The April 2023 Real Estate Stats For Pinellas County Florida

Dated: May 21 2023

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The April 2023 Real Estate Stats for Pinellas County, FL

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April was a busy month in the Pinellas County real estate market, kicking off the 2nd quarter of the year with more year-over-year price increases in both the single-family home and condo markets. Housing inventory remains the thorn in our side in this market, with buyers anxiously awaiting more inventory. Keep reading below to find out what happened last month in our local Pinellas County housing market!


The Single-Family Home Market

April 2023 Stats for the Pinellas County Single-Family Home Market


  • Closed saleswere once again down year-over-year by -21.6% or about 236 less closings compared to the same time last year. We attribute this to lack of desirable housing inventory and high interest rates, making it harder and harder for buyers to find the right home in the right budget.


  • The average sale priceof a single-family home increased to$631,006 (about +8.1% higher) last month, meaning April 2023 had the highest average sale price for single-family homes in the past 12 months. A sign that prices will likely continue to steadily increase through the end of the year if inventory doesn’t begin to increase. The median sale price of a single-family home in Pinellas also increased, climbing to $450,000 last month (a +2.3% year-over-year increase), also representing the highest median sale price in the past 12 months in our market.


  • The time it’s taking homes to go under contract has also dropped substantially since the beginning of the year. In the start of 2023, the median single-family home went under contract in 36 days. In April 2023, that number dropped to 21 days, meaning homes are going under contract about 2 weeks faster than they were a few months ago.


  • Sellers are collecting TOP DOLLAR for their homes right now, with the median single-family home in Pinellas selling for 96.8% of the original sale price. While this isn’t the 100%+ figures we saw in 2022, it’s important to remember that even though sellers are negotiating a bit on price, the average seller is still getting their home sold for MORE MONEY than they would have gotten 1 year ago. The negotiating is simply a result of overpricing their homes from the start.

12-Month Average Sale Price Trends in the Pinellas County Single-Family Home Market as of April 2023


  • The number of new single-family home listings dropped over 33% compared to the same time last year, with just 920 new home listings hitting the market in April 2023 vs. over 1300 in April 2022. With just 1.6 months of active housing inventory available last month, the best homes continued to sell fast in Pinellas County. Much of the remaining housing inventory we see sitting on the market represents homes with too much deferred maintenance for buyers to take on, less desirable locations (think busy roads, properties adjacent to commercial and industrial properties, etc), and pricing that the market simply won’t support.


The Condo/Townhouse Market

April 2023 Stats for the Pinellas County Condo/Townhouse Market


  • Closed sales were down by -20.4%, with just 709 closings in April 2023 vs. 891 closed sales in April 2022. 57% of closed condo/townhouse sales were made with cash, meaning the buyers did not use a mortgage to purchase their home. 


  • The Average Sale Price of a condo/townhouse in Pinellas County last month increased by +13.2%to $451,789, compared to April 2022 when the average sale price was $399,054. Like the single-family home market, the April 2023 average sale price is the highest we’ve had in over 12 months. The median sale price also increased year-over-year, jumping up by +7.1% from $280,000 in April 2022 to $300,000 in April 2023. Again, we predict home prices will continue to trend upwards through the end of the year in this market.


  • The time it took a condo/townhouse to go under contract in April 2023 was about 27 days. This is far more than the 6 days it was taking to get a property under contract at the same time last year, but what we’ve been seeing since interest rates increased and the # of buyers dropped in our market. At the start of this year, the average condo/townhouse was taking 28 days to go under contract, the timeframe has remained basically the same throughout the year so far.


  • Sellers in the Pinellas County condo/townhouse market continue to collect top dollar for their properties, but are negotiating more to get their homes sold, with the median seller collecting 95.9% of the original sale price for their home. Again, closed sale prices remain higher than last year’s closed sales, telling us the negotiating is a result of overpricing.

12-Month Average Condo/Townhouse Sale Price Trends as of April 2023


  • The number of new listings hitting the market last month dropped by -6.6% in the condo/townhouse market. Like the single-family home market, buyers need more new housing inventory, not less. The current inventory supply in the condo/townhouse market sits at about 3 months of active inventory, which is far better than Aril 2022, when we only had .9 months of inventory available. However, much of the inventory sitting around on the market is either overpriced, not move-in ready, or subject to costly milestone inspections coming up, making buyers hesitant to purchase those condo units, for fear of a future special assessment.


Summary


While it’s true that we have more active housing inventory in the Pinellas County housing market than we did last year at this time, buyers are still struggling to find the perfect home. In today’s market, our team is still receiving multiple offers, sometimes over asking price, for the best homes.


Our advice to sellers is that if you’re thinking about making a move, now is a GREAT time to sell, since competition is low and buyers are hungry for new inventory. Staging and updating properties will get sellers the most money for their homes and the fastest sales, while major ‘fixer uppers’ and overpriced properties are being relatively ignored by buyers. While it's still a seller's market out there, accurate pricing is extremely important. 


For buyers, our advice remains consistent. If you’re buying your next home with a mortgage loan, have your pre-approval letter in order and ready for when you find the perfect home. Over and over, we see buyers hesitate a few days thinking they have time to make an offer, only to miss out on their favorite homes. Inventory is still too low for our area and you will be competing with cash offers.


In summary, if you’re thinking about buying or selling a home in the Pinellas County housing market, give us a call at (727) 400-3315 to talk with our team about the best plan for your situation. We have over 35 years of local expertise in the Pinellas County housing market and would love to help you hit all your long-term real estate goals. You can also message us directly by CLICKING HERE.


Want to start with an instant home value estimate first?

CLICK HERE (But remember, this is just an estimate, the most accurate value is achieved by letting us tour your home in person, so we can prepare a FREE home price analysis report for you


The Sandy Hartmann GroupChristie's International Real Estate


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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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