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Your October 2019 Real Estate Market Update
Dated: October 22 2019
We’ve wrapped up another great month in real estate in Pinellas County! As we begin to approach the holiday season, the 2019 real estate market is heating up, to say the least, with buyers anxious to get into their dream homes before the holidays and sellers working to get their homes listed before the end of the year.
If you ask us, this is simply one of the BEST times to list a home for sale, given the urgency many buyers have to get settled in the next month or two.
Check out the highlights from the latest real estate market stats below:
Inventory constraints remain our market’s biggest problem, while demand for housing drives up home prices.
Single Family home sales increased +9.4% with the average sale price increasing +3.8% to $354,098. Inventory was down -13.6% and the absorption rate is still high at 45%, indicating homes are continuing to sell fast!
The $400k-$599k price point had the biggest gains in Pinellas last month, with a +51% increase in closed sales, followed by homes in the $300k-$399k price point with a 27.6% increase in closed sales.
Sales dropped dramatically in the $100k-$149k price point, likely due to the growth in home prices we’ve seen this year.
For condos and townhouses, closed sales increased +4.5%, with somewhat more modest growth in the average sales price of +1.8% to $236,438.
Condo and Townhouse inventory remained the same, with no changes compared to last year.
Closed sales on condos/townhouses in the $200k-$249k price range were the biggest winners, with a +40.3% gain compared to last year. Something else to note in this market is that the largest gains in new listing inventory was in the $1M+ price point, with a +129.2% increase year over year. It will be interesting to see what this does to the luxury condo & townhouse market next month now that more inventory is available.
To See the Full Version of the Pinellas County Real Estate Stats, CLICK HERE.
To find out what your home may be worth or what the buyer’s market looks like in specific neighborhoods, please contact us or click on the 'Sell' tab at the top of this webpage to get a FREE & INSTANT desktop home valuation!
As a reminder, we're here to help you with all your real estate needs, whether it be residential, income properties, condos, 2nd homes, or commercial property.
Andrea is the Managing Partner of The Sandy Hartmann Group. Andrea was born and raised in the Tampa Bay area and is a licensed Realtor with over 15 years of Marketing and Finance experience, holding ....
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