Thursday, February 20, 2020 / by Stephen Vincelli
Have real estate prices topped out or is there room to grow? Is it a sellers or buyers market? The answers to those questions are difficult to answer at this time. It is a tale of two cities really. In some areas of Pinellas county homes go under contract in 1 day. Properties on the water that have been fully updated get most of the attention and if priced right will go pending quickly. Homes that are selling the quickest are ones that have been updated. In St. Pete a 900 square foot home that has been nicely redone can go under contract within 24 hours of its listing.
Here are some highlights of the market for January 2020:
Home sales outpaced the national market by 13%
Pending sales and pending inventory are up for Pinellas compared to this time last year by 1%. The lack of inventory is creating problems for agents who are searching for homes daily for buyers.
Closed sales are up for single-family homes and down for town homes and condos.
The Average Sale Price for Single Family Homes decreased 7.2% from $366,473 in January 2019 to $340,103 in January 2020.
The Median Time to Contract for Single Family Homes was down 11.1% from 36 days in January 2019 to 32 days this January.
New Listings for Single Family for January 2020 were 1,301, down 7.4% from January 2019 at 1,405. The Active Listings for Single Family Homes decreased 29.4% from 3,425 in January 2019 to 2,418 in January 2020.
The Average Sale Price for Townhome/Condo was down 19.1% from $324,727 in January 2019 to $262,850 in January 2020. The Median Time to Sale for Townhome/Condo market was 73 days in January 2019 and 77 days in January 2020, up 5.5%.
The Months Supply of Inventory for Townhome/Condo decreased 18.9% from 3.7 months in January 2019 to 3.0 months in January 2020.
Stephen Vincelli, Tom Smith Team
Pinellas County Realtor Organization