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Your October 2019 Real Estate Stats For Pinellas County
Dated: November 20 2019
The October 2019 Real Estate Market Stats for Pinellas County Are Here!
As predicted, our real estate market remains strong when it comes to demand for housing in Pinellas County, with that demand likely to continue through the end of the year. The biggest constraint we're seeing continues to be lack of housing inventory in our area.
Check out the highlights from the latest real estate market stats below:
Based on the latest statistics, the story for October looked similar to what we saw in the September market stats. Existing home inventory remains low, down -14.2% compared to the same time last year in 2018, leaving our market with just 2.5 months of inventory on hand! There were also less Active (aka new) listings entering the market, setting us up for similar results through the end of the year.
Sellers continue to see upside in home prices, due to the lack of inventory and strong demand for housing, with the median single family home price jumping +5% to $272,900 and the median condo/townhouse prices increasing +7.5% to $175,000.
Closed single family home sales were similar to last year, with only 10 less sales in Oct 2019 vs Oct 2018. (Not bad considering inventory was down almost 14% the prior month!)
The absorption rate increased as well year over year to 45%, which still indicates homes are selling quickly in our market when priced properly. The median time to contract (when a home goes under contract after listing for sale) decreased by 7 days in October, meaning homes are selling about a week faster than they were last year at this time.
The inventory struggle affected pretty much every price point in our market, in both the single family home market and the condo/townhouse market, with the exception of the $600k+ price range in the condo/townhouse market (likely new developments finally delivering inventory that buyers can close on).
So what does this all mean?
If you’ve been thinking about selling your home, we recommend making a move sooner rather than later, while inventory is low and demand is high. Just remember to price your home properly so you’re not chasing the market.
For home buyers, remember that if you find the perfect home, don’t wait too long to put in that offer, as good homes that are priced right aren’t lasting very long! (See note above about homes selling an ENTIRE WEEK sooner than they did last year at this time!) Mortgage interest rates remain fairly low and should also be taken advantage of if you’ve been thinking about a new home since we can’t guarantee they’ll stay that way!
As for the Sandy Hartmann Group, we're in need of more listings!
Thanks to the end of year demand, we're selling homes faster than ever! We have over 45 families looking for homes!
The biggest demand our clients have seems to be for 4-bedroom single family homes & townhouses, as well as waterfront homes that have deep boating water, and condos that allow rentals. If you or someone you know thinks they may have something that meets these high demand needs, please reach out to us by calling (727) 400-3315 or emailing us at Properties@SandysOffice.com!
To get an INSTANT desktop home valuation on your home, CLICK HERE!
For the full version of the Pinellas County Real Estate Stats, please click 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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