Housing Report Clearwater Beach, Island Estates, Sand Key Beach 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 and closed over $175,000,000 in real estate and consistently ranks in the top 1% of all agents in Pinellas County Florida.

Real estate in the 33767 area is moving in the sellers direction.  The weather, the white sand and a local economy that has remained resilient are driving demand.  Going into the new year we expect to see sellers start to list more homes going into the season.  Buyers standing on the sidelines are watching daily for new listings that are updated or have a good potential for rental income.  Our analysis below looks at the attached home market and the detached home market individually.

Condo and Townhome Market Insight

·         The average sale price of an attached home was slightly changed from the previous month coming in at $626,276.  Prices are close to the 5-year high of $675,148 in January of 2019.  However, prices were down 2.5% from October 2019.

 

·         Closings are up 71.9% from October 2019 with 55.

 

·         Attached homes sold for 96.2% of the listing price which is up 3.5% from October 2019.

 

·         Condos and Townhomes are selling in just 23 days on average down 70.1% from October 2019.  There has been only one month (August 2020) in the last 5 years when attached homes were selling at a faster rate.

 

·         Months of supply is down to 3.17 down 38.5% from October 2019 and at its lowest levels in 5 years.

Looking forward there are 52 new pending contracts up 40.5% from October 2019.  There were 41 new listings up 2.5% year over year.  There is a total of 127 active listings down 31.7% year over year.

 

Check out this recent article from Kristin Vincelli  -10 Things You Should Know Before You Begin the Condo Buying Process

 

Single Family Home Market Insight

·        The average sale price of a detached home was $1,073,500 in October, down 19.2% from September of this year, however it is up 2.5% year over year.

 

·         Closed sales are down 16.7% year over year

 

·         Homes are selling for 95.7% of the original listing price up 5.2% year over year

 

·         Homes are selling on average in just 37 days 15.9% faster than one year ago

 

·         Months of supply are at 5-year lows at just 3 months

Looking forward there is 19 new pending contracts up 90% year over year.  There were 8 new listings up 33% from October of 2019.  There were 24 total active listings total in October down 41% from October 2019.

GRAPH average sale price condo and single family home 2 year history (condo in red)

GRAPH months of homes in supply condo in red

 

We hope you have found this information helpful.  We would love to share our local market knowledge and real estate expertise with you anytime.  Call or text Tom Smith at 727-776-3375 or Kristin Vincelli at 727-686-1596.  See you at the beach!

Sunset pics provided by Tom Smith from Sand Key Beach November 2020.