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!

Jan. 15, 2023

January Housing Update Clearwater Beach

I hope all is well and your January is off to a great start.  I thought I would share some of what I am seeing in the local market with you just in case you were wondering.  In all active listings are rising, sellers are reducing prices after a certain period, those units fully updated are moving quickly and holding firm on prices.  

Beach condo under $500,000 daily-weekly-monthly rental  -  236 active listings, 132 price reductions, inlcudes beachfront area condos daily to monthly rentals okay

New Construction Homes Clearwater - St. Pete Beach area  -  47 active listings, 7 price reductions, inlcludes the beachfront area from Tarpon Springs down to Tierre Verde from $100,000 to $10,000,000

Fixer Uppers in Pinellas County Investors  -  43 active listings, 12 price reductions, includes all homes listed as investor fixer upper in Pinellas County no price limit

See you on the beach soon!

With my best,

Kristin Vincelli
727-686-1596
Follow me at The Rollerblading Realtor
Beachwise Real Estate

Posted in Market Conditions
Jan. 10, 2023

Analysis 5-year Price History Clearwater Beach to St. Pete Beaches Single Family & Condo

The last 5 years have been extraordinary to say the least. What was the impact of all that has happened in the last 60 months to median sale prices of real estate here on the beaches of Pinellas County?  Historic price trends can be very helpful when we are looking at where these trends may go in the future.  I wanted to share some research I have been doing that I believe can be helpful in the buying/selling decision making process as we get ready for another season here on the beautiful beaches of Pinellas County.   

Clearwater Beach has the highest single family and condo averages.  With the expected completion date of Imagine Clearwater nearing expect this trend to continue.

Indian Rocks and Indian Shores are the second highest. 

Followed by St. Pete, Treasure Island and Madeira Beach.

5-year history of the median sale price for Clearwater Beach, Island Estates, Sand Key Beach 33767

Single family - purple 
Condo - red

60-month average’s
condos/town homes $539,344
single family $1,123,753

5-year history of the median sale price for St. Pete Beach, Treasure Island 33706

Single family - purple 
Condo - red

60-month average’s
condos/town homes $361,658
single family $792,462

 

5-year history of the median sale price for Madeira Beach to Redington Beach 33708

Single family - purple 
Condo - red

 

5-year history of the median sale price for Indian Rocks Beach and Indian Shores 33785

Single family - purple 
Condo - red

60-month average’s
condos/town homes $536,630
single family $873,718

 

I’d like to thank you for taking the time to read our articles.  I hope you found this information helpful.  If you are thinking about buying or selling in the near or distant future, I would like to offer you my personal assistance and expert knowledge of the local market.  You can reach Kristin Vincelli, also known as the rollerblading realtor, anytime at 727-686-1596 and email kristin@beachwiserealestate.com

The Beachwise Real Estate team is consistently ranked in the top 1% of agents in Pinellas County with an estimated $225 million in transactions.

See you on the beach in 2023!

Dec. 16, 2022

Insurance Reform Bill What Does It All Mean

Kristin Vincelli Clearwater Beach Realtor (@rollerbladingrealtor) • Instagram photos and videos

Fla. Legislature and Property Ins.: What Changed?

Lawmakers finalized three bills that, among other things, eliminate one-way attorney fees, nix assignment-of-benefit options and further depopulate Citizens Ins.

TALLAHASSEE, Fla. – The Florida Legislature wrapped up their special session on Wednesday after passing three bills.

“If you had to sum up the major outcomes of the insurance reform bill in a single sentence, it would indicate that the bill will curb the massive amounts of lawsuits that are driving up premiums, stabilize reinsurance coverage and shrink the state-backed Citizens Property Insurance Corp.,” Florida Realtors® Vice President of Public Policy Andy Gonzalez said after the session ended.

In addition to a sweeping property insurance bill, two other bills passed by lawmakers focused on disaster relief and another regarding toll relief for heavy users of Florida’s toll roads. All bills have been sent to Gov. Ron DeSantis. He is expected to sign them into law and has until Dec. 29, 2022, to do so.

Property insurance reforms

Senate Bill 2A: Gonzalez calls the reform in 2A “a huge win for the state of Florida and absolutely essential steps Florida needs to take to attract insurance and reinsurance capital back to the state.” They “tackle the root causes driving insurers away”:

  • Elimination of one-way attorney fees: Insurance industry experts have long blamed lawsuits for driving up costs that lead to financial losses and higher homeowner premiums. The chief driver of the lawsuits is a provision known as “one-way” attorney fees in property-insurance cases. One-way attorney fees allow the plaintiff (policyholder) to recover attorney fees, but not the defendant (insurer). The practice incentivized unwarranted litigation.
  • Elimination of Assignment of Benefits: AOB was another litigation-related cost-driver for insurers that pushed policy rates higher. Under AOB, homeowners who suffered a loss “assign” insurance benefits to a contractor that then deals directly with their insurance company.
  • New temporary reinsurance program: The cost for reinsurance – essentially insurance for insurers that kicks into gear following major post-disaster losses – has risen, and those higher costs are baked into the rates homeowners pay. Property insurers generally buy reinsurance coverage on the private market and from the Florida Hurricane Catastrophe Fund, a state program. The bill adds additional levels, known as “layers,” of reinsurance funded through $1 billion from the state and premiums paid by insurers.
  • Efforts to depopulate Citizens: Citizens Property Insurance – the Florida-operated “insurance of last resort” – more than doubled in size during the past two years and now has about 1.13 million policies. The larger the number of policies, the greater the risk faced by Florida taxpayers after a disaster. The bill includes new or boosted ways to move homeowners with Citizens policies back into the private market. For example, Citizens policyholders now can’t renew their coverage if they receive private-insurer coverage offers within 20% of Citizens premium costs. The bill also phases in a requirement that Citizens customers buy flood insurance, which is not included in other homeowners’ policies.
  • Shortened claims filing: To reduce the number of frivolous lawsuits, the bill reduces the deadline for policyholders to report a claim under their policy from 2 years to 1 year for a new or reopened claim, and from 3 years to 18 months for a supplemental claim.
  • Accelerating claims payment: Among other things, the bill amends the prompt pay laws to encourage faster claims payments. It reduces the time for insurers to 1) pay or deny the claim from 90 to 60 days, 2) review and acknowledge a claim communication from 14 days to 7 days, 3) begin an investigation from 14 days to 7 days, and 4) conduct a physical inspection from 45 days to 30 days.
  • More funding for the Office of Insurance Regulation: The bill allocates $1.7 million for Florida’s Office of Insurance Regulation to investigate bad faith carriers and hire and retain the staff they need to properly regulate the industry.

For complete information, check the Florida Senate analysis posted online.

Leaders of the insurance reform efforts acknowledge that the bill likely won’t lead to immediate rate reductions for homeowners. They say it is designed, at least in part, to draw investments in the insurance market and spur competition.

Hurricane relief

Senate Bill 4A: Lawmakers passed a number of disaster relief efforts after two hurricane strikes in 2022. The bill provides:

  • Tax relief for residential property rendered uninhabitable for at least 30 days through property tax refunds. It also extends property tax deadlines and discounts for owners of property destroyed or rendered uninhabitable due to Hurricane Ian or Nicole.
  • $150 million for affordable-housing hurricane relief efforts. Of that money, $60 million will go to local governments to help with the repair or replacement of housing, relocation costs, housing reentry assistance and insurance deductibles; $90 million will fund the Rental Recovery Loan Program to promote development and rehabilitation of affordable housing in affected areas.
  • $350 million needed to secure funding from FEMA Public Assistance Grants – the entire amount required for a one-half local match.
  • $100 million to supplement the existing Beach Management Funding Assistance Program and $50 million to create the Hurricane Restoration Reimbursement Grant Program. 
  • $100 million to create the Hurricane Stormwater and Wastewater Assistance Grant Program to provide financial assistance to local governments. 
  • The bill also creates the Florida Emergency Management Assistance Foundation to provide assistance, funding, and support to the Department of Management services. 

For a full analysis, refer to the Senate staff analysis of the bill posted online.

Toll relief

Senate Bill 6A: The bill directs the Florida Turnpike Enterprise (FTE) to establish a toll relief program that will be effective for one entire calendar year (Jan. 1 to Dec. 31, 2023) for all Florida toll facilities that use a Florida-issued transponder or are interoperable with the Florida Department of Transportation’s (FDOT’s) prepaid electronic transponder toll system (SunPass). The bill will:

  • Provide a 50% account credit to Florida residents with an electronic prepaid toll program account, such as SunPass, who record 35 or more transactions a month. 
  • Appropriate $500 million to reimburse toll facilities for issuing these credits.
  • Require Florida drivers using the prepaid toll program to have an account in good stating, with the account credit posted the month after the credit is earned.

The full Senate staff analysis of the bill can be found here.

© 2022 Florida Realtors®

 

I would love to hear from you.  Call or text me anytime for anything real estate here on the beaches of Pinellas County. 

 

Kristin Vincelli

The Rollerblading Realtor

Clearwater Beach, FL

727-430-1995

Kristin Vincelli Clearwater Beach Realtor (@rollerbladingrealtor) • Instagram photos and videos

 

See you on the beach soon!

 

Posted in Market Updates
Dec. 16, 2022

Gov DeSantis Moving Forward With Property Insurance Reforms

follow me at Kristin Vincelli Clearwater Beach Realtor (@rollerbladingrealtor) • Instagram photos and videos

 

Property Insurance Changes Head to Gov. DeSantis

With property insurance described as a “hidden tax” on homeowners, lawmakers on Wed. approved a plan aimed at stabilizing the state’s troubled insurance market.

TALLAHASSEE, Fla. – With property insurance described as a “hidden tax” on homeowners, the Florida House on Wednesday gave final approval to a plan aimed at stabilizing the state’s troubled insurance market.

The Republican-dominated House voted 84-33 along party lines to pass the bill (SB 2-A) on the final day of a special legislative session. The Senate approved the bill Tuesday, meaning it is ready to go to Gov. Ron DeSantis.

The 105-page bill includes wide-ranging changes that supporters acknowledge would not immediately lower insurance rates. At least for some homeowners, such as customers of the state-backed Citizens Property Insurance Corp., the bill could increase costs.

But after two years of private insurers seeking hefty rate increases and dropping hundreds of thousands of customers because of financial losses, Republican lawmakers said the bill is designed to bolster investment in the market, spur competition and, ultimately, bring down costs.

“Florida’s homeowners insurance is extremely expensive, and the market is deteriorating,” Rep. Ralph Massullo, R-Lecanto, said. “It’s literally falling apart. In some places, there’s not even a market.”

Democrats blasted the bill, saying it would help insurers while doing little for residents struggling to pay insurance premiums.

“We are giving a gift to the insurance companies, and we are punishing the homeowners,” Rep. Patricia Williams, D-Pompano Beach, said.

Legislative leaders and the DeSantis administration negotiated the bill before the special session started Monday, leaving little question that it would pass. Republicans flatly rejected numerous attempts by Democrats to amend the bill.

The bill seeks to reduce lawsuits that insurers blame for driving up costs and move homeowners from Citizens into the private market. It also would set aside $1 billion in tax dollars to help provide critical reinsurance to insurers.

The insurance system’s problems stem from a combination of issues, but a large part of the debate this week focused on efforts to curb lawsuits against insurers. Rep. Tom Leek, an Ormond Beach Republican who helped sponsor the bill, said Wednesday that litigation costs have led to carriers leaving the state.

But Democrats and other critics said the changes in the bill would effectively make it harder for homeowners to fight insurers over claims, with many saying it would create a “David and Goliath” situation.

The bill, in part, would eliminate what are known as “one-way attorney fees” in property-insurance cases. Under one-way attorney fees, insurers pay the attorney fees of policyholders who successfully file lawsuits. Insurers contend one-way attorney fees create an incentive for litigation.

“Eliminating one-way attorney fees is a benefit to every consumer and every taxpayer,” said Leek, who described property insurance as a “hidden tax” on homeowners.

But Democrats said the elimination of one-way attorney fees and other changes in the bill would hurt homeowners whose claims get denied or delayed by insurers. With the elimination of one-way attorney fees, homeowners likely would have to pay attorney fees out of whatever money they might receive in lawsuits.

Rep. Dotie Joseph, D-North Miami, said lawmakers should address “bad actors” in all parts of the insurance system and not “buy into this bogeyman of litigation.”

The bill also would make a series of changes to Citizens, which was created as an insurer of last resort but has ballooned during the past two years to about 1.13 million policies as private carriers have dropped customers. State leaders have long sought to limit the number of policies in Citizens, at least in part because of financial risks from hurricanes.

To try to move people out of the state-backed insurer, the bill would prevent Citizens policyholders from being able to renew coverage if they receive policy offers from private insurers that are within 20% of the cost of the Citizens premiums. Citizens officials say the state-backed insurer typically charges less than private insurers, creating a disincentive for policyholders to get coverage in the private market.

But Rep. Jervonte Edmonds, D-West Palm Beach, said Citizens is “one of the best options for residents” in places such as Palm Beach County and pointed to high housing costs.

“A potential increase of 20% is make or break in my county,” Edmonds said.

The bill also would phase in a requirement that Citizens’ customers buy flood insurance. Typical homeowners’ policies do not include flood coverage, though mortgages require people to buy the extra coverage if they live in designated flood zones.

Rep. Bob Rommel, a Naples Republican who helped sponsor the bill, said many Citizens policyholders who sustained damage in Hurricane Ian did not have flood insurance. As a result, they might not have coverage for water damage – or could become embroiled in disputes about whether their homeowners’ policies should cover the damage.

But Democrats said the flood-insurance requirement would lead to cost increases for Citizens’ customers.

“Right now, you are just pushing Citizens’ customers into the danger zone with very high rates,” Rep. Anna Eskamani, D-Orlando, said. “You’re putting flood insurance on them, which you are not requiring for private (insurance) customers, which seems weird to me. I’m just worried that when you do that, you are going to push people into dire economic situations.”

Another major part of the bill would create a program that would seek to temporarily help insurers obtain adequate reinsurance, which is backup coverage. Private reinsurance prices have increased, while the coverage has become harder to buy, with the higher costs reflected in homeowners’ rates.

The bill would essentially offer additional levels, known as “layers,” of reinsurance funded through $1 billion from the state and premiums paid by insurers.

News Service Assignment Manager Tom Urban contributed to this report.

© 2022 The News Service of Florida. All rights reserved.

 

Want to know what I am up to follow me at Kristin Vincelli Clearwater Beach Realtor (@rollerbladingrealtor) • Instagram photos and videos

 

I would love to hear from you.  Call or text me anytime for help anything real estate here on the beaches of Pinellas County.

 

Kristin Vincelli

The Rollerblading Realtor, Clearwater Beach FL

727-430-1995

 

See you on the beach!

 

Posted in Market Updates
Dec. 5, 2022

Beachwise Real Estate 1 Year Anniversary Achievments Customer Appreciation Party

A Special Announcement
Beachwise celebrated our 1-year anniversary this past month at the Hyatt on Clearwater.  It was an amazing night, and we owe it all to every one of you.  Without you we couldn’t do what we do.  We appreciate you so much.  We have met so many new friends and wonderful families.  It makes the journey even sweeter. We loved seeing all the clients that were able to make it.  In case you missed it I thought I would share some pictures.

Kristin Vincelli, Co-founder

Tom Smith, Co-founder and Isaac V.

 

 

Posted in Leisure
Dec. 5, 2022

Buyers Back in Town! Prices Stabilizing?

Beachwise Real Estates December 2022 Housing Market Report

What you need to know about all the key data points for the beach communities of Pinellas County and more.

Buyers are back in town!  For several weeks leading up to the mid-terms there was very little activity.  No showings, no contracts.  As soon as the elections were over, literally the day after, my phone was ringing constantly.  I am hoping this trend will continue into the new year as our high season begins in January.

Prices may be stabilizing.   RE prices were at all-time highs in May of this year when the market started to shift.  Fast forward to now and median sale prices appear to be stabilizing.  The median sale price for a single-family home in Pinellas County is $430,000 compared to $440,000 in May.  In Clearwater Beach the median price for a single-family home is $1,935,000 compared to $2,200,000 in June. 

No signs of a crash on the horizon.  Typically, a crash occurs when there is an imbalance between supply and demand.  Currently we have the opposite situation and there is still not enough supply.  In April of this year inventories started to rise substantially as the market started to shift.   However, supply was so low for the last 2 years that we are still short of the goal of 6 months of supply which is what most experts consider to be a normal number.  Pinellas county is currently at a 1.91 month of supply.  Clearwater Beach is 2.48.

What could we expect in 2023?  Historically real estate on and near the coast reacts differently during pull backs than communities inland.  We believe Florida will also follow that same path as demand for property here is still strong.  Florida is the destination point for people from all over the country seeking to take advantage of its political and economic environment.  We believe the local market here will continue to have a soft landing especially if the US economy can navigate its way out of a major recession.  We will continue to keep you up to date each month with our in-depth analysis on the ground.  See you on the beach!

Clearwater Beach, Island Estates, Sand Key Beach, Belleair Beach 33767
Single Family Homes

Median sale price single family home $1,935,500, previous month $1,787,500

Median sale price from November 2021 $1,500,000
up 8% MOM, up 22% YOY
Total closings 9, up six from 3 closings month prior
Average days on market 44, up 39% previous month 27 days, up 13% a year ago
Final sale price from original list price 87.1%, prev month 97%, prev year 92.4%
Months of supply 4, previous month 3, previous year .63

Condo/Townhome
Median Sale Price Condo
$579,900, previous month $712,500
Median sale price from November 2021 $623,000
down 19% MOM, down 9% YOY
Total closings 25, up three from 22 closings month prior
Average days on market 28, down 24% previous month 37 days, one year ago 33 days
Final sale price from original list price 94%, previous month 95.8%, prev year 95.6%
Months of supply 2.28, previous month of 2.38, previous year .50

Indian Rocks Beach, Indian Shores Beach 33785
Median sale price single family home $1,137,500, previous month $1,125,000
Median sale price from November 2021 $782,500
up 1% MOM, up 32% YOY
Total closings 4, no change month prior
Average days on market 16, previous month 35 days, previous year 8 days
Final sale price from original list price 88.7%, prev month 90.4%, prev year 98.8%
Months of supply 3.2, up from previous month 2.8, previous year .37

Condo/Townhome
Median Sale Price Condo
$709,000, previous month $718,000
Median sale price from November 2021 $630,000
down 2% MOM, up 19% YOY
Total closings 19, up three from 16 closings month prior
Average days on market 24, previous month 21 days, one year ago 15 days
Final sale price from original list price 96.4%, prev month 95.8%, prev year 97.2%
Months of supply 1.83, no change from previous month, previous year .37

Redington Shores, Redington Beach, Madeira Beach 33708
Single Family Homes
Median sale price single family home $859,500, previous month $678,000

Median sale price from November 2021 $735,000
up 22% MOM, up 15% YOY
Total closings 24, previous month 17, previous year 15
Average days on market 36, previous month 17 days, previous year 25 days
Final sale price from original list price 87.4%, previous month 94.4%, prev year 95.1%
Months of supply 2.75, up from previous month 2.42, previous year .48

Condo/Townhome
Median Sale Price Condo
$600,000, previous month $379,000
Median sale price from November 2021 $545,000
up 37% MOM, up 10% YOY
Total closings 25, previous month 17, previous year 33
Average days on market 23,previous month 16 days, one year ago 5 days
Final sale price from original list price 93%, previous month 93.8%, prev year 97.3%
Months of supply 2.03, previous month 2.06, previous year .22

Treasure Island, Sunset Beach, Boca Ciega, Bahia Shores, Saint Pete Beach 33706
Single Family Homes
Median sale price single family home $1,300,000, previous month $1,050,000

Median sale price from November 2021 $959,000
up 19% MOM up 27% YOY
Total closings 11, previous month 9, previous year 25
Average days on market 5, previous month 23 days, previous year 4 days
Final sale price from original list price 97.7%, previous month 90.7%, prev year 99.8%
Months of supply 3.40, up from previous month 2.45, previous year .47

Condo/Townhome
Median sale price single family home $567,000, previous month $554,000

Median sale price from November 2021 $390,545
up 3% MOM up 32% YOY
Total closings 28, previous month 29, previous year 34
Average days on market 29,previous month 23 days, one year ago 11 days
Final sale price from original list price 93.2%, previous month 94.4%, prev year 98%
Months of supply 2.39, previous month 1.95, previous year .34

Pinellas County as a whole single family/condo combined
Total Sold Dollar Volume $739,075,181, up 17.8% from previous month, down 7.5% YOY
Closed Sales1,479,
up 9.4% from prev month, down 24% YOY
Median Sale Price Single Family Home $430,000,
up 4.7% MOM
Median Sale Price Condo $300,000,
previous month $301,000
Average Days on Market 28,
up 40% MOM, up 16.7% YOY
Months of Supply Single Family 1.93,
prev month 1.67%, .62 prev year
Months of Supply Condo 1.94,
prev month 1.78%, prev year .73%

 

I would love to hear from you.  You can reach me at 727-686-1596 anytime.  If we do not get to speak to each other my team and I wish you all the best this Christmas and a Happy New Year! 

Kristin Vincelli
Beachwise Real Estate, Co-Founder
See what I am up to follow me at Kristin Vincelli (@rollerbladingrealtor) • Instagram photos and videos 

 

Posted in Market Conditions
Nov. 8, 2022

Informational

Pondering Short-Term Rentals? Consider This

Regulations, insurance and taxes all come into play if you wish to start offering a room or home on the market as a short-term rental.

SCOTTSDALE, Arizona – Online home-sharing, such as Airbnb, Vrbo and HomeAway, has become increasingly popular for both hosts and guests.

According to a recent study by Roofstock, a real estate investment marketplace, about 10.6 million people in the U.S. earn money from more than 17 million rental properties. And according to Statista, there will be 64.7 million home-sharing users in 2022 and more than 68 million in 2023.

While it can be very appealing for the property owner to secure extra income, there are risks associated with renting out your home to strangers. Knowing these risks and liabilities before jumping in can save you a lot of headaches and future expenses.

Four things to consider before renting out your home

Follow city, county and state regulations: When considering home sharing, it’s important to understand your city, county and state laws. For example, in Phoenix, renters are required to be registered with the city of Phoenix, and all residential rental units – including vacation and short-term rentals – must be registered with Maricopa County. It’s also important to consider your contracts with leases, condo boards, mortgage lenders, HOAs, etc. There may be limitations you need to be aware of.

Be aware of tax implications: As an owner, you’ll have to pay taxes on your earnings, but you can also deduct some expenses related to your rental. It’s also important to understand the various taxes applicable when renting your home.

Phoenix, for example, assesses a sales tax on property rentals and a transient lodging tax for guest stays less than 30 days. Consulting a tax expert is always a good idea.

Check your insurance: Before renting out your house, you must ensure you have appropriate insurance coverage. Most homeowners assume they have protection under their homeowners’ policy, but this may not be the case. Websites like Airbnb offer some property protection for hosts against property damage by a guest but do not include liability insurance.

You may need to invest in an umbrella insurance policy that will cover loss due to injury, loss of belongings or damage to your home. If you rent your home with Airbnb, HomeAway, Vrbo or the like, you will need landlord protection insurance or vacation rental insurance.

Know what you are getting into: Renting your home short-term can be a big responsibility. In addition to the above-mentioned risks, a renter should also consider additional expenses that will incur, such as stocking the home with all the necessities like towels, kitchen essentials, toilet paper, etc.

It’s also likely you will see higher-than-normal utility bills.

Additionally, Airbnb, for example, charges hosts 3% per reservation. And, of course, don’t have anything in the home that you’d be heartbroken if it was damaged.

If you’re thinking of renting your home out as a side hustle, don’t forget to do your research. There’s much more to it than just deciding and listing it on websites like Airbnb. Consult with an attorney on the legal implications and do your homework when it comes to the demand in your area, pricing, laws, taxes and insurance.

© Copyright 2022 Town of Paradise Valley Independent, all rights reserved. Levi Claridge, member of the Cavanagh Law Firm.

 

We hope this article as helpful.  If you would like to speak to local expert about renting your condo or home here in Pinellas County, please call Kristin Vincelli at 727-686-1596 or Tom Smith at 727-776-3375.  Over $200,000,000 sold and 40+ years of experience.

 

Nov. 7, 2022

Special Announcement Kristin Vincelli Nominated as One of The Best Nationwide

Hello everyone, it's me the Roller Blading Realtor.  I was recently nominated as one of the best agents nationwide.  This is truly and honor.  I give all thanks to my amazing clients and friends whom I have had the pleasure to serve.  I love real estate can you tell!

Follow me on Instagram Kristin Vincelli (@rollerbladingrealtor) • Instagram photos and videos for all your real estate news and fun times too!

I would love to hear from you.  Call or text me anytime at 727-686-1596.

 

Posted in Market Updates
Oct. 21, 2022

Housing Market Report October Surprise price gains on Clearwater and St. Pete Beaches

My team and I put together this report to help keep you in the know with this crazy housing market.  With all the negativity around real estate I wanted to look at what was really happening on the beaches, so we picked out four zip codes to analyze. When market conditions shift like this having the guidance and expert advice of a top agent who understands the area is more important than ever.  I am grateful to have the opportunity to assist you in your real estate journey here on the beautiful beaches of Pinellas County!  


Pic from a condo I listed at Sunset Vistas

Clearwater Beach, Island Estates, Sand Key Beach, Belleair Beach 33767
Total Sold Dollar Volume $28,604,200 
up 4.7% MOM (month over month)
Closed Sales 26, 
up 4% MOM
Median Sale Price Single Family Home $1,787,500, up 13% MOM
Median Sale Price Condo $712,500, up 11% MOM
Average Days on Market 33, Up 17.9% MOM
Final Sale Price from Original Listing Price Single Family 97% up from 92% August
Final Sale Price from Original Listing Price Condo 95% up from 92% August
Months of Supply Single Family 3, up 40% YOY
Months of Supply Condo 2.38, up 82.4% YOY

Indian Rocks Beach, Indian Shores Beach 33785
Total Sold Dollar Volume $16,089,466, 
down 20.4% MOM
Closed Sales 20, 
down 9.1% MOM
Median Sale Price Single Family Home $1,125,000, 
down 34.9% MOM
Median Sale Price Condo $718,000, 
down 4.3% MOM
Average Days on Market 24, Up 4.4% MOM
Final Sale Price from Original Listing Price Single Family 
90.4%, down 11% MOM
Final Sale Price from Original Listing Price Condo 
95.8%, down 1.4% MOM
Months of Supply Single Family 2.80, 
up 460% YOY
Months of Supply Condo 1.83, 
up 83.3% YOY

Redington Shores, Redington Beach, Madeira Beach 33708
Total Sold Dollar Volume $23,158,200, down 52.2% MOM
Closed Sales 34, 
down 43.3 MOM  
Median Sale Price Single Family Home $678,000, down 9.3% MOM
Median Sale Price Condo $379,000, down 25.8% MOM
Average Days on Market 26, up 62% YOY
Final Sale Price from Original Listing Price Single Family 94.4%, down .9% MOM
Final Sale Price from Original Listing Price Condo 93.8%, down 2.4% MOM
Months of Supply Single Family 2.42, up 59.1% YOY
Months of Supply Condo 2.06, up 225.3% YOY

Treasure Island, Sunset Beach, Boca Ciega, Bahia Shores, Saint Pete Beach 33706
Total Sold Dollar Volume $28,518,500, down 5.6% MOM
Closed Sales 38, 
down 5% MOM  
Median Sale Price Single Family Home $1,050,000, 
up 9.1% MOM
Median Sale Price Condo $554,000, 
up 38.5% MOM
Average Days on Market 32, up 68.4% YOY
Final Sale Price from Original Listing Price Single Family 
90.7%, down 1% MOM
Final Sale Price from Original Listing Price Condo 
94.4%, down .3% MOM
Months of Supply Single Family 2.45, up 70% YOY
Months of Supply Condo 1.95, up 106.3% YOY

Pinellas County all cities
Total Sold Dollar Volume $627,464,892, down 23.6% MOM
Closed Sales 1,352, 
down 20.8 MOM  
Median Sale Price Single Family Home $410,000, 
down 3.6% MOM
Median Sale Price Condo $554,000, 
up 2% MOM
Average Days on Market 24, up 15% YOY
Final Sale Price from Original Listing Price Single Family 
95.1%, down .8% MOM
Final Sale Price from Original Listing Price Condo 95.7%, down .6% MOM
Months of Supply Single Family 1.67, up 108% YOY
Months of Supply Condo 1.78, up 125% YOY

In summary: We are about 4 months into the shift and what do we know?  Clearwater Beach is still the top place to be with home prices increasing month over month.  Months of supply is getting back to pre-covid levels increasing as much as 460% in some areas along the beach.  Time to contract is lengthening but homes are still going under contract quickly.  Closings are down in most areas and county wide as buyers struggle with rising rates and the uncertainty of where this market will finally find a support level to rest on.  

Follow me on Instagram Kristin Vincelli (@rollerbladingrealtor) • Instagram photos and videos

See you on the beach!

Posted in Market Updates
Sept. 28, 2022

Housing Market Report Clearwater Beach, Sand Key Beach, and Island Estates September 2022

Key stats and what you need to know about the 33767 area for Sept. 2022.  Insight and analysis from the team at Beachwise Real Estate.

 Sand Pearl 2022

Summary- considering the price reductions in other parts of the state and nationwide the Clearwater Beach market is holding steady.  Closings are down a bit due to buyers either getting priced out of the market from interest rates or just sitting back and seeing where prices will end up after this correction.  Sellers are realizing now things are getting back to a more normal pace and homes will sit on the market a little longer.  The big takeaway here is that homes that have been fully updated are still getting top dollar and moving quickly.  With more buyers looking to move to the area every day and inventory rising we can expect more of the same over the next few months as the market shift continues.  

Closed sales history 3-Years Single Family (Purple) and Condo (Red) 33767

Price Trends 3-Year History Single Family and Condo 33767

CONDO update 33767
Closings 18, - 54% from one month ago, -57% year over year
Median sale price $639,000,
- 8% from previous month of $690,000
Active listings 84, + 40% YOY
Average sale price to original listing price 92.8%, - 6% MOM and -5.6% YOY
Average days home stays on market 20, up from 6 in July
Months of supply 2, up 80% YOY and up from 1.73 months in July

Single Family Home update 33767
Closings 7, no change YOY
Median sale price $1,550,000,
up 22% from 1,275,000 previous month, up 19% YOY
Active listings 19, up 26.7% YOY
Average sale price to original listing price 92.8%, down from 96.7% previous month
Average days home stays on market 29, up from 17 previous month
Months of supply 3.17, up 47% YOY

NEW!  More about Clearwater Beach – a look at some developments that could impact real estate in the Clearwater area

Check out this short video of why more and more businesses are choosing Clearwater BeachWhy Businesses Choose Clearwater

The city of Clearwater is in the planning stages for building THE FESTIVAL CORE, a planned community gathering space, as part of the ongoing Cleveland Streetscape construction project at Cleveland Street and Gulf to Bay Blvd.  Link to web page Cleveland Festival Core  

UPDATE Imagine Clearwater Downtown Development
The Imagine Clearwater Master Plan is coming to life. Imagine Clearwater is an investment in the redevelopment of Downtown Clearwater and its waterfront – including construction of a new 4,000-seat covered bandshell in Coachman Park – that will be a must-see destination point in the Tampa Bay area.  
Designed to connect the waterfront and the Downtown Clearwater community, Imagine Clearwater includes an expansive park and recreational spaces, a gateway plaza and bluff walk that connects the park to downtown, a bay walk promenade overlooking the Intracoastal Waterway, a lake area with picnic shelters, and an ocean-themed play area with an interactive pop-jet water feature. The additions to Coachman Park also include the bandshell which will accommodate a year-round performance schedule that promises to continue the city of Clearwater’s reputation as a premier location for diverse live entertainment. Construction has already started Imagine Clearwater Downtown Development

OPPORTUNITY ZONE PROGRAM
Opportunity Zone Program City of Clearwater (myclearwater.com)
Located in the heart of Tampa Bay's robust market, the city of Clearwater, Florida stands out for its vibrant business community, supportive city leadership, family-friendly environment, extensive indoor and outdoor activities, and untapped opportunities. 

Beautiful Pic of Sunset Before Hurricane Ian Arrived

See you on the beach!

Thank you for taking the moment to read our monthly housing report.  We hope you have found it helpful.  Beachwise Real Estate ranks in the Top 1% of Realtors in Pinellas County out of 10,000 realtors with over $200 Million sold! If you're thinking about buying or selling, work with the best in Pinellas County. Put our experience to work for you!

Follow Kristin on Instagram Kristin Vincelli (@rollerbladingrealtor) • Instagram photos and videos

Visit us at homesforsaleinclearwaterbeach.com and check out our new listings, set up a custom home search, find more news on our blog page and more.

Download Kristin's e-book The Clearwater Beach Real Estate and Condo Guide 2022

  

Kristin and Stephen Vincelli, 727-686-1596

  

Tom and Vivian Smith, 727-776-3375