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

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

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

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

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