Area Real Estate News & Market Trends compliments of Beachwise Real Estate.

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!  Beachwise Real Estate is ranked in the top 1% out of 10,000 Realtors with over $200 Million Sold!

Aug. 4, 2022

Clearwater and Tampa in the Top 100 Cities to Live in The USA!

On top of Clearwater Beach consistently ranking among the “Best Beaches in America,” the city of Clearwater has joined the ranks of the best places to live in America according to Livability.com!

 

Clearwater made the list at #76

Tampa made the list at #26

It has been a turbulent 24 months for both individuals and businesses. Many of the things that used to be a given about where we work and how we live suddenly became open-ended questions:

  • If a remote job allowed you to work anywhere, what factors would you consider most important when deciding where to relocate?
  • What monthly housing cost would you consider affordable?
  • How have your housing needs and priorities changed since the start of the pandemic?


These are some of the questions Livabilty.com considered when outlining their “Top 100 Places to Live in America,” article. Fortunately, the Tampa Bay Region has experienced immense growth with people relocating in flocks to the area, increased real estate investment, and continued innovation coming from our business community. 

 

The city of Clearwater has overhauled Downtown with blocked off streets for outdoor dining, outstanding art installations, farmers markets, and an assortment of initiatives aiming to develop themselves into a “playable city.” Additionally, Imagine Clearwater is redeveloping the waterfront with beautiful green spaces, an upgraded concert venue, and playgrounds.

As a thriving business community, the city of Clearwater stands out for the support it offers to entrepreneurs and small businesses to larger organizations looking for expansion opportunities.

 

Anyone looking to start a business in Downtown Clearwater can reach out to Howard Smith with the City’s Community Redevelopment Agency. Existing businesses in the city can connect with Stephanie Scalos. Businesses looking to relocate to Clearwater or want to discuss redevelopment opportunities can reach out to Phil Kirkpatrick.

To learn more about incentive programs, resources, or to schedule a meeting with this dynamic team please visit the following links:
Incentive Programs
Opportunity Zones
Schedule: Stephanie or PhilHoward

Check out our new listings BEACHWISE REAL ESTATE ACTIVE LISTINGS on the beach

Click on these links to see active listings for CONDOS
Condos Under $500,000 Clearwater to St. Pete   - 119 listings
Daily/Weekly Rental Condos Clearwater to St. Pete  - 116 listings 
Condos from $500,000 to $2,000,000 Clearwater Beach to St. Pete Tierre Verde  - 204 

Click on these links to see active listings for SINGLE FAMILY HOMES
All Single Family Homes Clearwater, Sand Key, Belleair  - 42 listings, 19 price reductions
Single Family $250,000 to $500,000
Single Family $500,000 to $2,000,000 Beaches and Inland

This link contains fixer uppers only
Fixer Uppers all of Pinellas County  - 34 listings

NEW Construction homes near or on the beach
New Construction Homes/Condos on or near the beach   - 46 listings, 9 price reductions

July 26, 2022

New Law Going Into Effect 2025 How Could It Impact Older Condos

 

Some Condo Owners Will Face Tough Decisions

Many older condos are fine, but new post-Surfside rules will force some owners to weigh the cost of needed repairs against the benefit of moving and selling.

FORT LAUDERDALE, Fla. – It could become an unpleasant choice for many South Florida condominium owners, ahead of a new state building inspection law driven by last year’s catastrophic collapse of the Champlain Towers South building in Surfside. By the time Florida’s updated condo safety law goes into effect in 2025, many owners may have decided that it’s too costly to stay in their decades-old, high-rise condominiums.

For tens of thousands of Florida condominium residents, the new law potentially means forking over large payments to boost reserve accounts and probable special assessments to fund major structural repairs. The new rules stand to price many residents out of their buildings, particularly those people on fixed incomes, professional advisers say.

Moreover, condo owners who lease their units to year-round residents are either lifting rents or putting their properties up for sale, according to real estate agents and consultants who advise associations.

“You are talking about assessments that are going to dwarf your maintenance payments,” said David Haber, of David Haber Law in Miami, whose firm advises associations.

Facing change

The new law requires the following:

  • At 30 years old, buildings three stories and higher must be inspected. Thereafter, inspections must be conducted every 10 years. If built before July 1, 1992, the first structural inspection must be performed before Dec. 31, 2024.
  • Buildings less than three miles from the coast must be inspected at the 25-year mark and again every 10 years.
  • Inspection reports must identify significant structural deterioration, whether it’s dangerous or unsafe, and whether it should be repaired. Copies of reports must be distributed to all condo unit owners.
  • Condo boards must conduct reserve studies every 10 years to determine how much money owners must be assessed to cover future repairs. The studies are planning tools that analyze the health of an association’s finances and physical property as it prepares for major repairs and replacement projects.
  • Boards are barred from waiving the reserve requirement or using reserve money for other purposes.

For years, members of many Florida condo associations have voted each year to waive setting aside money for reserves, the equivalent of a rainy-day fund covering large expensive repairs in their buildings. Waivers were previously permitted under state law as long as a majority of unit owners voted to approve them.

Waivers are still permitted under the new law but are limited to components not related to structural integrity. Thus, funding waivers cannot be approved for projects such as the roof, load bearing walls, electrical systems, plumbing, windows and foundations, among other items.

The collapse at Surfside, a disaster that killed 98 people, led to the disclosure that the condo’s board members and other residents had waged protracted arguments over the cost of major structural repairs. No official cause of the collapse has been identified by the National Institute of Standards and Technology, a federal agency whose investigators have been gathering evidence including steel and concrete samples. Investigators are also interviewing survivors and people who participated in the rescue effort.

But the catastrophe generated a ripple effect around the state: If a building Surfside’s age could collapse, what is the fate of countless other high-rise condominiums?

Many of them, particularly along Florida’s coastlines, have been pummeled by wind, rain and saltwater and require constant attention, experts say. Built in 1981, the 12-tower Champlain Towers South was undergoing a 40-year inspection mandated by Miami-Dade County.

“I think there is a little bit of a 9/11 effect here,” said Joshua Tomey, of Black Briar Management in Miami, referring to how a deadly tragedy can trigger immediate lawmaking or regulatory measures to ensure it doesn’t happen again.

Concerned about safety

After the collapse in Surfside, lawmakers at state and local levels did swing into action to buttress inspection requirements, or to install regulations where there were none at all. The latter instance applied to most every county in the state except for Miami-Dade and Broward, the only counties that had 40-year inspection requirements in place. An industry official said that anecdotally, engineers charge in a range between $10,000 and $30,000.

The Condominium Association Institute, a Virginia-based advocacy organization with 42,000 members in the U.S., Canada and elsewhere, said there are 1.5 million units in Florida, with 37% in Broward and Miami-Dade. Of the statewide figure, 75% of the units are in buildings constructed before 1990.

Dawn Bauman, senior vice president of government and public affairs at the institute, says the number of residents who are leaving their condos for financial reasons is incalculable at this point. “We don’t have specific data that says whether people are moving out of condos or not,” she said in an interview.

The Broward, Palm Beaches & St. Lucie Realtors and Realtor.com both said they lack data on the movement of people in or out of older condos.

“It feels like there might be concerns – ‘Oh my God, we have this law that passed in Florida and that’s going to increase the cost,’” Bauman said. “But will it increase costs for every single building in Florida? No. There are many, many buildings already doing what the law requires for the most part.”

A 2020 survey of associations, conducted for a foundation with ties to the institute by Zogby International, showed that 60% of the people who live in a condominium said their association maintains a reserve study. The survey showed 71% supported investing in the reserve funds.

“We have more buy-in now than then,” Bauman asserted.

She acknowledged that the number of older buildings in South Florida is sizable. “That doesn’t mean those buildings haven’t been maintained,” she said. “That doesn’t mean the buildings haven’t had the work done that needs to be done.”

But several condo association advisers and consultants in South Florida believe the new law will result in an uneven playing field for present and future condo residents.

“When Champlain happened, it just put the whole thing in overdrive,” said Miami condo attorney Joe Hernandez, of Weiss Serota Helfman Cole & Bierman. “Now there are going to be mandatory reserves. What was already an unfavorable situation for residents in older buildings is now even more so.”

And some argue the new law contains uncertainties that must be resolved.

“There are still a lot of questions that remain on these laws that are being passed,” said Joshua Tomey, of Black Briar Management, an association advisory firm in Miami. “What we don’t know yet is the state’s expectations that not only do reserves have to be funded, but do associations have to make up for funding that has not been made after waiving funding over the last few years?” he asked.

Bauman believes the law’s intent is to require unfunded reserves to be funded by its start date.

Tomey also worries about how quickly a major industry can muster the ability to comply.

“These laws need refinement to be realistic in how it can be addressed in a short period of time,” he said. “How do you have a multibillion-dollar industry pivot so quickly?”

Others suggest there might be a new universe of haves and have-nots.

“The costs of owning a condominium are going up, period,” said Jonathan Weislow, vice president and head of the HOA and condo association team at the Amicon consultancy firm in Miami. “People are seeing insurance costs are doubling if not tripling.”

That’s in addition to increases in energy and interest rates.

“You are going to have people on fixed incomes are not going to be able to live in these condos,” he said. “What’s going to happen to these people? Where are they going to go? “It’s foreseeably going to cause a problem,” he said.

One way out: terminations

Potentially, the South Florida market will end up seeing the termination of condo associations and the sale of their buildings to developers, an activity that is already underway.

“I think that’s coming,” he said. “It’s going to be a long process. It’s not an ideal process. It gives owners the way out of paying the maintenance fees. Developers are licking their chops right now and they should be.”

Condo and high-rise apartment developer Related is among the developers actively seeking properties along the coast for redevelopment into luxury buildings.

Many unit owners are deciding to take up investors on their offers and buy a new residence with the cash. But analysts note that the sellers won’t be replicating their beachfront style as it’s too expensive.

Loan programs for associations and residents

For those associations and residents under financial pressure to pay for repairs, U.S. Reps. Charlie Crist and Debbie Wasserman Schultz introduced legislation designed to provide federal loan programs through the Department of Housing and Urban Development (HUD).

One bill, introduced in April, is a program to help individuals pay their special assessments. The second bill, introduced earlier this month, would provide “rapid financing for critical condo repairs.” Under this scenario, the borrowers would be the associations.

Crist, while attending a political event in Fort Lauderdale on Saturday, told the South Florida Sun Sentinel he believes the proposals have a good chance of being passed.

“I think we have a pretty good shot at it, I really do,” he said. “As so many people are familiar with what happened at Surfside, it almost speaks for itself, to be honest, and it’s such a powerful emotional issue. “I think it’s a nonpartisan thing, really, and it should be,” he added.

Will the condo way of life continue?

Given the growing expense facing owners and their associations, is the condo way of living headed for the history books?

“I don’t think so because there are a lot of new condominiums,” Hernandez said. “There are a lot of new projects in the works.

“There seems to be healthy demand for good projects that are well located. If the associations take the right steps to build up reserves early, then it can work.”

© 2022 South Florida Sun-Sentinel. Distributed by Tribune Content Agency, LLC.

 

Thank you for taking the time to read this article.  I hope you found it helpful.  I have a wealth of knowledge on the condo market in this area so keep me and my team in mind in the future for any real estate needs especially in the condo market.  Here is a link to a book I wrote and produced for the community.  It is mobile friendly.  The 2022 Real Estate and Condo Guide Clearwater Beach.

 

See you on the beach soon!

 

 

 

Posted in Condos
July 20, 2022

Hot Summer Cool Housing Market - July 2022 Housing Market Report Clearwater Beach St. Pete Beach and More!

Welcome to the Clearwater Beach St. Pete Housing Market Report for July 2022!

*New listings are up over 120% in most areas as sellers adjust to a fast-changing market
*Buyers are still there but pushing pause button
*A third of all listings in June had price reductions
*Clearwater Beach and Island Estates at the top in price
*City of Largo, Clearwater inland and St. Pete inland average home price under $400,000

I hope you and family are doing well and having an excellent year so far.  The summer has flown by, and it has been a hot one.  I appreciate you staying connected and hope this report is helpful.  If you are following real estate, then you know that everyone is talking about a market shift.  I have noticed the cooling down but when we look at the numbers for June, we don’t see the extent of the shift just yet as many of the indicators are lagging.   The next few months data will tell us a great deal more of the extent of the slowdown.

Buyers are holding the cards now.  Sellers are having to adjust their expectations as buyers find incentive to wait it out in face of a recession and higher rates.  In June approximately 35% of active listings in Pinellas County had price reductions, 44% in Tampa.  In Pinellas County average sale price was up 21% from a year ago.  However, homes under contract were down 25.63% as were new pending contracts 24.14%.  Not surprisingly new listings are up across the board which is most likely sellers who were waiting for the top of the market. 

What comes next?  Expect this same trend to continue for a short time.  Price gains that sellers have been accustomed to on the beach are probably over for a while.  However, demand for the beach area is still high and there are a lot of buyers still looking in this area.  The good news is that even with this shift taking place I believe it’s a move back to a more normal market like it was prior to the pandemic.  With a little help from policy makers, we can get back to a normal state sooner than later. 

Housing Market Activity for Clearwater Beach, Sand Key Beach, Island Estates 33767

 
My new listing on Island Estates 67 Midway check out the video below

(272) Tour of 67 Midway Island and Clearwater Beach! - YouTube

Average sale price
Single family homes $2,200,000, up 30% YOY (from one year ago)
Condos $744,500, up 29%

Closings
Single family homes 9, up 28%
Condos 34, down 46%

Average sale price compared to original listing price
Single family homes 104%, up 11%
Condos 99.2%, up .7%

Average days a home stays on the market
Single family homes 24 days
Condos 31 days

Supply and demand
Months of supply single family homes 2.67 months, up 33%
Months of supply condos 1.25, up 78%

New listings
Single family homes 12, up 20%
Condos 45, up 7%

Active listings
Single family homes 24, up 50%
Condos 71, up 82%


Housing Market Activity for St. Pete Beach, Treasure Island 33706

 
Pic of my new listing at 205 Brightwater Featured Properties (homesforsaleinclearwaterbeach.com)

Average sale price
Single family homes $987,000, down 7.1%
Condos $505,000, up 31.2%

Closings
Single family homes 20, down 16%
Condos 35, down 44%

Average sale price compared to original listing price
Single family homes 99%, up 3%
Condos 97%, down 1.4%

Average days a home stays on the market
Single family homes 12 days
Condos 21 days

Supply and demand
Months of supply single family homes 1.86 months, up 260%
Months of supply condos 1.38, up 121%

New listings
Single family homes 30, up 30%
Condos 46, down 13%

Active listings
Single family homes 54, up 260%
Condos 76, up 117%


Housing Market Activity for Indian Rocks-Indian Shores Beach and Belleair Beach 33785


Photo taken from across the intracoastal in Belleair

Average sale price
Single family homes $1,300,000, up 63% from June 2021
Condos $700,000, up 35.2%

Closings
Single family homes 3, down 81%
Condos 25, down 3.9%

Average sale price compared to original listing price
Single family homes 98%, down 3.4%
Condos 98.8%, down 1.8%

Average days a home stays on the market
Single family homes 45 days
Condos 10 days

Supply and demand
Months of supply single family homes 1.86 months, up 178%
Months of supply condos 1.03, up 121%

New listings
Single family homes 12, up 33%
Condos 24, no change

Active listings
Single family homes 13, up 116%
Condos 32, up 128%


Housing Price Trends Communities Inland
If you would like to know more about these or other communities send me an email or text with your specific requests, and I will respond within 24-48 hours.

St. Petersburg Inland 33702
Average price single family $375,000, up 13.8% from one year ago
Condo $200,500, up 67%

Dunedin
Average price single family $500,000, up 17%  
Condo $312,000, up 24%

Clearwater Inland
Average price single family $392,500, up 12%  
Condo $250,000, down 30%

Largo
Average price single family $363,000, up 25%  
Condo $350,000, up 62%

Safety Harbor
Average price single family $564,000, up 19%  
Condo $255,000, up 24%

Tarpon Springs
Average price single family $430,000, up 24%  
Condo $283,500, up 25%

Thank you for taking the time out to read this month’s housing market report.  From all of us at the Beachwise Real Estate Team, we appreciate you.  Please provide any feedback you might have as we are always looking for ideas and ways to better serve you.

 
Kristin Vincelli, 727-686-1596

Tom Smith, 727-776-3375
                                            

Posted in Market Updates
June 7, 2022

Housing Market Is Strong- but Time to Sell?

Housing Market Is Strong – but Time to Sell?

By Don Magruder

Housing remained resilient – Fla. more than many states – but signs suggest a slowdown in price increases. Still, investors moving away from stocks may be a wild card.

NEW YORK – The Florida and national housing market remain very strong by every metric, but the overall health of the United States’ economy, inflation worries, interest rate hikes, and the downward spiral of many investment markets are starting to create some buts in the housing forecast long-term.

The overall economy will affect housing especially with regard to increased interest rates, but through the first quarter of 2022, housing has been very resilient.

In March, per the United States Census Bureau, United States housing starts hit an annual seasonal rate of 1,873,000 which was 0.4% higher than February, and 6.7% above the previous year.

Within those numbers, single-family homes cooled by almost 5%, but multi-family housing bolstered the sector to an increase. Because of the COVID-19 pandemic, multi-family housing projects have been delayed, but with the current rental demand, most expect multi-family housing to grow.

The dirty secret about these numbers is that starts would have been higher if not for supply chain woes. Housing starts and production are being suppressed because of serious supply chain issues throughout the country.

The Monthly New Residential Sales report from the Census Bureau tells a different story, which may suggest interest rates and the economy may be slowing new home sales. Sales were 763,000 units which is 12.6% below the previous year, but the median price rose to $436,700 with a 6.4-month supply at current sales volume.

The buyers remain in the market, but many are being priced out by higher interest rates and soaring prices for homes. This may be an inflection point in which home sellers will have to start reducing the prices to attract buyers since the low interest rate environment is going away.

Some point to the fact that a late winter weather surge could have hampered sales in March and getting buyers back in the market may soon become a priority for sellers. In short, housing prices coupled with higher interest rates are too much for many buyers.

Florida’s housing numbers are somewhat robust as compared to the national housing markets. Florida Realtors® reports that first quarter sales of housing were down 2.6% compared to the previous year, but housing inventories across the state were down to 1 month or a 10.2% drop as compared to the previous year.

This indicates sales were subdued because there were simply not enough houses in the market for sale. Additionally, the median sales price jumped 21.3% from the previous year to $385,000 while new listings for the quarter were flat from the year before.

Here is another key fact; homes on the market were down to 53 days as compared to 64 days a year ago. The Florida housing market remains red hot, and builders simply cannot build enough units timely with all the supply chain disruptions.

Two other big facts about Florida’s housing market that cannot be ignored are the percentage of cash sales for new homes and the rate of foreclosures. For the first quarter, cash buyers made up 33.5% of all the homes sold while foreclosures across the state were down 34.8% to a measly 362 units, which is nothing for a state of 23 million people. It seems money is moving out of Wall Street and other investments to real estate, and that most homes are in good shape financially.

With all these first quarter numbers and economic data, where does the housing market go the rest of 2022? First, the Florida market will probably be one of the most robust markets in the country, but all markets, including Florida’s, will start seeing some capitulations in housing prices.

Low interest rates have shielded sellers for some time, and with a forecasted rise in interest rates in June and July of half points on top of the May half point increase, something has got to give on pricing.

What about Wall Street investors?

Here is the big but: Do large amounts of money flow out of riskier investments on Wall Street and cryptocurrency find a safe haven in real estate? That is a possibility as builders and investors build rental housing for a population dealing with a lack of housing.

Unlike some of the funny money investments on Wall Street, housing does provide one huge advantage as a tangible investment that delivers real value like a place to live and a nice tax advantage, plus there is a genuine need for more housing in America.

It appears housing will cool some in other parts of the country, which should help ease supply chain disruptions. Additionally, pricing overall will moderate, probably knocking out the over-exuberance; but in Florida, unless the economic conditions deteriorate significantly, expect housing to remain strong.

If you are a home seller, the environment suggests you sell sooner rather than later.

Copyright © 2022, Daily Commercial, all rights reserved. Don Magruder is the CEO of Ro-Mac Lumber & Supply Inc., and he is also the host of the “Around the House” Show which can be seen at AroundtheHouse.TV.

Posted in Market Conditions
June 7, 2022

2 of 3 Florida Sellers in April Got Asking Price or More

Hello and thank you for visiting Beachwise Real Estate Blog today.  We hope you find this article about the current housing market helpful.  Looking for a more specific report on individual homes, communities, investment opportunities and more anywhere in the Pinellas, Pasco, or Hillsborough Counties please contact us anytime. - The Beachwise Team team@beachwiserealestate.com, 727-686-1596. 

2 of 3 Fla. Sellers in April Got Asking Price or More

By Erica Plemmons

Florida Realtors economist: Most Fla. home sellers accepted offers at or above their asking price – and 1 in 5 (20%) Fla. sellers get at least 5% more.

ORLANDO, Fla – Homes are a hot commodity. For homeowners that decide to list, the lack of supply is working in their favor, and many accept offers of their asking price or more.

In the past year – since April 2021 – the median percent of original list price received for Florida single-family homes was 100%. The median represents the halfway point: Half of the homes sold received at least 100% of their list price, while the remainder received 100% or less.

More than 50% of sellers have been getting their list price or higher recently, but that percentage has risen over the past few months. In April 2022, it was up to 67%.

Graph showing increasing percentage of sellers getting their asking price or more

It may seem like the norm now, but the number of sellers who receive at least their asking price has grown significantly since the start of the pandemic. Between 2012-2019, typically 20-28% of sold homes received their list price or more. Today, that figure has more than doubled.

Even compared to last year’s figure of 57% in April 2021, we have a 10-percentage point difference.

For some sellers, it isn’t a couple hundred or thousand over asking – the gain can be quite significant. Roughly 20% accepted an offer 5% above the list price. On a home listed for $400,000, that’s an additional $20,000!

Higher interest rates and inflation are shifting demand. Although we don’t anticipate sellers leaving the driver’s seat any time soon, they may need to adjust their expectations.

Realtors® understand their local market area and can create a comparative market analysis (CMA) to help a seller determine an appropriate list price for their home. Although over asking will likely put a smile on your client’s face, be sure to understand their other goals with the home sale, such as timing, to best serve their needs.

Erica Plemmons is an economist and Director of Housing Statistics

© 2022 Florida Realtors®

Posted in Market Updates
June 6, 2022

Tips for Negotiating in a Hot Market

Negotiating an Offer in a Hot Market- What You Need to Know

The real estate market is hotter than ever before.  Home prices are starting to cool a bit but there is still a large pool of buyers on the sidelines.  With demand still so high and inventory at historically low levels sellers still feel like they hold all the cards. 

How do you get your offer to the front of the line?  Sellers will typically find offers more attractive when they include the following:

 

  1. A FAIR OFFER - asking price or above, up to your comfortable budget 
  2. A QUICK CLOSING - time frame ideally is 30-45 days
  3. INSPECTION PERIOD - 5 to 7 days
  4. CASH BUYER or FULLY APPROVED financing letter from your bank

These are the most important terms of an offer, but a highly skilled Realtor will also have additional strategies based on evaluating the buyer’s and seller’s needs and identifying possible leverage in negotiations. 

Additional Strategies I Have Had Success With
One strategy is to build rapport with the listing agent by making a phone call and making an introduction. Being professional and courteous is the best first impression. I like to share your personal story on why you you’re moving, why you love the house, or your plans for a career. This creates a personal connection with the seller and the listing agent. As a listing agent myself, I like to work with agents who are likeable and buyers that will love the house. Another strategy is present the offer in a very easy to read summary of terms. This shows your agent is organized, and it will likely be an easy transaction. Having 100% confidence in the lender is another strategy to use when going against cash. If you can guarantee an easy transaction and closing, then sellers might lean towards your offer even over cash.

You must go with your best offer in this market and **BE READY** with your financing or purchase funds ready to go. I call this going “all-in”. If you love a property and it’s everything you want, then going “all-in” is your best offer.

Are you ready to go?  I know these strategies work because I use them all the time and I can usually get an offer accepted on the first try.  I have an excellent record of success and look forward to continuing that success with you as you begin your journey.  Let’s talk soon.

Cheers!

Kristin Vincelli
The Rollerblading Realtor
727-686-1596
Kristin@BeachwiseRealEstate.com

Check out my new E book, a must have for your search and it is mobile friendly, The 2022 Clearwater Beach Real Estate and Condo Guide

Posted in Tips For Buying
June 6, 2022

Clearwater Beach to St. Pete Beach Housing Market Report for May 2022 - Did Prices Just Hit a Top?

 

Welcome to summer!  Mr. Sun is shining bright and heating up the beaches, however, the housing market appears to be cooling off a bit in some areas.  In this month's report I wanted to focus on inventory and the price reductions across the board both inland and on the beaches.  I have put together some links below of specific areas and property types that points to a momentum shift away from sellers to buyers.  Buyers may finally start seeing more inventory and buying opportunities.  Sellers who were waiting for the top of the market might want to consider coming off the fence and listing that home now.

Clearwater Beach, Belleair, Indian Rocks Beach CONDOS active listings - 63 listings, 19 price reductions

Clearwater Beach, Belleair, Indian Rocks Beach SINGLE FAMILY active listings - 35 listings, 11 price reductions

St. Pete, Madeira Beach, Treasure Island CONDOS active listings - 108 listings, 39 price reductions

St. Pete, Madeira, Treasure Island SINGLE FAMILY homes active listings -  52 listings, 24 price reductions

Daily, Weekly Rental CONDOS on the beach short term approved - 72 listings, 21 price reductions

Condos UNDER $500,000 on the beaches - 77 listings, 29 price reductions

Single Family Homes UNDER $500,000 Pinellas County

Fixer Uppers all property types

Price Trends – Median Sale Price May 2022

Clearwater Beach, Sand Key, Island Estates
Condo $757,000 up 36.8% YoY, Change from April $665,000
Single Family $1,142,500, up 38.6% YoY, from April $1,487,000

St. Pete, Treasure Island, Madeira Beach
Condo $530,000 up 32.9% YoY, Change from April $536,000
Single Family $1,500,000 up 33.4% YoY, from April $1,212,000

Indian Rocks, Indian Shores
Condo $640,000 up 4.2% YoY, Change from April $774,000
Single Family $1,600,000 up 18.4% YoY, from April $1,975,000

Dunedin, Palm Harbor
Condo $270,000 up 5.9% YoY, Change from April $231,000
Single Family $500,000 up 33.3% YoY, from April $460,000

Largo, Seminole
Condo $243,500 up 28.5% YoY, Change from April $216,000
Single Family $400,500 up 32.0% YoY, from April $460,000

Pinellas County all property types
Total Sold Volume down 5.7% from the previous month (MoM)
Closed Sales down 6.7% MoM
Median Sold Price $370,000 up .4% MoM, up 25.4% from previous year (YoY)
On average homes are selling in just 14 days
The average price per square foot is $323, up 3.5% MoM

 

Having fun at the Carlouel Beach & Yacht Club a beautiful place to have a party!

THANK YOU so much for reading my reports each month.  I value your time greatly and truly appreciate you.  If there is a community, home, condo, or anything else that you would like us to research and provide analysis for you I would love to hear from you.  Planning a trip to the beach this year?  Drop me a text so I can welcome you and maybe meet up at the Sand Pearl or the Yacht club for a lunch.  

 

May 3, 2022

Housing Market Report Clearwater and St. Pete Beach April 2022


Took this pic on the Sea Screamer, Opal Sands in background.

What you need to know 
Prices appear to be stabilizing across the county and on the beaches.  County wide the average time it takes for a home to go pending is just 15 days and the average price a home is sold for compared to its listing price is 101.3%.  Will that trend continue?  With interest rates rising and slower economic growth we are expecting a slowdown in home prices in the months to come.  It is important to note that real estate on the beach and near the water is not impacted as much as real estate inland in these types of situations.  Sellers who have been on the fence waiting for a top will most likely get off that fence so we may see more listings over the next 3-4 months.  There is no shortage of buyers still hoping to own real estate in this beautiful part of the state so any chances of a major correction to prices is unlikely at least for now.  If you have a specific area or community you would like a market report on email stephen@beachwiserealestate.com today.

Click on these links to see today’s active listings for:
Daily and weekly rental condos on the beach

New Construction on the Beach

Condos on the beach under $500k

Single family homes under $500k

Fixer uppers on the beach


Clearwater Beach
33767 zip code includes Sand Key Beach and Island Estates

Median Sale Price Condo’s- $665,000 down 5.0% from February 2022, up 26.0% from March 2021

Median Sale Price Single Family Homes- $1,487,500 up 6.4% from March 2021

Total Closed Sales – 70 up 29.6% from February, down 14.6% from March 2021 (62 condo closings and only 8 single family residence closings)

New Listings- 64 up 42.2% from February, down 4.5% from March 2021

Average Days Home is on the Market- 25

Sold Price to Original Listing Price- 97.6% down 1.3% from February, up .6% from March 2021

2-Year Price History Graph Condo (RED) and Single Family (PURPLE)

 

St. Pete Beach 
33706 zip code includes Treasure Island

Median Sale Price Condo’s- $536,612 up 31.8% from February 2022, up 29.8% from March 2021

Median Sale Price Single Family Homes- $1,212,500 up 49.7% from March 2021

Total Closed Sales – 61 up 41.9% from February, down 43% from March 2021 (39 condo closings and 22 single family residence closings)

New Listings- 62 down 20.5% from February, down 38.6% from March 2021

Average Days Home is on the Market- 18

Sold Price to Original Listing Price- 98.2% down .6% from February, up 1.8 % from March 2021

2-Year Price History Graph Condo (RED) and Single Family (PURPLE)

 

We loved the sugar sand festival!  Some amazing artists.

 

Kristin Vincelli 727-686-1596, Kristin@Beachwiserealestate.com
Tom Smith 727-776-3375, Tom@Beachwiserealestate.com
Vivian Smith 727-688-7377, Vivian@Beachwiserealestate.com
Stephen Vincelli 727-430-1995, Stephen@Beachwiserealestate.com

Posted in Market Conditions
March 21, 2022

The State of The Housing Market Clearwater Beach to St. Pete Beach March 2022

The Current State of The Housing Market March 2022 

Price Trend Affordability Analysis!  In this month report we analyze price trends in cities on the beach and slightly inland.  Communities just over the bridge often have areas of opportunity for buyers that are just a few minutes from the beautiful beaches and white sands.

Scroll down to see a list of all the active listings for new construction, fixer uppers, daily weekly condo rental! 

What you need to know!  Clearwater Beach, Sand Key, Island Estates has the highest price average for single family homes at $1,137,000.  Just over the bridge in the City of Clearwater and Belleair the median price for a single-family home is the lowest in the area at $385,000.  Indian Rocks Beach and Clearwater Beach have the highest price average for condos $794,000 and $700,000.  Condos in St. Pete Beach are the most affordable condos on the beach averaging $407,000.  Largo, just over the bridge from Indian Rocks Beach, has the lowest priced condos at $177,500. 

*Hover over each bar for price and price change YOY
*Purple is single family homes
*Red is condo and townhome 

Clearwater Beach, Sand Key and Island Estates 33767
Median sale price single family home $1,137,000 
Median sale price Condo $700,000

Clearwater, Belleair 33756
Median sale price single family home $385,000 
Median sale price Condo $225,000

St. Pete Beach 33706
Median sale price single family home $1,117,500
Median sale price Condo $407,000

Pasadena 33707
Median sale price single family home $425,000
Median sale price Condo $277,000

Indian Rocks Beach, Belleair Beach 33785
Median sale price single family home $900,000
Median sale price Condo $794,000

Largo 33774
Median sale price single family home $530,000
Median sale price Condo $177,500

Dunedin 34698
Median sale price single family home $430,000
Median sale price Condo $232,000

Palm Harbor 34683
Median sale price single family home $530,000 
Median sale price Condo $229,000

 

Zip code map of Pinellas County

Active Listings
Looking for specific properties in Pinellas County- use the below links to see todays active listings

All Single-family homes in Pinellas County under $500k click here – Homes 3bed 2bath with pool

All New Construction homes and condos on the beaches click here - New construction on the beaches all property types up to 5million

See all condos listed now under $500,000 on the beach click here - Condos on the Beach or Intracoastal UNDER $500K Clearwater to St. Pete 

See all short-term rental Condos and Townhomes on the beaches Clearwater to St. Pete click here - Daily and weekly rental condos on the beach all prices

See all active Fixer Uppers for all Pinellas County here – Fixer Upper Homes Pinellas County all prices investor specials

 

Clearwater Real Estate and Condo Guide written by Kristin Vincelli – your free copy here mobile friendly

Thank you for choosing Beachwise Real Estate for all of your real estate market information.  If there is any information that you would like regarding a local community, condo building, new developments or general market information please call or email us anytime.  We would love to customize a report for you.  You can reach us at the following:

Kristin Vincelli, 727-686-1596, Kristin@BeachwiseRealEstate.com
Tom Smith, 727-776-3375, Tom@BeachwiseRealEstate.com
Vivian Smith, 727-688-7377, Vivian@BeachwiseRealEstate.com
Stephen Vincelli, 727-430-1995, Stephen@BeachwiseRealEstate.com

See you at the beach!

Posted in Market Conditions
Feb. 10, 2022

Clearwater Beach Housing Market Report January 2022

The Current State of the Housing Market

Clearwater Beach, Sand Key, Island Estates



Supply for homes and condos are still the challenge.  There are only 6 active single-family homes and 46 condos listed as of today.  Prices are also starting to level off at a top.  Demand for the area will keep the prices steady.  Condo prices only rose 2.3% year over year.   Demand for beach property is still hot.  Recent listings of mine have all went under contract in less than 5 days with full price offers plus some.

*New listings rise by 8% from a month ago and up 3.8% year over year.  As of today, there is only 1 single family home listed under 1-million and just 6 condos listed under $500k.

*
SEE 5 YR PRICE CHART BELOW.  Median price of a single-family home is $1,027,500
up 16% year over year.  There were 6 single family closings this month and only 68 total in the last 12 months.  Single family homes stay on the market on average is 79. 

*Median price of a condo is $634,425
up 2.3% year over year.  There were 54 closings this month and 613 closings in the last year.  The average days on the market for condos is 10.

For Pinellas County as a whole - Single family homes (sfr) in Pinellas County sold for $395,000 up 24% from $318,500 one year ago.  Condos and Townhomes sold for $277,500 up 34.5% from $206,250 one year ago.  Inventory for SFR fell 34.8% to 897 homes for sale from 1,376 a year ago.  Condo and townhouses fell 54.2% to 697 units for sale down from 1,522 a year earlier.  The total sales for SFR were 1,232 down .8% from a year earlier 1,242.  Condos and townhouses saw a 1.7% increase in closed sales up to 862 from 848 a year earlier.

Click on these links to see the new listings!
All New Construction homes and condos on the beaches click here - New construction on the beaches all property types up to 5million

See all condos listed now under $500,000 on the beach click here - Condos on the Beach or Intracoastal UNDER $500K Clearwater to St. Pete 

See all short-term rental Condos and Townhomes on the beaches Clearwater to St. Pete click here - Daily and weekly rental condos on the beach all prices

See all active Fixer Uppers for all Pinellas County here – Fixer Upper Homes Pinellas County all prices investor specials


5 YEAR PRICE TREND Clearwater, Sand Key, Island Estates 
Purple - Single Family 
Red - Condo

 

5 YEAR PRICE TREND Pinellas County 
Purple - Single Family 
Red - Condo

Why we use the median sale price metric.  It is our preferred summary statistic for price activity because, unlike Average Sale Price, Median Sale Price is not sensitive to high sale prices for small numbers of homes that may not be characteristic of the market area. Keep in mind that median price trends over time are not always solely caused by changes in the general value of local real estate. Median sale price only reflects the values of the homes that sold each month, and the mix of the types of homes that sell can change over time.

Thank you for considering Beachwise Real Estate and The Tom Smith Team.  We have sold over $200,000,000 and consistently ranked in the top 1% of all agents in Pinellas County.  Our team’s extraordinary sales success is a result of our foundation which is built on trustworthiness, responsiveness, local market knowledge and a good reputation in the community. 

We would love to know more about your real estate needs and show you how we can help you achieve your dreams of selling or buying a condo on the beach or a home in Pinellas County.  We are always available to take your call. 
Tom Smith 727-776-3375
Vivian Smith 727-688-7377
Kristin Vincelli 727-686-1596
Stephen Vincelli 727-430-1995

 

See you on the beach!

 

Posted in Market Conditions