Area Real Estate News & Market Trends compliments of The Tom Smith Team Coastal Properties Group

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!  The Tom Smith Team is ranked in the top 1% out of 10,000 Realtors with over $175 Million Sold!

May 13, 2021

Florida Vacation Rental Restrictions Bill Update

The fight over vacation rental restrictions is over for now. 

Dara Kam, News Service of Florida, published 04/21/2021.  TALLAHASSEE — A legislative fight over further restricting local governments’ ability to regulate vacation rental properties appears to have withered, after a key Senate committee ran out of time Tuesday before taking up the issue.

Wrangling about oversight of short-term rentals has escalated in the Republican-controlled Legislature as the popularity of properties advertised on platforms such as Airbnb has mushroomed.

But, with time running out on the 2021 legislative session, Senate Rules Chairwoman Kathleen Passidomo announced Tuesday that the Senate proposal (SB 522) would be postponed. The committee is not slated to meet again before the session ends April 30.  Passidomo, R-Naples, has worked behind the scenes on the Senate proposal, which has undergone major revisions since it was filed in January by Sen. Manny Diaz Jr., R-Hialeah.

Effort to only allow state regulation of short-term rentals

At the heart of the debate is an effort to “preempt” regulation of short-term rental properties to the state, an idea that has drawn vehement opposition from city and county officials because it would take away local authority.

Diaz’s original proposal would have required online platforms to collect and remit taxes on vacation rental properties, something the platforms have not been required to do in the past. The measure also included a requirement for platforms to ensure that only properly licensed rentals are advertised and provide the state with specific information about the rentals.

In exchange, local governments would have been largely prevented from licensing or inspecting rentals. Local governments could have only regulated the rentals in the same way as other properties in neighborhoods, a restriction that cities and counties strenuously opposed.

But changes offered by Diaz and adopted by the Senate Appropriations Committee last month deleted the regulatory preemption parts of the bill, while leaving in requirements making platforms responsible for such duties as collecting and remitting taxes to the state and ensuring rental properties are licensed. 

Diaz also authored an amendment, which was slated to be considered by the Rules Committee on Tuesday, that would have allowed local governments to create a vacation rental “registration program,” charge up to $50 for properties to be listed on the registry and issue fines for properties that fail to register with the local program.

Republicans unable to agree in recent years

Republican lawmakers have not been able to reach agreement on the vacation-rentals issue in recent years, in part because of constituents’ complaints about problems with vacation properties in their neighborhoods.

People have complained about loud noise at “party” houses, as well as issues with parking and trash.

During a committee meeting last month, Senate Minority Leader Gary Farmer said he could not support proposed restrictions on the authority of local governments to address vacation rentals. Farmer, D-Lighthouse Point, said his district includes two cities that are in the 10 most-popular vacation rental sites in the state. 

“When you purchase a home in a single-family residential neighborhood, you have an expectation of solitude and peace and tranquility,” he said. “I just still believe there should be no restrictions.”

Link to the article Florida Legislature: Time runs out on fight over regulating vacation rentals (news-journalonline.com)

If you would like more information on this subject, the local market, what is trending, off market properties and more give me a call or text me anytime.  I would love to help. 

See you at the beach soon!

Kristin Vincelli, Real Estate Advisor
Certified Luxury Specialist and Real Estate Negotiation Expert
Direct: 727-686-1596
Top 1% of Realtors in Pinellas County
Over $175 Million Sold by the Tom Smith Team!

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Posted in Market Updates
May 11, 2021

Weekly Rental Condos on Clearwater Beach - Where You Can Find Them

Thinking of owning a condo that you can rent daily or weekly on Clearwater Beach?  Surprisingly there are only a handful of condo communities in the 33767 (North Beach, Clearwater Beach, Sand Key, Island Estates) zip code that allow owners to rent there condo weekly.  Most of the condo communities are zoned for 1 month, 3 month or longer lease terms.  In this report I list a couple of short term condo buildings that will help you get started in your search.    To help you navigate these and all of the condo communities on the beach as well as take a look at pricing and amenities on the beach download a free copy and first of its kind real estate and condo guide here www.clearwatercondoguide.com

3 Popular Short Term Rental Communities that rent well, are managed well and have some great amenities:

1-Crescent Beach Club- 14 day minimum on Sand Key Beach, 1310-1340 Gulf Blvd

2-Lighthouse Towers- 14 day minimum on Sand Key Beach, 1290 Gulf Blvd 

3-Dockside Condos- weekly rental permitted located across from Opal Sands (most units come with boat slips), 445 Hamden Dr

Rental income potential is at the top of list for everyone looking to buy and rent a condo on the beach.  When you find a unit that interests you and would like to have a thorough rental income analysis call or text me with the address of the unit.

The Condo Hotel.  Condo Hotels may be a great way for you to enter the market here especially if you are in a lower price range of $250k-$400k.  Pelican Pointe located at 445 Gulf View Blvd next to Dockside Condos is a popular condo hotel.  There can be restrictions on how and when you can use these units and many of them require you to use the onsite rental company to book the units.  These units are typically smaller in size usually from 300 to 600 square feet.   If you want more info on just condo hotel type units’ email or text me at 727-686-1596 for a report.

Have you ever considered owning a townhome on the water that rents daily?  Clearwater has some of the nicest townhome communities on the water that I often recommend to buyers looking to get in the market.  With a little more information from you I can start sending you these listings.  I know of an off-market townhome on Clearwater Beach. There are 8 units in the community, all have a 2-car garage and a boat slip. They allow 2-day rentals and rent for $300-$500/night. It is a 3/2.5 1700sf, asking $689,900. If you have interest, I can send you photos and more info. Also, a single-family pool home 1 block to the beach, 4/3 asking $925,000. This one is a legal weekly rental and NETS almost $100k/year.

What about other beach communities?  If you travel south on Gulf Blvd from Clearwater Beach you will run into Indian Rocks, Indian Shores, Madeira Beach and Treasure Island.  There are weekly and short-term rental condos here as well.  If you have had the chance to visit these cities, you know the different energy and atmosphere each one has.  Clearwater is at the top of the list yes, but these are excellent communities as well.  Treasure Island and Madeira Beach are busier than Indian Rocks which is more laid back.  Each offers its own appeal to renters, some who like the busier areas and some who prefer the quiet.  

Interesting Fact!  
I would like to point out that the Clearwater Beach rental market is strong all year long.  Even if you do not have a weekly rental, the chance of renting your unit is exceptionally good.  An updated unit in a good location will rent for 1-3-6 even 12 months at a time.  I have several clients I do this for now and can help you with what buildings perform the best.  Just call or text me at 727-686-1596 anytime for a rental income analysis.  The more information I have the more successful we will all be in finding you your dream home on the beach.

I hope this information was helpful.  Please feel free to share your comments below and call/text me anytime to talk more.  I would love to help.  If you have a minute take a fun rollerblading tour of Clearwater Beach with me at www.RollerbladingRealtor.com

See you on the beach!

Kristin Vincelli, Real Estate Advisor
Certified Luxury Specialist and Real Estate Negotiation Expert
Cell: 727-686-1596
Kristin@TomSmithTeam.com
Top 1% of Realtors in Pinellas County
Over $175 Million Sold by the Tom Smith Team!

Get your free copy of my book The 2021 Real Estate and Condo Guide



Posted in Condos
May 5, 2021

Housing Market Report St. Pete Beach, Treasure Island March 2021

St. Pete Beach, Treasure Island Housing Market Report March 2021

Housing Market Report March 2021 for the St. Pete Beach, Treasure Island 33706 area is
provided to you by The Tom Smith Team, Top 1% of agents in Pinellas County.

What you should know:

CONDO and TOWNHOME
The Condo/Townhome market is set to be the hottest market on the beaches of Pinellas County.  Although most of the attached units are older, smaller conversion buildings buyers can still afford to get into the market much easier here than an Indian Rocks or Clearwater area.  Out of the 107 total closings in this market 74 of them were attached units.  The average sale price of $433,134 is up 18.9% YOY and just short of the ten year high of $471,438 that we saw in February 2021.  Even in this market we also see prices testing the ceiling looking to either correct or break through to a higher range.  The median days that a unit is staying on the market is down to just 25 days, a 19.4% decline YOY.  New listings are up 24% YOY to 64 while new pending’s are at 10-year highs to 87 up 112% YOY.

SINGLE FAMILY
All key data points in March were very positive for the single-family home market here.  Closed sales jumped 37.5% YOY from 22 in February to 33 in March.  New pending’s were up 72% to 38 and new listings remained the same YOY with 34.  The average sale price of $1,035,179 is up 29.7% YOY and is just shy of the 10 year high of $1,068,000 that took place in 2017.  Homes are staying on the market just 7 days from listing, a decrease of 90.5% YOY. and the average price per square foot is up 55% YOY to $539.

In summary if you are a buyer in this market conventional methods of negotiating have changed.  Bidding wars and multiple offers on the same day the home is listed is now the norm.  Using alternative strategies is the key for being successful.  If your time to buy is now I would like to set up a time to talk and show you how I can help you succeed in getting to the closing table on the home of your dreams.  Call Tom Smith 727-776-3375 or Kristin Vincelli today at 727-686-1596.  Through hard work and a dedication to excellence in all we do for our clients we can proudly say we are in the top 1% of all agents in Pinellas County.

Popular links:

Vision 2030 | St. Pete Beach, FL (stpetebeach.org)

Coronavirus (COVID-19) | St. Pete Beach, FL (stpetebeach.org)

 

Posted in Market Conditions
May 5, 2021

Housing Market Report Indian Rocks Beach March 2021

Indian Rocks Beach, Indian Shores Market Report March 2021
Provided to you by The Tom Smith Team, Top 1% of agents in Pinellas County.

What you should know:

CONDO and TOWNHOME
The condo and townhome market remain the most active in the 33785 area.  Out of the 51 total closings 38 of them were attached units.  The average sale price of $614,720 is up 5.8% YOY.  In February, the average price was $685,500.  Like the Clearwater Beach area, prices are testing the ceiling looking to either correct or break through to a higher range.  The median days that a unit is staying on the market is down to just 10 days, a 68.8% decline YOY.  Multiple offers and bidding wars are now common on most units listed.  New listings were up 3.5% to 30 YOY while supply remains at all time lows of less than one month available.

SINGLE FAMILY
Closed sales of single-family homes hit a 3 year high of 13.  New pending’s were up 57% and new listings up 25% to 10.  The average sale price of $900,392 is up 55% YOY and still has room to grow, see graph below.  Homes are staying on the market an average of 25 days and the average price per square foot is up 12.3% YOY to $650.

In summary if you are a buyer in this market conventional methods of negotiating have changed.  Bidding wars and multiple offers on the same day the home is listed is now the norm.  Using alternative strategies is the key for being successful.  If your time to buy is now I would like to set up a time to talk and show you how I can help you succeed in getting to the closing table on the home of your dreams.  Call Tom Smith 727-776-3375 or Kristin Vincelli today at 727-686-1596.  Through hard work and a dedication to excellence in all we do for our clients we can proudly say we are in the top 1% of all agents in Pinellas County.

Popular Links for IRB:

Indian Rocks newsletter from the 1st quarter CITY NEWSLETTER-1ST QTR-2021.pdf (indian-rocks-beach.com)

City parks Park Locations (indian-rocks-beach.com)

 

Posted in Market Conditions
May 5, 2021

Housing Market Report Clearwater Beach March 2021

Clearwater Beach, Sand Key Beach, Island Estates Housing Market Report March 2021
Provided to you by The Tom Smith Team, top 1% of all agents in Pinellas County.

What you should know:

CONDO and TOWNHOME
The condo and townhome market remain the most active in the 33767 area.  
Multiple offers and bidding wars are now common on most units listed.  Out of the 82 total closings 76 of them were attached units.  The average sale price of $648,349 is up 15.3% YOY.  However, prices declined from 10-year highs in February when the average sale reached $823,609.  The graph below shows the average price over the last 3 years.  Prices are testing the ceiling and could break through to a higher range if demand continues to remain strong.  The median days that a unit is staying on the market is down to just 32, a 32% decline YOY.  New listings were up 20.8% YOY despite inventory levels at 10-year lows.

SINGLE FAMILY
Closed sales in March were down 45% YOY to just 6 units.  The average sale price was $1,819,846 up substantially from February’s average of $1,103,750.  In March of 2020 the average sale price was $1,068,070.  New listings declined 50% YOY to just 3 units.  Homes are staying on the market an average of 57 days down 57% YOY.    

In summary if you are a buyer in this market conventional methods of negotiating have changed.  Bidding wars and multiple offers on the same day the home is listed is the norm.  Using alternative strategies is the key for being successful.  If your time to buy is now I would like to set up a time to talk and show you how I can help you succeed in getting to the closing table on the home of your dreams.  Call Tom Smith 727-776-3375 or Kristin Vincelli today at 727-686-1596.  Through hard work and a dedication to excellence in all we do for our clients we can proudly say we are in the top 1% of all agents in Pinellas County.

Popular links:
safety guidelines for COVID 19
Clearwater Beach COVID-19 Safety Guidelines | City of Clearwater, FL (myclearwater.com)

New development plan for downtown Clearwater.
Imagine Clearwater | City of Clearwater, FL (myclearwater.com)

 

Posted in Market Conditions
March 23, 2021

Fla.’s Housing Market: More Sales, Higher Median Prices in Feb. 2021

Florida Realtors’ data: Single-family home sales rose 15.7% year-over-year, median sales price up 16.6%; condo sales up 28.7%, median price up 16.6%. Chief Economist O’Connor: Fewer new listings and a tight inventory means a strong seller’s market.- SEE VIDEO BELOW

ORLANDO, Fla. – Amid increased COVID-19 vaccinations and hopeful signs for the future, Florida’s housing market in February reported more closed sales, higher median prices, more new pending sales and increased pending inventory in February 2021 compared to a year ago, according to Florida Realtors® latest housing data. Single-family existing home sales rose 15.7 % compared to February 2020.

“Florida’s housing market continued its momentum in February, but higher interest rates could be a factor going forward,” says 2021 Florida Realtors President Cheryl Lambert, broker-owner with Only Way Realty Citrus in Inverness“While rising rates could potentially slow the pace of home sales, rates remain relatively low by historical standards. Record-low inventory is continuing to put pressure on home prices to rise and creates challenges for buyers. However, new pending sales rose 10.9% for single-family existing homes last month compared to February 2020, while new pending sales for condo-townhouse units increased 35.4% year-over-year.

Closed sales of single-family homes statewide in February totaled 23,947, up 15.7% year-over-year, while existing condo-townhouse sales totaled 11,379, up 28.7% over February 2020. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

The statewide median sales price for single-family existing homes was $314,900, up 16.6% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $233,240, up 16.6% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

Florida Realtors Chief Economist Dr. Brad O’Connor notes that Florida’s current housing market is a strong seller’s market, with fewer new listings and a very tight inventory (active listings), particularly for single-family existing homes.

He says, “The statewide inventory of active single-family home listings, which Florida Realtors has been tracking since January 2008, is currently at an all-time low. At the end of February, single-family inventory was down 56.3% compared to a year ago. Most of this decline has been a result of our ultra-high rate of sales.

“However, so far in 2021, new listings of single-family homes have not kept up with their pace of 12 months ago. In February, they were down 4.9% year-over-year, which is an improvement over January, but still represents a move in the wrong direction. There’s a likelihood that much of this decline has been due to some sellers, who in normal times might have listed in January or February, instead listing ahead of 2021 in response to the unusually strong market in the second half of 2020. But there’s also the possibility that a small but increasing number of homeowners, who have been thinking of selling their current home and buying another one, are starting to get turned off by the lack of available inventory and the rising prices that have resulted from it.”

The condo-townhouse category shows a slightly different picture, O’Connor says.

“In February, closed sales in this category rose 28.7% year-over-year, which is consistent with the growth rates we’ve been seeing each month going back to September,” he says. “Some of this growth is likely being fueled by frustrated buyers who had their hearts set on a single-family home finally giving up and settling for an attached unit instead, but we’re also seeing high demand from folks with the typical condo- and townhouse-buyer profile, as well. And while inventory in this category is still high relative to what we’re seeing in the single-family home category, it was down 34.4% compared to a year ago.”

On the supply side of the market, inventory (active listings) remained constrained in February. Single-family existing homes were at a very restricted 1.3-months’ supply while condo-townhouse inventory was at a 3.4-months’ supply.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 2.81% in February 2021, significantly lower than the 3.47% averaged during the same month a year earlier.

© 2021 Florida Realtors®

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in the top 1% of agents in Pinellas

County.  Our reputation and expertise

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Feb. 16, 2021

Vacation Rental Fight Revs Up Again

Stay tuned for updates to this story.  For more information on this story or owning a vacation rental home or condo in the Clearwater-St. Pete Beach area call or text Tom Smith 727-776-3375 or Kristin Vincelli at 727-686-1596.  The Tom Smith Team is in the top 1% of agents in Pinellas County with over $175 million sold.

Florida Legislature: Vacation Rental Fight Revs Up Again

By Dara Kam, Jason Fischer

How – and who – should oversee Fla. vacation rentals? The Florida Legislature has debated the topic for years, and it is still a high priority issue for Florida Realtors. This year’s version would make Airbnb collect taxes, remit them to the state, ensure proper licensing and more. 

TALLAHASSEE, Fla. – A years-long effort to block local governments from regulating vacation rentals is on the move again, as House and Senate leaders revive a proposal to prevent cities and counties from inspecting and licensing properties offered on platforms such as Airbnb.

In a 10-7 vote on Wednesday, the House Regulatory Reform Subcommittee gave an initial nod to the latest iteration of the proposal (HB 219).

While the legislation has morphed over the past few years, the controversy over the issue has remained consistent, and it’s a top priority for Florida Realtors heading into the 2021 session of the Florida Legislature.

“It’s always been a fun bill to present in committees,” Rep. Jason Fischer, a Jacksonville Republican who has shepherded the proposal in recent years, joked as he introduced the bill to the panel on Wednesday.

The measure would, for the first time, require online platforms such as Airbnb to collect and remit taxes on vacation rental properties, ensure that only properly licensed rentals are advertised and provide the state with specific information about the rentals.

In exchange, regulation would be “preempted” to the state. Local governments could regulate the rentals if those regulations apply uniformly to all properties in neighborhoods, a restriction that cities and counties strenuously oppose.

Florida already bans local governments from passing ordinances to outlaw vacation rentals, but many local municipalities are adopting regulations that make it difficult to rent properties on a short-term basis.

While acknowledging that his bill faces opposition, Fischer argued that the changes are necessary.

“The current way vacation rentals are handled isn’t working. Nobody’s, I think, really happy about the current state of things,” he said, adding that his proposal would “fix the dysfunction of the regulatory scheme across the state of Florida.”

Vacation-rental preemption has become a perennial fight for local officials and property owners in some high-end neighborhoods who complain about noise, parking and trash issues stemming from “party houses” owned by non-resident investors or unidentifiable businesses.

“It’s like déjà vu all over again. I’m sure you all are just as tired of us coming up here as we are,” Indian River County Commissioner Peter O’Bryan told the House panel.

The proposal would do away with ordinances regulating short-term rentals adopted after June 1, 2011, which opponents said would be problematic for areas that worked to develop local regulations since then.

“The problem with vacation rentals is, it’s not the activity. It’s the frequency and duration of it,” O’Bryan said. “If you preempt us back to 2011, you’re going to wipe out all of these communities where we have sat down with the industry, we have done the right thing, and we have an ordinance that’s working.”

Democratic lawmakers also said the proposal would worsen the state’s dearth of affordable housing.

But Fischer said “a fundamental principle in America is private-property rights” and that people who want to use properties as affordable housing can do so if they choose.

“They have by right the ability to go and purchase those properties and develop them in a way that they think will meet their policy objective,” he said.

Fischer’s bill was amended Wednesday to include a provision that would limit sex offenders from staying in vacation rentals for more than 24 hours. Florida law restricts sex offenders from staying at hotels for more than three days. The amended proposal also included a carve-out for the Florida Keys.

Arguing against the proposal, Rep. Mike Grieco called short-term rentals a “commercial operation” that should be regulated differently than residences.

“You’re essentially turning, a lot of times, a single-family home into a perpetual kind of mini-hotel,” Grieco, a Miami Beach Democrat who is an attorney, said.

The hotel industry, which for years sought to have vacation rentals governed in the same manner as other lodging establishments, is split on the proposal. Lisa Lombardi, chief people and culture officer of HDG Hotels, told House members Wednesday that the bill “has a lot of potential to make sure that we can all recognize who is in our state providing lodging of any form.”

But Lombardi said her group, which operates 19 hotels in Florida, wants fines for non-compliance and auditing requirements added to the measure. “As it currently stands, there’s room for improvement,” said Lombardi, who serves on the board of the Florida Restaurant & Lodging Association.

Carol Dover, president and CEO of the association, told The News Service of Florida that her organization supports the plan.

But Chip Rogers, president and CEO of the American Hotel and Lodging Association, said his group isn’t behind the proposal.

“Florida is unique in how it regulates hotels, and we’re appreciative of that and in no way are we suggesting that that should be changed,” Rogers said in a recent phone interview. “The dividing issue that we have … is the preemption of what really amounts to zoning. No other business gets this type of preemption. It’s unheard of anywhere else in the country where a local city can’t enforce its own zoning on properties.”

Senate President Wilton Simpson, R-Trilby, made the vacation-rentals issue a priority before he took over as the Senate’s leader in November.

Gov. Ron DeSantis, however, put the kibosh on a similar plan during last year’s legislative session.

In a vehement display, busloads of homeowners from across Florida traveled to Tallahassee last year to decry the proposal, pointing to a Pandora’s box of woes arising from party houses.

But other property owners told lawmakers they rely on earnings from short-term rentals to supplement their retirement income, allow them to work from home or as an investment for their golden years.

DeSantis told reporters last February that he hadn’t made up his mind but that he was “leaning against” the legislative efforts. “We have 22 million people almost. We are a very diverse state. For us to be micromanaging vacation rentals, I am not sure that is the right thing to do,” DeSantis said at the time.

Source: News Service of Florida

Jan. 25, 2021

Dunedin Housing Market Report December 2020

The Dunedin Real Estate Market Report December 2020


Honeymoon Island

Your December real estate market report for the city of Dunedin is ready.  Here is what you need to know

Average sale prices for single family homes are down 77% from 10-year highs in October.  Closed sales are up 19.6% YOY for single family homes.  Closed sales for condos declined 6.7% YOY.  New listings for single family homes were up 34.4% YOY while new listings for condos were up 42.9% YOY. 

Single Family Homes
*Average sale price for a single-family home was $344,616, up 11.3% YOY
*Homes are selling for 97.3% of list price, up 4.3% YOY
*The average days on the market was 26 days, a 44.7% change YOY
*Average price per square foot was $225
*Supply remains a challenge with just 1.02 months available, down 44.3% YOY
*There were 55 active listings in December, down 42.1% YOY

Condo/Townhomes
*Average sale price for a condo/TH was $193,146, down 25.3% YOY
*Units are selling for 95.7% of listing price, up .2% YOY
*The average days on the market was 43 days, a 2.3% change YOY
*Average price per square foot for a condo/TH was $178
*Supply remains a challenge with just 1.96 months available, down 29.3%
*There were 55 active listings for December, down 26.7% YOY

We hope you have found this information helpful.  If you are in the market for real estate and would like to know more about the real estate market here on the beaches of Pinellas County, we would love to share some time with you.  You can call Tom Smith at 727-776-3375 or Kristin Vincelli at 727-686-1596 anytime.  See you at the beach! 

Jan. 4, 2021

Clearwater Beach Housing Report

The Clearwater Beach Housing Market Report November 2020

The average sale price of a condo is at 10-year highs and climbing, see graph below.  Low inventory coupled with high demand for property on the beautiful beaches of Clearwater are fueling this market.  Sellers are getting up to 96% of original listing price with homes of all types selling in just days.  Condos located on the beach are pushing average prices close to the $750,000 mark.  Clearwater is still open for business, so we do not expect to see a decline in demand anytime soon which could keep pushing prices higher for all home types in the 33767 area. 

What you should know Clearwater Beach 33767

·         Total sold dollar volume is up 95.58% YOY, from $25,458,275 to $49,792,075.

·         Average sale price of a condo-townhome is up 35.32% YOY, from $520,649 to $704,565.

·         The average sale price of a single-family home is up 6.89% YOY, from $1,108,032 to $1,184,427.

·         Closed sales are up 58.54% YOY from 41 to 65.

·         Homes are selling for 95.6% of the original listing price

Looking forward

·         Pending sales for all home types are up 41.6% YOY to 143

·         Active listings are down 44% YOY to 140

·         Inventory for all home types are down 50.7% YOY to 2.80 months of supply

GRAPH average sale price 10 year history for condos in Clearwater Beach

In a hot market like this finding a top agent to help guide you through the buying/selling process could save you thousands of dollars, time and frustration of missing out on the home of your dreams.  We would love to share our local market knowledge and real estate expertise with you today.  Call or text Tom Smith at 727-776-3375 or Kristin Vincelli at 727-686-1596.  

The “under the hood” real estate insight report for the Clearwater Beach area is brought to you by the Tom Smith Team Coastal Properties International.  The Tom Smith Team has sold and closed over $175,000,000 in real estate and consistently ranks in the top 1% of all agents in Pinellas County Florida. 

 

Clearwater Beach sunset pic taken by the Rollerblading Realtor Kristin Vincelli November 2020

See you on the beach!

Dec. 7, 2020

St. Pete Beach, Indian Rocks Beach Housing Market Report

Housing Report Indian Rocks and St. Pete Beach October 2020

The “under the hood” real estate insight report for the Clearwater Beach area is brought to you by the Tom Smith Team Coastal Properties International.  The Tom Smith Team has sold and closed over $175,000,000 in real estate and consistently ranks in the top 1% of all agents in Pinellas County Florida. 

Real estate continues to show strength in both Indian Rocks and St. Pete Beach.  Supply is still an issue although we expect more homes to come onto the market for season.  Single family home prices are up double digits year over year.   The condo market in Indian Rocks Beach remains at 5-year highs and just slightly behind Clearwater beach.  Condo prices in St. Pete beach are up 20.2% year over year, however, remain just behind both Clearwater and Indian Rocks Beaches.  Indian Rocks beach has less restrictive rental requirements for condos than the Clearwater Beach condo market making it an attractive area for investors.  Many of the condo projects in Indian Rocks can be rented daily and weekly.  For more information on rental requirements and restrictions on the beaches here in Pinellas County contact the condo expert Kristin Vincelli 727-686-1596.

Indian Rocks Beach Market Report

·         The average sale price for a detached home is $739,605 up 12.7% year over year

·         The average sale price for an attached home is $592,537 up 11.9% YOY

·         Homes are selling for 98.5% of the listing price and condos are selling for 97.3% up 1.1% YOY

·         The average days on the market for an attached home is 85 relatively unchanged YOY.  Condos are staying on the market on average 28 days which is down 62% YOY.

·         Months of supply remain near 10-year lows.  Single family supply is down to 2.67 months and condos 1.80 months.

Looking forward there are 32 new pending contracts for condos and 7 for single family homes.  There is a total of 45 active listings for condos down 39.2% YOY.  There are 16 active single-family listings down 33.3% YOY.

GRAPH average sale price 3 year history condo in red

St. Pete Beach Market Report

·         The average sale price for a detached home is $786,529 up 12.1% year over year

·         The average sale price for an attached home is $436,563 up 20.2% YOY

·         Homes are selling for 96.8% of the listing price up 2.4% and condos are selling for 95.4% up 1.8% YOY

·         The average days on the market for an attached home is 79 up 27.4%.  Condos are staying on the market on average 65 days which is down 52.5% YOY.

·         Months of supply remain near 10-year lows.  Single family supply is down to 1.52 months down 61.2% and condos 2.60 months down 15.9%.

Looking forward there are 106 active listings for condos down 15.9% YOY.  There are 38 active listings for detached homes down 57.8% YOY.  There were 52 new condo listings up 10.6% YOY and 25 new single-family home listings down 26.5%.

GRAPH average sale price 3 year history condo in red

We hope you have found this information helpful.  We would love to share our local market knowledge and real estate expertise with you anytime.  Call or text Tom Smith at 727-776-3375 or Kristin Vincelli at 727-686-1596.  See you at the beach!

 

Posted in Market Updates