The September 2023 Real Estate Stats For Pinellas County FL

Dated: October 23 2023

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The September 2023 Real Estate Stats for Pinellas County, FL

The September 2023 Real Estate Stats for Pinellas County, FL


September was another strong month in real estate in terms of price increases, and a year-over-year increase in closed sales as well. After about 18 months of interest rate increases, combined with lower housing inventory, we are finally beginning to see year-over-year increases in both available home inventory in Pinellas County and closed sales. Keep reading below to find out what this means for our local housing market and what buyers and sellers should be doing right now in today's market climate:


The Single-Family Home Stats for Pinellas County:

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  • Closed Sales increased by +5.9% in September 2023, compared to the same time the year before. While that’s only a difference of 47 more sales, it’s one of the first times we have seen year-over-year closed sales increase since the interest rate increases started in March of 2022. We take this as a sign that the market is finally coming to terms with higher interest rates.


  • The Median Sale Price of a single-family home in Pinellas County increased by +9.7% year-over-year, from $421,150 in September 2022 to $462,000 in September 2023. Average single-family home sale prices also increased by +14.3% from $530,466 to $606,283. Year-to-date, the median home price has grown by an average of 3.9%, which is right on target with historical annual home appreciation of about 4% for homeowners.


  • Sellers Negotiated a Little Less last month as well, with the median home selling for 97.3% of the original list price. Last year at the same time, sellers collected 96.5% of the original list price, indicating that sellers remained slightly more firm on their list price and still got their home sold last month.


  • Median Time to Contract (i.e. the time it takes for a home to go under contract or “pending” after it’s listed for sale in the MLS) dropped by 5 days or -23.8%, meaning homes went under contract 5 days faster in September 2023 than they did at the same time the year before.


  • New Home Listings and Inventory both increased year-over-year, marking September 2023 as the first month in 2023 that home listings weren’t in the negative. This is great news for buyers, as low housing inventory has plagued our market for the past 4 years. New single-family-home listings increased by a whopping +28.1% last month and available inventory jumped by +27.8% compared to September 2022. This means we had just 2.3 months of inventory available last month, which is still far below the “balanced housing market” level of 5-6 months of inventory, but any increase is good news for buyers.

Single-Family Home Inventory Trends in Pinellas County



The Condo/Townhouse Stats for Pinellas County:

Condo-Townhouse Market Update for Pinellas County September 2023


  • Closed Sales increased by double digits last month, with a +34.7% increase in closed condo and townhouse sales in Pinellas County.  That’s a difference of 181 more closed sales than in September of last year, which signals growing demand for condos and townhouses in our area.


  • The Median Sale Price in the condo/townhouse market in September 2023 grew by +15.6% from $295,000 to $341,000. If we look at average sale prices, the double-digit growth was even higher, with the average price of a condo/townhouse growing from $386,511 in September 2022 to $533,805 in September 2023. While a large amount of growth like we’re seeing is relatively uncommon in this market, it can be a result of the mix of newly built properties coming onto the market, the number of million dollar + sales added to the mix and more. However, the price growth remains a sign of strong demand in our condo/townhouse market.


  • Sellers Had to Negotiate on Price a Little More in the condo/townhouse market last month, with the median seller collecting 96.7% of the original list price at closing, down from 97.3% at the same time last year. As prices and inventory continue to grow (see below for inventory details), this isn’t an uncommon trend and simply means many sellers are just overshooting on the list price when it comes time to sell their home, even if they are in an appreciating market.


  • Median Time to Contract increased by 50% in September 2023, meaning properties for sale in the condo/townhouse market took about 8 days longer to get under contract. This is also expected as inventory grows and buyers have more properties to choose from.


  • New Condo/Townhouse Listings and Inventory both experienced double-digit growth last month, with a +36.1% increase in new listings year-over-year and a +83.3% increase in available housing inventory in our real estate market. There were 241 more new listings for buyers to choose from in September 2023 compared to September 2022, which is great news for buyers looking for the perfect condo or townhouse.

Condo-Townhouse Inventory Trends in Pinellas County 2023


Summary


If anything, the stats above in both the single-family home market and the condo/townhouse market show us that demand for homes appears to be strong in the Pinellas County area. Our housing market has remained one of the best in the country in 2023 so far, outpacing many other popular real estate markets.


However, in the past 2 weeks, our market has had a noticeable slowdown in buyer activity. This is likely due to 2 things. The first is the latest mortgage interest rate increase that drove rates to 7.75% to as high as 8.25% (or more, depending on credit scores) for some borrowers! The 2nd reason is the outbreak of the war in Israel and Palestine. Regardless of your views on either topic, the combination of both have created a steep, but likely temporary stall in our local housing market.


Our advice to homeowners thinking about selling their homes is to continue to prepare for the 4th quarter market that typically occurs when buyers are in a rush to close on a home before the end of the calendar year. While we don’t have a crystal ball to tell us what will inevitably occur, we do have years of sales trends to tell us that the 4th quarter is historically one of the busiest, followed by the 1st quarter in the new year.


For buyers, don't forget that you “date the interest rate and marry the house.” This means if you’ve been struggling to find the perfect home since the start of the year, now may be your BEST chance to find it! With more housing inventory than we’ve seen all year, sellers are eager to sell. Higher interest rates won’t be permanent, even though they can feel scary and costly. Now is a great time to buy a home if you can temporarily handle a higher interest rate. Once interest rates decrease (which is predicted to happen in 2024), the market will likely pick up pace again and buyers will have more competition than ever for the best properties. So take our advice and shop the market right now to find the best homes.


Wondering what your home is worth in today’s market? CLICK HERE to start with a desktop estimate of your home’s value. Then give us a call to schedule an in-home appointment so we can give you the most accurate price for your home.


Thinking about buying a home and have more questions or need to speak to an agent? MESSAGE US HERE or call us at (727) 398-2310.


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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