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Your September 2019 Real Estate Market Brief For Pinellas County
Dated: September 29 2019
Your September 2019 Real Estate Brief for Pinellas County
As Realtors, we hear the same question just about every day, âHowâs the market doing?â
Lately, weâve heard a lot of our neighbors, friends, and family wondering if the market is slowing down in Pinellas County. We want to make sure everyone we know understands whatâs happening in our market and why. Below we're breaking down the highlights from the latest real estate stats available from the Florida Realtorâs Association:
The Average Single-Family Home Price Increased +16.1% in August 2019, Compared to August 2018. The increase continues to be driven by lack of inventory, low mortgage interest rates and a booming job market. Plus, letâs not forget our amazing location by some of the best beaches in the country! As we always like to say at the Sandy Hartmann Group, âYou can change your home, but you canât change the location!â
Closed Sales on Single Family Homes Dipped -6.5%. But donât worry! This isnât because of a decline in demand for homes, itâs because the number of active listings (home inventory) decreased the month before by -6.2%. This is almost exactly the same as the decrease in closed sales the following month. Plain and simple, less homes offered for sale = less closed sales the next month. And in case youâre wondering, home sales in the $400k-1M+ price ranges all experienced increases in closed sales. Inventory is lowest in the lower price points, hence less closed sales in those price points. This is also a natural occurrence as prices increase.
Single Family Home Inventory Dropped by -10.7%. This is only 2.5 months of inventory on hand. To put this into perspective, a historical indicator of a solid Sellerâs Market is 5 months of inventory or less. The Absorption Rate Continues to Hover Around 50%. Coming in at 49% in August 2019 and at 50% in July 2019, this means homes are selling quickly. Another indicator of a steady Sellerâs Market in our county.
Condo and Townhouse Closed Sales Decreased by -5.4%. While this may sound alarming, the decrease only represents 43 less closed sales compared to the same time last year. The areas that decreased the most were sales in the $50k-$150K price range and the $300k-$399k price range. Condos and townhouses in the $250-$299k range saw a +12.9% increase in closed sales and condos priced at $1M+ saw a +35.7% increase in closed sales. Again, this seems to indicate an inventory mix issue rather than a lack of demand. Additionally, if prices continue to increase in the Pinellas County area, weâll see the $50k-$150k price points continue to lag as inventory in that price range disappears over time.
The above stats continue to tell the story about a real estate market that is being negatively affected by the lack of housing inventory available for motivated buyers.
We canât emphasize how important it is to have a Realtor that understands these stats so you always know what's really happening in our market. Simply looking at the top-line numbers and not digging into the different indicators is often what misleads homeowners and buyers when it comes to the health of our real estate market. When we really dig into these stats, the story is clear that Pinellas County is still experiencing a strong demand for homes.
To find out what your home may be worth or what the buyerâs market looks like in specific neighborhoods, please contact us!
We pride ourselves on our market knowledge and are here to help you with all your real estate needs, whether it be residential, income properties, condos, 2nd homes, or commercial needs.
To See the Full August 2019 Real Estate Stats for Pinellas County, CLICK HERE.
To get a FREE Desktop Home Valuation on Your Property, 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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