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!

Nov. 10, 2020

We Salute Our Veterans The Great American Heroes

We Love our Veterans!  The Tom Smith Team Salutes our greatest American Heroes.  Today we join the nation in honoring our military veterans for their service to the country. We stand and salute our heroes for the sacrifices they made for our nation.

Click here to watch a History Channel Video about our Veterans.  The video is 2 minutes long.

The military men and women who serve and protect the U.S. come from all walks of life; they are parents, children, grandparents, friends, neighbors, and coworkers, and are an important part of their communities.  Here are some facts about the veteran population of the U.S.:

  • 18.2 million living veterans served during at least one war as of 2018.
  • 9 percent of veterans are women.
  • 7 million veterans served during the Vietnam War.
  • 3 million veterans have served in support of the War on Terrorism.
  • Of the 16 million Americans who served during World War II, about 325,000 were still alive in 2020.
  • 2 million veterans served during the Korean War.
  • As of 2019, the top three states with the highest percentage of Veterans were Virginia, Wyoming, and Alaska.

The origin of Veterans Day can be traced back to World War I. The Armistice with Germany, which formally ended the war, went into effect at the 11th hour of the 11th day of the 11th month of 1918. That is the origin of Veterans Day. 

Unlike Memorial Day, Veterans Day pays tribute to all American veterans-living or passed away-but especially gives thanks to living veterans who served their country honorably during war and peacetime.

 

Thank you Veterans from The Tom Smith Team!

Vivian Smith

Tom Smith

Kristin Vincelli

Stephen Vincelli, U.S. Army Military Police 1988-1992

Iwona Misiuta

Judy Cline

 

 

Posted in Leisure
Nov. 10, 2020

How Could the 2020 Election Impact the Housing Market

If you are still considering owning real estate in Pinellas County we thought you might want to know what impact this election could have on the current state of the market here in the Clearwater-St. Pete Beach area?  We started by looking at the data that followed the last two elections.       

Price trends
You may think with all the uncertainty an election brings that prices would correct during and for a few months after the election.  That was not the case for this market.  Prices were largely un-impacted as the graph below shows.

Graph- Pinellas County as a whole price trends from 2012-2020.

Graph- Clearwater Beach 33767 area price trends from 2012-2020.
A look at just the Clearwater Beach area shows prices continued momentum and staying in a range.

Closed Sales
Looking at market activity during the months that followed the last two elections we see the total number of closings drop significantly but only in the January that followed both elections.  However, just like price trends closed sales bounced back to normal levels rather quickly.

Could the 2020 election have a different impact?

Presidential races bring uncertainty in the housing market, which changes attitudes among home shoppers, sellers and investors.  This uncertainty can affect sale volumes and values in all markets.  If people are uncertain on how the next president's policies will affect the economy, the stock market, or taxes then buyers and sellers may be more tentative.  It is not that consumers are so nervous they never want to buy it is that they want to see how things play out.

In the past two elections we see that the sales lost in November are generally recovered in the early part of the following year.  This election could be different.  If the policies of the incoming president impact economic growth, tax policy and jobs then buyers may refrain from making any decisions until things settle down. 

Bottom Line

Demand for property in the Clearwater Beach, St. Pete Beach market is extremely high. If mortgage rates remain low, the economy continues to recover, the real estate market should remain strong up to and past the election.  However a prolonged election uncertainty has the potential to create a chilling effect on market ready to burst with pent up demand amid the pandemic.  We remain highly optimistic about the local market however as we saw continued growth through the COVID crisis.    

We would love to know your thoughts on this article.  Please call or text us anytime.  We are always available to help you with your real estate needs or tell you about the area.  We appreciate you reading our article and using our website to search for your new home.  When you are ready to plan a visit please contact us and we can take care of everything for you.

We appreciate you.  See you on the beach!

     

 

 

 

Posted in Market Conditions
Oct. 29, 2020

Pinellas County Housing Report October 2020

Pinellas County Real Estate Statistics for September 2020
Short video link here 

The biggest statistical change in the market, number of active listings, saw expected decreases because of COVID-19. Single Family Homes and Townhomes/Condos were selling at higher prices year-over-year.

·         The Average Sale Price for Single Family Homes increased 19.7% from $354,098 in September 2019 to $424,021 in September 2020.

·         The Average Sale Price for Townhome/Condo was up 31.2% from $236,438 in September 2019 to $310,194 in September 2020.

·         Closed Sales for Single Family were up 11.8% year-over-year from 1,221 in September 2020, compared to 1,092 in September 2019.

·         The months’ Supply of Inventory for Single Family Homes decreased 41.7% from 2.4 months in September 2019 to 1.4 months in September 2020.

·         The Active Listings for Single Family Homes decreased 43.3% from 2,697 in September 2019 to 1,529 in September 2020.

Graph

5-year price history for single family and attached homes
Condo in red, single family blue

We hope you have found this information helpful.  We would love to assist you with buying or selling process.  You can contact us anytime as we are always available for you.  You can reach Tom Smith at 727-776-3375 or Kristin Vincelli at 727-686-1596 today.  See you at the beach!

Oct. 29, 2020

Housing report St. Pete Beach October 2020

The "under the hood" real estate insight report for the St. Pete Beach area is brought to you by the Tom Smith Team Coastal Properties International.  The Tom Smith Team has sold over $175,000,000 in real estate and consistently ranks in the top 1% of all agents in Pinellas County Florida.  We hope to see you at the beach soon! 


View from the Tradewinds Resort

In the 33706 area inventories are at the lowest levels in 10 years.  Compared to a year ago active listings are down 32.54%.  Homes are selling on average in just 46 days compared to 70 days a year ago and 93 days the previous month.  Condo prices rose to a 10 year high.  Prices jumped 28.8% year over year and up 15% from the previous month.  Average prices for single family homes went in the opposite direction down 14.96% year over year and 14.1% from the previous month.  

Condo and Townhome analysis

  • Prices are at 10 year highs, see graph below.  The average sale price of an attached home rose to $472,817 compared to $366,867 this time last year.  
  • The average days on the market for attached homes was 61 compared to 79 two months ago and 137 days one year ago
  • There were 50 new listings this month compared to 35 a year ago
  • Condos and townhomes are selling for 94.8% of list price
  • Months of supply is 2.57 which is a 10-year low

Graph
10-year average sale price history condo and townhome

 

Single family home analysis

  • The average sale price for a single family home dropped 14.96% year over year to $808,141.  One month ago the average price was $939,909.
  • The average days on the market was just 29 days compared to 79 days last month and 62 days year over year.
  • There was 32 new listings, down 22% from the previous month.
  • There are 39 new pending contracts, down 27.8% from the previous month
  • Active listings are down 54% from one year ago and 
  • Months of supply for single family homes are just 1.54 which is also a 10-year low

Graph
10-year average sale price history for single family homes

 

We hope you have found this information helpful.  We would love to assist you with buying or selling process.  You can contact us anytime as we are always available for you.  You can reach Tom Smith at 727-776-3375 or Kristin Vincelli at 727-686-1596 today.  See you at the beach!

Oct. 27, 2020

Housing Report for Clearwater Beach, Island Estates, Sand Key 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 over $175,000,000 in real estate and consistently ranks in the top 1% of all agents in Pinellas County Florida.  We hope to see you at the beach soon!  

In the 33776 the market is moving in the sellers’ favor.  November and December are historically quiet months but as soon as season starts, we expect more sellers to consider listing homes especially if prices continue to rise and demand remains strong.  Sold dollar volume is up 35.7% from September 2019 to $48,876,331.  The average sale price for attached and single family rose to $751,944.  Looking forward we see new listings up 7.55%, new under contracts up 58.14%, and new pending contracts up 67.39% year over year.  Below we have separated the condo/townhome and single-family data.

Condo and Townhome market analysis

·         The average sale price was $647,297.  That is up 28% year over year, and up 12% from last month.

·         The average days an attached home is on the market is currently 79.  This time last year the average was 100 days.

·         There were 47 new listings down 28.8% from the previous month but up 2.2% (46) from one year ago.

·         66 new pending’s no change from the previous month but up 73.7% from one year ago.

·         Condo and townhomes are selling for 93.9% of original list price.

·         There were 55 closings this month up 48% from one year ago at 37

 
Single Family Home market analysis

·         The average sale price of $1,327,500 was down 15.6% year over year

·         Average days on the market is currently 60 days compared to 62 days one month ago and 77 days one year ago.

·         New listings for single family homes are down 16.7% from the previous month but up 42% from one year ago.

·         New pending's are down 15.4% from the previous month but up 37% from one year ago.

·         Closed sales are down 9.1% from one month ago and down 9.1% from Sept. 2019.

 

A look at the 4 year history of months of supply

 

A look at the 4 year history of the average sale price trend

 

 

We hope you have found this information helpful.  We would love to assist you with buying or selling process.  You can contact us anytime as we are always available for you.  You can reach Tom Smith at 727-776-3375 or Kristin Vincelli at 727-686-1596 today.  See you at the beach!

Oct. 1, 2020

20 Questions To Ask When Buying A Condo

Are you considering buying a condo in Florida?  As condo real estate experts we realize the importance of taking the time to research the community you are interested in.  Knowing the right questions to ask before you submit and offer is paramount to finding the perfect condo unit.  

We have put together this list of 20 questions that you should consider asking.  If you would like assistance in obtaining the answers please contact one of our condo experts Kristin Vincelli, 727-686-1596 or Tom Smith, 727-776-3375 today.

Posted in Tips For Buying
Oct. 1, 2020

St. Pete Beach Housing Report August 2020

The Don CeSar on St. Pete Beach

Summary St. Pete - Treasure Island Housing Market 33706 area

Overall the St. Pete Beach market remains in high demand.  All key metrics are up this month except for the average price of an attached home (condo/townhome) which was down 5.2% from August of 2019.  Total volume of sales combined is up 31.48% to 55million.  Average sale price of single family homes are up 20.41% to $939,909.  Properties are selling for 94.4% of list price up 2.43%.  

Looking forward new listings are up 29% to 93, new contracts are up 78.33% to 107.  With this much activity we should see prices continue to move higher in the single family market.  For condos we will have to wait and see if there is a leveling off in process.

SINGLE FAMILY

  • Prices for single family homes up 20.41%
  • Average days a home is staying on the market is 79 days, 6% lower than the average
  • New contracts are up 68.8% month over month (MOM)
  • Supply continues to decline to just 37 active units

CONDO/TOWNHOME

  • The median price of an attached property declined 2.9% from July to $335,000 but was up YOY 4.2% 
  • Homes are staying on the market on average of 101 days, 15% above the 5 year average of 88
  • New contracts are down 15.5% MOM
  • Supply declined 2.6% to 113 active units

Condo (red) and Single Family (purple) 2 year price average 


Thank you for visiting our housing market report page.  This market insight report is brought to you by The Tom Smith Team Coastal Properties International.  The Tom Smith Team is ranked in the top 1% of agents in Pinellas County with over $100,000,000 listed and sold.  See you at the beach!


Posted in Market Updates
Oct. 1, 2020

Pending Sales Rising

NAR: Aug. Pending Sales Top Pre-Pandemic Levels

The pending index hit a record high in Aug., with the number of sales under contract rising for the past four months in a row. NAR Economist Yun says he expected market stability during the shutdowns, but he’s “surprised to see the industry bounce back so strongly and so quickly.”

WASHINGTON – August pending home sales continued to move upward, marking four uninterrupted months of positive contract activity, according to the National Association of Realtors® (NAR). Each of the four major U.S. regions included in the report had both month-over-month and year-over-year increases in pending home sales transactions.

The Pending Home Sales Index (PHSI) – a forward-looking indicator of home sales based on contract signings – rose 8.8% to 132.8 – a record high – in August.

Year-over-year, contract signings rose 24.2%. An index of 100 is equal to the level of contract activity in 2001.

“Tremendously low mortgage rates – below 3% – have again helped pending home sales climb in August,” says Lawrence Yun, NAR’s chief economist. “Additionally, the Fed intends to hold short-term fed funds rates near 0% for the foreseeable future, which should, in the absence of inflationary pressure, keep mortgage rates low, and that will undoubtably aid homebuyers continuing to enter the marketplace.

“While I did very much expect the housing sector to be stable during the pandemic-induced economic shutdowns, I am pleasantly surprised to see the industry bounce back so strongly and so quickly.”

Yun offers one note of caution: While pending contracts hit at an all-time high, that won’t necessarily translate into a record number of home sales because not all contracts lead to closings and sample sizes can vary. Yun says that pending home sales are outperforming many pre-pandemic averages, but without matching supply coming into the market, the recovery won’t be sustainable.

“Home prices are heating up fast,” he says. “The low mortgage rates are allowing buyers to secure cheaper mortgages, but many may find it harder to make the required down payment.”

In the four U.S. regions the index tracked, the Northeast PHSI grew 4.3% to 117.1 in August – a 26.0% jump from a year ago. In the Midwest, the index rose 8.6% to 124.5 last month, up 25.0% year-to-year.

Pending home sales in the South increased 8.6% to an index of 154.2 in August, up 23.6% from August 2019. The index in the West rose 13.1% to 120.3 – a 23.6% increase year-to-year.

© 2020 Florida Realtors®

Posted in Market Conditions
Sept. 30, 2020

Housing Report Pinellas County August 2020

The Tom Smith Team Real Estate Market Insight Report August 2020

Pinellas County

Watch a short video on the August 2020 Florida Housing Report Pinellas and Pasco County here 

Pinellas County Real Estate Statistics for August 2020.  The biggest statistical change in the market, number of active listings, saw expected decreases because of COVID-19. Single Family Homes and Townhomes/Condos were selling at higher prices year-over-year. The Average Sale Price for Single Family Homes increased 12.0% from $370,653 in August 2019 to $414,987 in August 2020. The Average Sale Price for Townhome/Condo was up 22.7% from $251,882 in August 2019 to $308,992 in August 2020. The Median Sale Price for Single Family Homes was up by 14.4% from last year at $278,000 for August 2019 to $318,000 for August 2020. The Median Sale Price for Townhomes/Condos increased 32.4% from $170,000 in August 2019 to $225,000 in August 2020.

There are still Beachfront condos under $500,000, click here to see what is available.

Pinellas County Summary
Year over year change in %

·         Closed sales 1,286 up 4.6%

·         Average sale price $367,669 up 12.5%

·         Average time to sell 56 days down 15.2%

·         New pending sales 1,335 up 10.1%

·         New listings 1,286 up 4.4%

·         Inventory active listings 1,548 down 43.6%

·         Months of supply 1.4 down 44%

 

Interested in owning a home but not able to make it to the area?  Let us help guide you through the virtual showing and closing process.  Our experience and expertise help make the buying or selling process smooth and easy.

Thank you for visiting our housing market report page.  This market insight report is brought to you by The Tom Smith Team Coastal Properties International.  The Tom Smith Team is ranked in the top 1% of agents in Pinellas County with over $100,000,000 in real estate closings.  See you at the beach!

Posted in Market Updates
Sept. 30, 2020

Housing Report Indian Rocks Beach 33785

he Tom Smith Team Real Estate Market Insight Report August 2020

Indian Rocks Beach - 33785

Indian Rocks is rocking it!  All key metrics are up considerably, and we expect to see strength in the upcoming months.  Located just minutes from Clearwater and St. Pete Beaches visitors, vacationers and residents of Indian Rocks Beach enjoy a family-friendly atmosphere and a less crowded quintessential beach experience than the bigger and busier beaches of the surrounding Gulf Coast region.

What you should know:

Lack of inventory and high demand are driving big increases.  Buyers are moving quickly on homes that are move in ready.  The average days on the market is 67 down 47% year over year.  Total sold dollar volume was up 108% from August of 2019 to $34,416,000. 

Overall combined single family and condo all key metrics increased substantially year over year and are all pointing up.  Average sale price up 47.82%, units sold up 41%, new listings up 57%, new under contracts up 51%, and new pending sales up 47%.

The average sold price for single family homes was $1,169,625 representing a increase of 49% from July.  The average sold price for Condos/Townhomes was $759,364 up 32% from $572,920 in July.  Whether or not prices can sustain at these levels will be the question going forward.  Prices have only reached these levels once in the last 5 years Sept. 2018 $803,233.    

There are still Beachfront condos under $500,000, click here to see what is available.

SINGLE FAMILY HOMES August 2020

      • The average sale price $1,169,625
      • Price per square foot $436
      • Months of supply 2.4
      • Closed sales 8
      • Homes are selling for 96.8% of list price

 CONDOS/TOWNHOME August 2020

  • The average sale price $759,364
  • Price per square foot $411
  • Months of supply 1.9
  • Closed sales 33
  • Homes are selling for 96.8% of list price

Interested in owning a home but not able to make it to the area?  Let us help guide you through the virtual showing and closing process.  Our experience and expertise help make the buying or selling process smooth and easy.

 

Thank you for visiting our housing market report page.  This market insight report is brought to you by The Tom Smith Team Coastal Properties International.  The Tom Smith Team is ranked in the top 1% of agents in Pinellas County with over $100,000,000 in real estate closings.  See you at the beach!

 

Posted in Market Updates