The June 2023 Real Estate Stats For Pinellas County

Dated: July 24 2023

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The June 2023 Real Estate Stats for Pinellas County

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The latest monthly real estate stats for Pinellas County are in and while sales and new listings continue to show year over year declines, price records are still being broken in our market. Check out our breakdown of the June 2023 real estate stats below to find out more about what’s happening in our local real estate market:


The June 2023 Single-Family Home Stats

The June 2023 Real Estate Stats for the Single-Family Home Market in Pinellas County FL


  • Closed Sales were down -9.2% in June 2023 compared to June 2022 (we call this “year over year” changes). While a decline in closed sales can sound scary, it’s simply a result of low housing inventory and buyers that are hoping mortgage interest rates will come down.


  • The Median Sale Price of a single-family home is currently at an ALL-TIME HIGH of $460,000, which is +3.4% higher than last year’s $445,000. This is important, because the median sale price has never been this high in Pinellas County. Similarly, the average sale price of $635,681, also broke a record as the highest of all time last month as well (a year over year increase of +5.9%). What this tells us is that buyers are still willing to pay top dollar for the right homes, despite rising mortgage rates and limited inventory.

Median Single-Family Home Price Trends for Pinellas County FL


  • Price Negotiations continue to be limited in the Pinellas County housing market, with the median single-family home selling for 97.6% of the original sale price. While this is less than the 100% we saw at the same time last year, as noted above, sellers are still getting more money for their homes than they were last year at the same time.


  • Median Time to Contract jumped from 7 days in June 2022 to 14 days in June 2023. That’s a 100% increase, which can sound scary on paper, but realistically, 14 days on market is not a long time for a home to be for sale. Buyers are being more selective in their searches since they are paying record-breaking prices for homes, meaning the homes that are overpriced or not in good condition are the ones sitting on the market the longest in today’s market. For the luxury housing market, it’s important to note that homes priced over $1M are taking the longest to sell, with a median time of 33 days on the market compared to just 7 days on market the year before (a +371% increase).


  • New Listings declined once again, with just 1,103 new single-family home listings hitting the market last month, compared to 1,535 at the same time the year before. Months supply of inventory sits at just 1.8 months in today’s market. Realistically, we need 5-6 months of inventory for a balanced buyer and seller’s market to occur. It has been several years now since inventory hit normal levels.


  • The Most Popular Price Range in the single-family home market occurred in the $400k-$599k range last month, representing 322 of the 974 closed sales (approximately 33% of homes sold). Unfortunately, new listings in this price point were down -15.3% year over year, meaning homes in that price range have the most competition right now.


The June Condo/Townhouse Stats

The June 2023 Condo-Townhouse Stats for Pinellas County FL


  • Closed Sales in the condo/townhouse market in Pinellas County declined by -3.9% year over year, with 763 closed sales in June 2023 compared to 794 closed sales in June 2022.


  • The Median Sale Price of a condo/townhouse saw a small decline last month, coming in at $299,000 in June 2023 compared to $300,500 in June 2022. While this is just a .5% decrease, it’s something we’ll keep an eye on. Considering this is the exact opposite of the record-breaking prices we’re seeing in the single-family home market, chances are this is a reaction to upcoming Milestone Inspection requirements (See Article on that topic here), rising interest rates, increased condo dues in many communities, and a lack of desirable inventory for many buyers. Meanwhile, the Average Sale Price, saw double-digit increases year over year of +11.5%, so again the slight decline in the median sale price could just be a result of the available inventory right now.


  • Price Negotiations in the condo/townhouse market remain fairly steady compared to the other months of 2023, with the median home selling for 96% of the original list price, meaning sellers were willing to negotiate about 4% off their desired sale price. 1 out of every 2 condos/townhouses sell for cash in Pinellas County as well, meaning sellers are willing to negotiate more for simpler, cash transactions. However, the hefty discounts some buyers were hoping for in 2023 have never materialized (cash is king, but everyone seems to have it in this market).


  • Median Time to Contract increased by +200% year over year, with the median property taking 24 days to go under contract in June 2023 vs. 8 days in June 2022. Properties in the $400k-$599k price range took the longest to go under contract last month (38 days), while surprisingly, properties at $1M or more were selling in just 21 days, making it one of the fastest price ranges to go under contract. Another deviation from the single-family home market, where we’re seeing the exact opposite sales trends in these price ranges.

Median Time to Contract in the Condo-Townhouse Market in June 2023 in Pinellas County FL


  • New Listings declined -13.2% year over year, with 788 new listings hitting the market in June 2023 compared to 908 new listings in June 2022. However, inventory has increased by +130% year over year, with the condo/townhouse market currently sitting on a 3-month supply of inventory vs. a 1.3-month supply in June 2022. More inventory is certainly a good thing for buyers in the condo/townhouse market, which has been strapped for move-in ready properties for several years now.


  • The Most Popular Price Range in the condo/townhouse market last month remained in the $300k-$399k price point with 123 closed sales. Condos and townhouses price at $1M or more had the fewest closed sales (just 59 sales for the month), but had a year over year increase in closed sales of +51.3%, while almost every other price range had year over year decreases in closed sales. Inventory in the $1M or more price range declined year over year, so the result is simply from increased demand for luxury condos/townhouses in our market.  


Summary


Our advice to buyers is not to wait if you see the perfect home. While the saying goes “you marry the house, not the interest rate,” there is a lot of truth to that. Many buyers decided to hold off buying a home last year to wait out higher interest rates and home prices, hoping for a market decline. However, the opposite has occurred and now those buyers will be paying an even higher price for a home if they buy this year. So far the Pinellas County housing market has been immune to declines being seen around the rest of the country, likely because of thriving tourism dollars, low unemployment rates, and other benefits of living in the state’s 2nd smallest county.


For sellers, our advice is simple. If you overprice your home in today’s market, buyers will ignore it and move on to other properties for sale. Due to higher interest rates, buyers are more careful than ever when it comes to analyzing a home’s market value and overpriced homes are being ignored. Meanwhile, the homes that are priced right from the start are selling with quickly, and sometimes with multiple offers over asking price. To put it plainly, THERE HAS NEVER BEEN A BETTER TIME TO SELL A HOME. Just be sure to price it correctly and have it in tip-top shape when it comes time to list it for sale. Not sure how to do that? Call us at (727) 400-3315 for advice or MESSAGE US HERE.


The Sandy Hartmann Group

Christie'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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