on market ticking up a bit in the single-family home market. As a reminder, this is what the goal of the interest rate increases were, which is what everyone has been talking about. Economists have not predicted a housing market crash, but a purposeful slowdown of price growth and home sales. This simply means home prices are predicted to discontinue the wild growth we’ve seen in the past 2 years and instead get back to single-digit price growth that is more common in a normal housing market. Nobody has predicted home price declines in the Pinellas County housing market thus far and based on the June 2022 stats, we continue to agree with that.
So what should buyers who are shopping for homes be doing right now? In our opinion, they should continue to be selective with the properties they purchase, making sure they are paying a fair market value and buying in a desirable area to maximize price appreciation on their investment over the years. Home buyers should also be re-visiting their budget and loan approval status with their lenders, as higher interest rates can reduce a buyer’s price range in some cases. We have already seen buyers becoming more selective in our market, as bidding wars, while still a thing of the present, are only happening with the very best properties, in the most desirable areas.
Knowing this, homeowners who are thinking about selling and that want to maximize buyer interest, should make sure they are surgical (with their Realtor) when it comes to pricing their home, to be sure they are pricing based on comparable sales of similar homes in similar condition/location. To get the very best price and most competitive offers, homeowners should have their homes in tip-top shape when they go to sell, making sure the interior is clean and properly staged and that there is no deferred maintenance on the house that could affect insurability or drive up already rising insurance premiums.
For more details on buying or selling a home in Pinellas County or the Greater Tampa Bay area of Florida, don’t hesitate to reach out to us at The Sandy Hartmann Group to get the latest information on the local housing market and to build a moving plan that suits your individual needs. You can call us at (727) 400-3315 any time or message us directly by clicking HERE.
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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