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 $200 Million Sold!

Dec. 30, 2021

Short Term Rental Condo and New Construction Report for December 2021

Short Term Rental Condos and New Construction Report December 2021

All of us at Beachwise Real Estate wish you and your family a very Happy New Year for 2022! 

Here are the current listings for short term rental condos on the beach and the new construction currently taking place in the area.

Click this link for- Short term rental condos for sale UNDER 500K on the beach
Click this link for- Short term rental condos for sale 500k and up
Click this link for- New construction condos on the beach

In addition, we put together a short-term rental guide for condos and single-family homes that you can reference when looking at investment properties in the County.

Click this link for- The short-term rental guide city by city beach communities Pinellas County  

We hope that we can assist you one day in finding the perfect home here in our area so you can experience the lifestyle we are so blessed with, and we believe the best is yet to come.  Joy, peace, hope, health and prosperity to you and yours!

Our team is ranked in the top 1% of agents in Pinellas County and have closed over $200,000,000.  We are very familiar with the intricacies of using an investment property as an income producer and we would love to share our expertise with you.  We are available anytime if you would like personal assistance.  Our contact information is below.  We look forward to speaking to you soon.

Kristin Vincelli, 727-686-1596
Tom Smith, 727-776-3375

Vivian Smith, 727-688-7377

Stephen Vincelli, 727-430-1995

www.beachwiserealestate.com
www.homesforsaleinclearwaterbeach.com

Posted in Market Updates
Dec. 30, 2021

Short Term Rental Guide Condo and Single Family Pinellas County

SHORT TERM RENTAL GUIDE for beach communities in Pinellas County attached units and single family dwellings.

Owning property on or near the beach can be a great investment especially if the real estate you purchased allows for overnight and weekly stays.  Each city in Pinellas County has its own opinion of short-term rentals and how they should govern them.  What follows is a short summary for the beach cities along the coast in Pinellas County. I hope you find it helpful in your search for a new home.  If you need more information let us do the work for you as it will save you valuable time.  Don’t see the area of interest for you just let us know and we can research for you.

Email requests to Stephen@beachwiserealestate.com, or Kristin@beachwiserealestate.com.  You may also reach Kristin at 727-686-1596 or Stephen at 727-430-1995.

Definition
What is a short-term rental?  A short-term rental is usually defined as renting a property on a daily or weekly basis.  A long-term rental is usually considered to be something rented for 30-90 days at a time.

Typically, short term rentals are viewed as a tourist orientated commercial business which would be inconsistent with a residential neighborhood.  Most cities allow short term rentals in certain zoning districts and are usually found in the transient use table related to the applicable zoning districts.  Some cities like Indian Rocks Beach have no restrictions in any zones.  Clearwater is mostly a one month minimum however it does have a handful of properties they allow to rent less than a month at a time.  Important to note that in most cases even with the establishment of these authorized zones if the parcel is located within an HOA or a deed restricted community, they may have deed restrictions that restrict long-term rentals which would hold higher jurisdiction over city zoning requirements.  The Beachwise team are local experts on short term rental investments, and we recommend consulting with one of us before going under contract. 

Clearwater Beach
The city of Clearwater Beach is a 1-month minimum with some exceptions.  There are approximately 30 properties (condos/townhomes) in the 33767 area that allow short term rentals.  For a list of these 30 properties, you can email Stephen@beachwiserealestate.com OR text/call Stephen at 727-430-1995 for personal assistance.

St. Pete Beach
The city of St. Pete is a 1 month minimum with some exceptions.  Short term rentals of less than one month at a time are only permitted in a few of the districts as determined in the land development code.  For immediate assistance in obtaining a copy of the zoning map you can email Stephen@beachwiserealestate.com or contact the city zoning department direct.  In addition, rentals of one month or more in single family properties do not require a business tax license.

Belleair
The city of Belleair is a 7-month minimum.  Residential rental properties must be leased or rented to each tenant for a minimum sevenmonth term; and there shall be no more than two separate tenancies at any residential property during any 12month period.  (Ord. No. 466, § 5, 8409)

Belleair Beach
The city of Belleair Beach is a 3-month minimum.  Sec. 94213. Rentals. (a) Within RL district II, residential homes may be rented, leased, or otherwise occupied through a rental agreement with the registered owner(s) on a periodic basis from time to time for not less than a threemonth occupancy period. (Ord. No. 466, § 5, 8409)

Belleair Bluffs
The city of Belleair Bluffs is a 3-month minimum.  Sec. 102216. Duration of lease; maximum tenancies per year. Residential rental properties must be leased or rented to each tenant for a minimum threemonth term.

Dunedin
The city of Dunedin is 3-month minimum in residential zoning districts with some exceptions.  In order to verify if a zoning district allows short-term rentals, vacation rentals, and other transient uses you will need to utilize the resources the city provides online.  I will give the instructions below however if you would like to save time you may always contact The Beachwise Team and let us do the work for you.  Email stephen@beachwiserealestate.com or call 727-430-1995 for personal assistance.

(1) Please utilize this link first to verify the zoning information for a parcel : https://dunedin-gis.maps.arcgis.com/apps/webappviewer/index.html?id=5590c8f613394a9c99b83960b839ef5c . Once you have accessed the webpage, hit the drop down layer list on the City of Dunedin Basemap and select both Zoning District and Land Use Current; this will give you the zoning and the land use information for the parcel. After you have selected the drop-down items from the layer list you may type in a City of Dunedin address into the search bar; this should populate the zoning and land use related to your search.

(2) Once you have the zoning information available on the subject parcel, please utilize the Transient Use Table by Zoning District to verify if the zoning district permits or prohibits short-term rentals or other transient uses; see attached.

Gulfport
Daily rentals are allowed in most of Gulfport.  Some restrictions are in 49th Street Redevelopment Master Overlay District (49th MOD) and Waterfront Redevelopment District (WRD). Rentals in these districts shall be daily, only. The maximum stay for an individual guest shall be thirty (30) days in a twelvemonth period.

Indian Rocks Beach and Indian Shores
The cities of Indian Rocks and Indian Shores are definitely investor friendly.  Daily and weekly rentals are allowed in all zones.  There are no restrictions to date. 
http://www.indian-rocks-beach.com/city_departments.php.  https://www.myindianshores.com/

Madeira Beach
Daily rentals are permitted in R1 and R2 zone which fortunately is most of the city.  Zone maps can be obtained from the city of Madeira Beach, or you may contact Kristin or Stephen at Beachwise Real Estate to confirm if your property of interest is in a zone that allows short term rentals.  (Ord. No. 2015-13, § 1, 11-10-15)  https://madeirabeachfl.gov/code-enforcement/

Redington Beach
The city of Redington Beach is a 6-month minimum.  It does not allow short term rentals for single family homes; however, it does not enforce the ordinance. In 2008 the former city attorney mistakenly told the commission the city did not need to take the ordinance to referendum to become law. After a homeowner sued the city in 2013 challenging the constitutionality of the ordinance, and ultimately settled on terms allowing them to rent under certain conditions, current town attorney Jay Daigneault advised officials not to enforce the ban to avoid future costly lawsuits. The ordinance says minimum rental period is 181 days.

Here is the actual language of the ordinance:
(2d)Short-term rentals in District 2 and District 3 (excluding exceptions noted in code section 3(a)) are hereby prohibited and shall be subject to the following:(A)Short-term rentals of single-family dwellings of less than 181 days constitutes a transient use and shall be prohibited in District 2 and District 3 (excluding exceptions noted in code section 3(a)).(B)Property owners who rent their properties (located in District 2 and District 3) for less than 181 days shall be subject to penalties as set out in section 1-14 of Appendix A, and the Town of Redington Beach shall have authority to impose such penalty.
https://library.municode.com/fl/redington_beach/codes/code_of_ordinances?nodeId=PTIICOOR_APXAZO_S3PEBUUS

North Redington Beach
North Redington Beach does not allow any rental of less than 90 days in any residential zoning districts.

Treasure Island
The city of Treasure Island allows for daily or weekly rentals in all zones.  Any rental shall be considered a tourist dwelling.

https://www.mytreasureisland.org/residents/departments/community_development/short_term_rental_information.php

Seminole
The city of Seminole is a 1-month rental minimum.  Transient accommodation uses (short term rentals) are not a listed permitted use within the residential plan categories or residential zoning districts.

Tarpon Springs
Short term rentals are allowed in the approved zones.  If property is not in a authorized short term rental zone you can rent the home long term for 6 weeks or more.  Link to approved zones: https://gis.ctsfl.us/portal/apps/webappviewer/index.html?id=9596539ae16744b4af44d320f190c791

Thank you for your interest in short term rental properties here in the Pinellas County area.  We are very familiar with the intricacies of using an investment property as an income producer and we would love to share our expertise with you.  We are available anytime if you would like personal assistance.  We look forward to speaking to you soon.

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

www.beachwiserealestate.com
www.homesforsaleinclearwaterbeach.com

Posted in Tips For Buying
Dec. 15, 2021

Clearwater Beach Real Estate & Housing Market Report Thru November 2021

 

Beachwise Real Estate Housing Market Update

Clearwater Beach & Pinellas County Thru Nov. 2021

Happy Holidays Everyone!  Just a little update on the market here while you enjoy the season.  In this month’s report we focused on the housing market in Pinellas County as a whole, the Clearwater Beach 33767 zip which includes Island Estates and Sand Key Beach and then the inland part of Clearwater which includes zip codes 33761, 33763, 33759, 33764, 33760, 33762, 33756, 33755. 

If there is a specific city, neighborhood, condo building or community in Pinellas-Hillsborough-Pasco County, that you would like information on please email us at Team@beachwiserealestate.com and we can customize a report for your needs.

Pinellas County
Average Sale Price
Single-family home $497,941      Up 23% YOY (Change from Nov. 2020)
Condo/townhome $373,138      
Up 15%

Average Sale Price to Original Listing Price
Single-family 98.5%
Condo/townhome 98.6%

Average Price Per Square Foot
Single-family home $288         
Up 26%
Condo/townhome $291             
Up 27%

Average Days on The Market
Single-family home 18 days 
Condo/townhome 22 days   

Active Listings
Single-family home 766       
Condo/townhome 588         

Closed Sales
Single-family home 1,143    
Condo/townhome 705         

Months of Supply
Single-family home .62%    
Condo/townhome .73%

Clearwater Beach, Sand Key, Island Estates 33767
Looking back 5 years ago the average sale price for a condo on the beach in December of 2016 was $559,700.  In November 2021 the average sale price is $897,800.  Prices for single family homes have been more sporadic due to limited closings and prices that often skew the number.  Season has started and we hope to see more sellers ready to take advantage of the higher prices by listing their homes and condos.  We believe prices will continue to rise gradually as demand for real estate here remains high and supply low.  

Average Sale Price
Single-family home $1,441,667       Up 21.7% YOY (change from Nov. 2020)
Condo/townhome $623,000           
Up 3%

Average Sale Price to Original Listing Price
Single-family 92.4%
Condo/townhome 95.6%

Average Price Per Square Foot
Single-family home $579               
Up 20%
Condo/townhome $562                 
Up 36%

Average Days on The Market
Single-family home 46 days           
Condo/townhome 33 days             

Active Listings
Single-family home 10        
Condo/townhome 64

Closed Sales
Single-family home 3                   
Condo/townhome 47                    

Months of Supply
Single-family home .72%    
Condo/townhome .50%                

Clearwater
Single-family home prices reached a new 10-year high this month to $464,514.  Total closed sales for single-family homes also reached 5-year highs.  Homes are selling fast, 21 days on average.  Factors driving the market are prices on or near the water are so high that more buyers are looking inward and finding some good deals.  There are quite a few of underdeveloped areas in Clearwater along with older homes that investors can scoop up at a reasonable price.  Clearwater downtown is experiencing a revitalization with some major redevelopment underway.  With these and other factors such as new construction and corporate relocation we see more upside on the way.

Average Sale Price
Single-family home $464,514           Up 38% YOY (Change from Nov. 2020)
Condo/townhome $244,090           
Up 19%

Average Sale Price to Original Listing Price
Single-family 98.7%
Condo/townhome 99%

Average Price Per Square Foot
Single-family home $248     
Up 28.3%
Condo/townhome $195        
Up 28.5%

Average Days on The Market
Single-family home 21 days 
Condo/townhome 19 days   

Active Listings
Single-family home 106       
Condo/townhome 133

Closed Sales
Single-family home 198        Up 16.5%     
Condo/townhome 135

Months of Supply
Single-family home .59%    
Condo/townhome .84%                

 Thank you for reading our report.  We hope you found it helpful.  Any comments you may have or just need some more info give one of us a call or text anytime.  We would love to hear from you.

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

 Beachwise Real Estate and The Tom Smith Team is one of the most trusted names in real estate here in the Clearwater Beach area and have closed over $200,000,000 in real estate transactions.  We have been fortunate to have worked with over 400 families such as yours with great joy.  If you are thinking about buying or selling we would love to have the opportunity to help guide you.  From our family to yours we wish you plenty of success and lots of love the Christmas season and into the new year.

 

Posted in Market Updates
Nov. 3, 2021

Real Estate Market Report for Clearwater, St. Pete and Pinellas County

 

The Beachwise Real Estate  housing market report for October, 2021.  In this report we look at Pinellas County and single out a few of the more popular beach communities along the Gulf Coast.  If there is a community that you would like us to report on just send an email to stephen@beachwiserealestate.com.

Click Here to view a 1-minute video market report for the entire Pinellas County 

 

Clearwater Beach, Island Estates and Sand Key Beach 

Average Median Price Single Family Homes $874,500 

Average Median Price Condos $623,000 



Total Sales Single Family 4 - Down 60% (YOY)      

Total Sales Condos 39 - Down 29%

Inventory Single Family  2.14 months - Down 4% (MOM)

Inventory Condo 1.30 months - Up 12%

Average Days to Contract Single Family 24

Average Days to Contract Condo 29

Average Sale Price to Original List Price Single Family 95%

Average Sale Price to Original List Price Condo    96%

Current Active Listings Single Family 15 - no change

Current Active Listings Condos 69 - Up 13% (MOM)- see 1 year graph below

 

Treasure Island and St. Pete Beach

Enjoying an evening downtown St. Pete at the Pier

Average Median Price Single Family Homes $692,000 - Up 16% (YOY)

Average Median Price Condos $515,000 - Up 52%

Total Sales Single Family 28 - No change

Total Sales Condos 25 - Down 56.9%

Inventory Single Family  1.52 months - Up 9% (MOM)

Inventory Condo .63 months - No change

Current Active Listings Single Family 41 - Up 86% (YOY)

Current Active Listings Condos 26 - Down 76%

Average Days to Contract Single Family 22

Average Days to Contract Condo 10

Average Sale Price to Original List Price Single Family 95.6%

Average Sale Price to Original List Price Condo 98.2%

 

Indian Rocks Beach, Indian Shores and Belleair Beach

Average Median Price Single Family Homes $1,200,000 - Up 70% (YOY)

Average Median Price Condos $555,000 - Up 11.8%

Total Sales Single Family 9 - Up 12% (YOY)            

Total Sales Condos 25 - Down 30.6%

Inventory Single Family .5 months - Up 22% (MOM)

Inventory Condo 1 month - Up 23%

Current Active Listings Single Family 15 - no change

Current Active Listings Condos 69 - Up 13% (MOM)

Average Days to Contract Single Family 10

Average Days to Contract Condo 9

Average Sale Price to Original List Price Single Family 99.3%

Average Sale Price to Original List Price Condo 99.1%

*************************************************************************

This article is brought to you by 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 home.  Call Tom Smith at 727-776-3375 or Kristin Vincelli at 727-686-1596 today.

 

See you on the beach soon!

 

 

Posted in Market Updates
Nov. 3, 2021

Downtown Clearwater Development IMAGINE CLEARWATER Update

Imagine Clearwater Construction Activity to Increase Downtown in the Coming Weeks

Progress on Construction Can Be Viewed Live on City’s Website
Imagine Clearwater | City of Clearwater, FL (myclearwater.com)

Posted by the City of Clearwater 10/22/2021

CLEARWATER, Fla. – Residents may notice more construction activity than normal in Downtown Clearwater in the coming weeks with a series of trucks carrying fill dirt to the Imagine Clearwater project.

Roughly 65,000 cubic yards of dirt will be brought to the site on more than 4,000 trucks. The material is being used to elevate the site to lift new buildings out of the flood zone and to accommodate new grading needed for design features.

The public is encouraged to view progress on the Imagine Clearwater project on live webcams the city has set up overlooking the construction site at myclearwater.com/imagine.

Imagine Clearwater is an investment in the redevelopment of Downtown Clearwater and its waterfront – including construction of a new 4,000-seat covered amphitheater 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 amphitheater 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.

For more information on the project, to view renderings on the project, and view construction live, visit myclearwater.com/imagine.

 

 

Posted in Market Conditions
Nov. 3, 2021

Canadians Clear To Travel November 8

Canadians Can Travel on Nov. 8 – but How Many Will?

In two weeks, fully vaccinated Canadians can return to Fla. While the housing-market impact isn’t clear, travel agents report a “significant uptick” in reservations.

CALGARY, Canada – The travel industry is welcoming what it calls the federal government’s “long overdue” move to lift a global advisory asking Canadians to avoid non-essential travel outside the country.

“You cannot believe how welcome this move is for us,” said Bruce Poon Tip, founder of Canadian based international tour operator G Adventures. “It’s very late, as far as I’m concerned, given what’s going in the rest of the world. But very welcome, that’s for sure.”

The global travel advisory was put in place in March 2020 as the COVID-19 pandemic spread around the world. The government of Canada’s website now shows that advisory is no longer in place, though it continues to list individual advisories for destination countries, as it did prior to the pandemic. It also urges Canadians to ensure they are fully vaccinated against the novel coronavirus before travelling abroad, and to stay informed of the COVID-19 situation at their destination.

Canada has been slower than many other countries to remove its blanket advisory against international travel, and that’s been frustrating for the Canadian travel industry, Poon Tip said. He said his own company has been forced to lay off 1,000 people – more than half of its workforce worldwide – due to the collapse in travel demand.

“It’s been a tough time, making those kinds of decisions. The toughest decisions I’ve had to make in 30 years,” he said.

However, Poon Tip said he’s noticed a significant uptick in travel demand from Canadians in the last couple of months, something he attributes to the growing confidence in the wake of the rollout of COVID-19 vaccinations.

“We’ve hired 30 people in the last couple of months just to answer inquiries, and we’re continually hiring again, which is a great feeling,” he said.

At The Travel Lady Agency in Calgary, founder and chief executive Lesley Keyter said she’s also noticed a dramatic increase in inquiries and bookings in the last two months. But she said the removal of the federal government’s blanket travel advisory will add an extra layer of comfort for some people.

“I’m sure this will persuade people who were on the fence. They’ll feel a bit safer about doing that,” Keyter said. The removal of the global travel advisory should also make it easier for Canadians to purchase travel insurance, depending on their destination and its COVID-19 risk profile, Keyter added.

However, the federal government continues to advise against travel on cruise ships, something Keyter said will continue to negatively affect Canada’s travel agency industry.

“I’m desperately disappointed that they’re taking away the blanket ban, but they’re still keeping this Level 4 advisory for the cruises,” Keyter said. “Honestly, having been on two cruises in the last couple of months, I felt safer on the cruise than I did on my overnight hotel in Toronto.”

Canada opened its borders last month to non-essential international travelers who have received both doses of a Health Canada-approved COVID-19 vaccine, and to fully vaccinated travelers from the United States in August.

The U.S. government recently announced that its land borders will reopen to non-essential Canadian travelers on Nov. 8.

© 2021 The Canadian Press. All rights reserved. This report by The Canadian Press was first published October 22, 2021.

 

Article taken from the Florida Realtors News and Media page.  

 

Thinking of relocating to the beautiful beaches of Pinellas County or selling a home you already own here it has never been a better time.  

 

The Beachwise Real Estate Team has sold over $200,000,000 and is 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 home.  Call Tom Smith at 727-776-3375 or Kristin Vincelli at 727-686-1596 today.

See you on the beach soon!

Beachwise Real Estate

Posted in Market Conditions
Sept. 27, 2021

Housing Market Report Pinellas County August 2021

The housing market for Pinellas County as a whole is showing no signs of slowing down.  Although there is not as many bidding wars as we have seen in the past few months homes are under contract within 8-10 days of listing for 100% on average of asking price.  Although inventory levels are still at historic lows we did see new listings for single family homes rise 7.9%.  However for condo and townhomes new listings actually dropped 7.9% in August.

Watch a video summary here (1:37) August 2021 Market Statistics Report for Pinellas and Pasco Counties - YouTube

PRICE TRENDS
The average price of single family homes and attached dwellings (see graph below for 12 month history) have stabilized with just minor fluctuations month to month.  Going back 2 years the average sale price for a single family home was $345,739 (Sept. 2019) which is an increase of almost 25%.

 

Combined Single Family Homes, Condos, and Townhomes

Summary for single family homes only.

Summary for Condo and Townhome only.

 

Thank you for checking out our market report for Pinellas County.  If you have any questions or comments about the housing market here or surrounding areas please reach out to us today and we will be glad to assist you.  

The Tom Smith Team has sold over $175,000,000 and is ranked in the top 1% of all agents in Pinellas County.  Our extraordinary success is a result of the hard work and dedication we give to our clients each and every day.  We hope you will consider the Tom Smith Team when you are ready to buy or sell your home.   

See you on the beach!

Tom Smith 727-776-3375
Kristin Vincelli 727-686-1596

  

Sept. 4, 2021

Housing Market Price Trends Pinellas and Pasco County

Housing Market Price Trends 2-Year History Pinellas and Pasco County's Near the Gulf of Mexico 

 

With prices at historical levels on the beaches of Pinellas County a lot of buyers looking to move to the area to be on or near the beautiful beaches of the Gulf are having to look inland where homes are more affordable.

In this article we are going to look at a 2-year history of housing market price trends of all home types (single family, condo, townhome, villa) for communities inland.  Cities like Largo, Palm Harbor, Tarpon Springs, Dunedin, Oldsmar, Safety Harbor and more are very desirable and, in some cases, just minutes from the white sands of the Gulf of Mexico.  

The communities below were chosen due to the proximity of the Gulf of Mexico.  We did not go too far inland however if you are interested in learning more about a specific zip code or a city closer to the central part of the state, we would be happy to provide any information.  Scroll over each bar in the graph to see specific pricing data and percentage change.  

Pinellas County communities listed below: Largo, Palm Harbor, Tarpon Springs, Safety Harbor, Oldsmar, Clearwater, Clearwater Beach, Dunedin, Pinellas Park, Seminole

2 year average sale price Largo, FL 
August 2019 $243,395
July 2021 $288,000

2 year average sale price Palm Harbor, FL
August 2019 $299,728
July 2021 $374,752

2 year average sale price Tarpon Springs, FL
August 2019 $355,860
July 2021 $415,134

2 year average sale price Safety Harbor, FL
August 2019 $305,979
July 2021 $467,203

2 year average sale price Oldsmar, FL
August 2019 $276,361
July 2021 $343,942

2 year average sale price for Clearwater, FL 
August 2019 $252,348
July 2021 $340,199

2 year average sale price for Clearwater Beach, FL 
August 2019 $827,595
July 2021 $1,152,541

2 year average sale price for Dunedin, FL
August 2019 $296,242
July 2021 $405,713

2 year average sale price for Pinellas Park, FL
August 2019 $189,913
July 2021 $247,109

2 year average sale price for Seminole, FL
August 2019 $278,869
July 2021 $359,235

 

 

Pasco County communities listed below: New Port Richey, Port Richey, Odessa, Holiday, Hudson


2 year average sale price for New Port Richey, FL
August 2019 $216,058
July 2021 $301,023

 
2 year average sale price for Port Richey, FL
August 2019 $133,141
July 2021 $223,533

2 year average sale price for Odessa, FL
August 2019 $421,445
July 2021 $642,321


2 year average sale price for Holiday, FL
August 2019 $143,251
July 2021 $204,702


2 year average sale price for Hudson, FL
August 2019 $188,927
July 2021 $259,839

 

This article is brought to you by The Tom Smith Team.  The Tom Smith Team has sold over $175,000,000 and is 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 home.  Call Tom Smith at 727-776-3375 or Kristin Vincelli at 727-686-1596 today.

See you on the beach soon!

Posted in Market Updates
Sept. 4, 2021

Is The Housing Market Starting to Adjust?

More Sellers Listing Homes as Buyers Seem to Hesitate

By Kerry Smith

Realtor.com got 18K more new listings in Aug. 2021 than it did in Aug. 2020 – and more were affordable, entry-level homes. Realtor.com’s economist says it’s still a seller’s market, but a well-priced home might get 3 bids now compared to the 10 it would have received in 2020.

SANTA CLARA, Calif. – August housing data shows early signs of sellers beginning to compete for buyers, according to realtor.com’s monthly housing report. It says inventory, while still down year-to-year (25.8%), is still down less than it was just one month earlier (33.5%). The researchers also noted an increase in the rate of sellers making price adjustments.

In August, new listings rose 4.3% year-to-year as new sellers continued to list entry-level homes in more affordable price ranges. The share of sellers who made listing price adjustments grew 0.7% year-over-year to 17.3% of active inventory – the highest share in 21 months and closer to typical 2016-2019 levels.

“Low mortgage rates have motivated homebuyers to endure this year’s challenging market, and now some buyers are starting to see their persistence pay off,” says realtor.com Chief Economist Danielle Hale. “This month, new sellers added more affordable entry-level homes to the market compared to last year, while others began adjusting listing prices to better compete with an uptick in inventory.”

Hale says it’s still a seller’s market – homes sell quickly and at record-high prices – but now “a home priced well and in good condition may see two or three bids compared to 10 last year. For sellers not seeing as many offers, it may be worth revisiting pricing strategies as buyers continue searching for homes that fit their budgets.”

Florida market changes on realtor.com’s website

Realtor.com includes four Florida metro areas in its study, and the results are mixed. Active listings on realtor.com’s website are down in all four year-to-year:

  • Jacksonville: Down 43.2%
  • Miami (Miami-Fort Lauderdale-West Palm Beach): Down 46.6%
  • Orlando (Orlando-Kissimmee-Sanford): Down 47.7%
  • Tampa (Tampa-St. Petersburg-Clearwater): Down 40.7%

However, the number of new listings in August rose in two metros, up 2.8% in Jacksonville and up 8.6% in the Tampa area, even as they fell year-to-year in Miami, down 10.2%, and Orlando, down 2.3%.

About one in five sellers reduced their prices in three of the four metros, realtor.com claims, but closer to one in 10 in Miami:

  • Jacksonville: 20.6% reduced prices
  • Miami: 11.7% reduced prices
  • Orlando: 19.3% reduced prices
  • Tampa: 20.7% reduced prices

Other findings in realtor.com’s monthly study for August

  • August was the fourth consecutive month of national inventory improvements from the steepest 2021 declines seen in April (down 53.0%). However, the U.S. housing supply is still short 223,000 active listings compared with last year.
  • Inventory improved at a faster pace across the 50 largest U.S. markets in August, down an average 20.7% year-over-year – but six metros saw inventory surpass 2020 levels.
  • 432,000 new listings hit the national housing market in August, an increase of 18,000 over last year.
  • There were more entry-level homes (up 6.4% for less than 1,750 square feet), while listings with 3,000-6,000 square feet declined 4.6%. The Tampa metro (up 13.7%) had one of the highest year-to-year gains for entry-level homes.
  • The typical U.S. home spent 39 days on the market in August, 17 days faster than last year and 24 days faster than in the same month during 2017-2019, on average. However, time on market continues to moderate from the record-fast pace seen earlier in the pandemic, at two days slower in August than in June (37 days).

© 2021 Florida Realtors®

 

This article is brought to you by The Tom Smith Team.  The Tom Smith Team has sold over $175,000,000 and is 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 home.  Call Tom Smith at 727-776-3375 or Kristin Vincelli at 727-686-1596 today.

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Posted in Market Conditions
Aug. 19, 2021

Rising Costs for Builders Transferring to Buyers

New-Home Material Costs Rose Almost 20% in One Year

Lumber costs – down 30% in July but 72% higher than in Jan. – suggest prices are going down. But they aren’t. Year-to-year steel costs are up 109% and gypsum is up 16%.

CHICAGO – Building materials prices climbed 19.4% over the last 12 months – 13% in 2021 alone – according to the Bureau of Labor Statistics data.

Buyers are seeing those higher costs in the price of new homes. In June, the median sales price for a new home was $361,800, up 6% compared to a year earlier.

Steel mill product prices increased 10.8% in July following a 6.2% increase in June. Prices have increased 108.6% over the past year and 87.6% in 2021. Steel import tariffs have largely been blamed for the price swing.

Prices for gypsum products, used for drywall, rose 2.5% in July and are up nearly 16% in 2021. Copper has also been in short supply, builders report.

Softwood lumber prices decreased 29% in July, for the largest monthly decline in records dating back to 1947. Lumber costs started to move lower in mid-May. However, the price drop still hasn’t returned lumber to levels close to what they were before the pandemic. It’s down almost 30% since its peak, but it’s still 71.9% above January 2020 levels, according to the National Association of Home Builders.

NAHB says the cumulative effect of all the material costs, based on declining availability, drive up the price of new homes. Some builders are even halting new orders because of the difficulty in pricing projects.

“New residential construction remains strong, but building material pricing and availability are likely to remain significant headwinds,” says Charlie Dougherty, an economist at Wells Fargo.

Source: “Building Material Prices Climbing at Record Year-to-Date Pace,” National Association of Home Builders’ Eye on Housing blog (Aug. 12, 2021); “Rising Cost of Steel, Lumber, and Copper Is Hampering Homebuilding—and Pushing House Prices Out of Reach,” NBC News (June 16, 2021)

© Copyright 2021 INFORMATION INC., Bethesda, MD (301) 215-4688

This article is brought to you by The Tom Smith Team.  The Tom Smith Team has sold over $175,000,000 and is 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 home.  Call Tom Smith at 727-776-3375 or Kristin Vincelli at 727-686-1596 today.

See you on the beach soon!

Posted in Market Conditions