In this month’s report we wanted to take an in depth look at several of the communities along the beaches of Pinellas County. Looking at data for the entire county of Pinellas does not often give a clear picture of what is taking place in and around the beach markets. Although supply of homes remain the biggest challenge we are still optimistic. We see months of supply rising in some areas and new listings and new pending's gaining as well. The condo and townhome market is keeping the momentum going while at the same time finding a single family home on the beach or Island is challenging. We are sure you will find this information helpful and look forward to speaking to you soon. Our expertise of the local market and customer centric philosophy have helped us rank in the top 1% of all agents in Pinellas County. We hope to see you on the beach soon.
Download a copy of my book The Clearwater Beach Real Estate and Condo Guide 2021 here
Featured Communities:
Clearwater Beach-Sand Key and Island Estates 33767
Indian Rocks, Belleair Beach and Indian Shores 33785
Madeira Beach and Redington Beach 33708
St. Petersburg and Treasure Island 33701
Dunedin 34698
Pinellas and Pasco County video update this short 1 minute video will bring you up to date on what is happening county wide for Pinellas and Pasco Counties
Is there a city or condo community that you would like a custom report for? Email stephen@tomsmithteam and we will get that over to you within 24-48 hours.
Highlights (scroll down for full analysis)
*Clearwater Beach, Sand Key, and Island Estates- Condo prices fell slightly by 4.54%, active listings are down but good news is new listings and new pending contracts were both up.
*Indian Rocks, Indian Shores Beaches- Lack of supply driving sale prices for homes and condos to 10-year highs. Active listings are down 71% but good news new pending’s are rising.
*Madeira Beach and Redington Beach- One of the hottest markets on the beaches right now. Lots of new development and lower price points on condos, $395,000, available are driving activity. New listings, new contracts and new pending contracts are all up.
*St. Pete Beach and Treasure Island – Condo market is smoking hot with prices averaging over 1 million up 45% since last year. New listings and new pending’s for condos are also up substantially YOY. Single family home prices are up 69% YOY, the second highest in 5 years. We could see prices increase even further as demand for areas such as Tierre Verde continue to push prices higher in this market.
*Dunedin- Homes and condos are going under contract extremely fast. 12 days for single family and 9 days for a condo. Condo prices were unchanged, single family increased 13% YOY. Supply has been challenging but we see new listings up this month 6%.
*Pinellas County- Overall inventory is down 63.5% over April 2020, but closed sales are up nearly 77% and paid in cash sales have skyrocketed 138.5%.
Clearwater Beach-Sand Key and Island Estates 33767
Condo, Townhome
-The average sale price of a condo for May was $593,636, down 4.54% YOY (year over year). Looking back 3 years we see a range from $495,774 in Dec. 2019 and $823,609 in February 2021.
-New listings 49 are up 22.5% YOY but down from 64 and 54 in March and April of this year.
-Units sold 53 is the third highest total in the last 3 years but down from 74 and 76 in March and April of this year.
-Pending contracts for May were 138, up 27.8% YOY.
-Average days that a unit is staying on the market was 33 days, lowest in the last 3 years.
-Supply continues to be the challenge current level at less than one month.
To be notified of new construction units coming on to the market email stephen@tomsmithteam.com to be added to the new construction and daily weekly condo rental reports.
Single Family
-The average sale price for May 2021 was skewed by a seven million dollar closing on Island Estates. The average price in April was $1,078,000 up 12.8% YOY.
-There were only 4 single family home closings on Clearwater Beach which includes the North Beach area and Island Estates. In May of 2020 there was only 1 closing
-There are 11 pending contracts down 21.4% YOY.
-There were 8 new listings in May down 11.1% YOY.
-There were a total of 15 active listings, down 50% YOY.
All property type inventory summary
Active listings 59, YOY down 71%
New listings 57, YOY up 16.33%
New under contracts 62, YOY no change
New pending’s 65, YOY up 3.17%
All pending’s 149, YOY up 21.14%
Indian Rocks, Belleair Beach, and Indian Shores 33785
Condo, Townhome
-Average sale price $702,075 up 65.78% YOY. This is the 2nd highest price in the last 3 years. ---Prices have ranged from a low of $411,852 in June 2019 to a high $759,364 in August 2019.
-Condos are selling as fast as ever, within 24 days of listing, the lowest level in 5 years.
-There were 23 new listings down 4.2% YOY and down from 35 in April of this year.
-There are 59 pending contracts up 9.3% YOY.
-Total units sold in May was 28 up 115.4% YOY down from 42 and 38 units sold in the previous two months.
-Supply of units continue to drop currently at .45, down 86.5% YOY.
Single Family
-The average sale price for May was $971,375 up 32.2% YOY and the 4th highest price point in 3 years. In the last 3 years prices have ranged from a low of $536,667 in Jan. 2019 to a high of $1,510,000 in Dec 2017.
-There were 8 total closings in May. The three-year high was 13 in April.
-There are 16 pending contracts up 45% YOY which is also a 3 year high.
-There were 9 new listings in May up 50% YOY.
-The average days a single-family home is staying on the market is just 19 days which is one of the lowest days average in the last 3 years.
-At the end of May there were 4 active listings.
All property type inventory summary
Active listings 18, YOY down 78.82%
New listings 32, YOY up 3.23%
New under contracts 37, down 17.78%
New pending’s 38, YOY down 22.45%
All pending’s 75, YOY up 15.38%
Madeira Beach and Redington Beach 33708
Condo, Townhome
-Average sale price $395,687 up 9.6% YOY. Prices have been in a range over the last 3 years with March of 2020 $307,852 up to October 2020 $586,914.
-Similarly, condos are selling as fast as ever, within 22 days of listing, also the lowest level in 5 years.
-There were 38 new listings up 18.8% YOY but down from 51 in March and 44 in April.
-There are 101 pending contracts down 2.9% YOY, however this is above the average and the fourth highest total in 5 years.
-Total units sold in May was 40 up 166% YOY. April had 66 closings and March 57 both 5-year highs.
-Supply of units continue to drop currently at .42, down 91% YOY.
Single Family
-The average sale price for May was $808,385 up 50.2% YOY and the 4th highest price point in 3 years. In the last 3 years prices have ranged from a low of $452,392 in June 2020, to a high of $1,060,646 in Dec 2018.
-There were 24 total closings in May. The three-year high was reached in April at 35.
-There are 43 pending contracts up 30% YOY which is also a 3 year high.
-There were 39 new listings in May up 56.9% YOY, another 3 year high.
-The average days a single-family home is staying on the market was 36 days up from 25 in April and the third best in 3 years
-At the end of May there were 23 active listings up from just 14 in April.
All property type inventory summary
Active listings 42, YOY down 78.35%
New listings 77, YOY up 35.09%
New under contracts 90, up 36.36%
New pending’s 97, YOY up 38.57%
All pending’s 144, YOY up 5.11%
St. Petersburg Beach and Treasure Island 33701
Condo, Townhome
-Average sale price $1,065,617 up 45.1% YOY. Prices have been trending up since January 2020 when average sale prices reached its 3-year low at $515,227.
-Units are staying on the market an average of 50 days up 72.4% YOY
-There were 43 new listings no change YOY but down from 58 in March and 52 in April.
-There are 73 pending contracts up 92.1% YOY and the 2nd highest total in the last 3 years
-Total units sold in May was 42 up 162% YOY. The most closings in one month occurred in February 2019 when it reached 92 units.
-Months of supply increased from 1.48 to 1.62 this month but remains at 3-year lows.
Single Family
-The average sale price for May was $811,644 up 69.3% YOY and the 2nd highest price point in 3 years. The highest being in March of 2021 coming in at $816,000.
-There were 13 total closings in May. The three-year high was 19 in December 2020.
-There are 17 pending contracts down 37% YOY.
-There were 12 new listings in May down 45.5% YOY.
-The average days a single-family home is staying on the market was 56 days down 32.5% YOY. In March and April homes were selling on average in 25 days.
-At the end of May there were 6 active listings the lowest number in 3 years.
All property type inventory summary
Active listings 63 down 60.13%
New listings 55 down 15.38%
New under contracts 42 down 19.23%
New pending’s 44 down 21.43%
All pending’s 90 up 38.46%
Dunedin 34698
Condo, Townhome
-Average sale price $266,892 no change YOY. Prices for attached units have been ranging with the high being in April 2021 at $338,22. In Dec. 2020 prices fell to $193,000.
-Units are moving quickly, staying on the market an average of 12 days an 82% difference than last year, the lowest in 3 years.
-There were 32 new listings up 14.3% YOY.
-There are 42 pending contracts up 13.2% YOY down from 65 in Feb. 2021.
-Total units sold in May was 32 up 3.2% YOY. March 2021 had the highest total in 3 years at 49.
-Months of supply increased from .76 to .88 this month but remains at 3-year lows.
Single Family
-The average sale price for May was $393,168 up 13% YOY and the 4th highest price point in 3 years. The highest being in Oct. 2020 at $442,000.
-There were 65 homes closed in May up 54.8% YOY.
-There are 63 pending contracts down 19.2% YOY.
-There were 48 new listings in May down 4% YOY.
-The average days a single-family home is staying on the market was 9 days down 80.2% YOY. This is the quickest homes have sold in this market in the last 10 years.
-At the end of May there were 29 active listings down 64.2% YOY.
All property type inventory summary
Active listings 59 down 60.67%
New listings 83 up 6.41%
New under contracts 87 down 12.12%
New pending’s 93 down 11.43%
All pending’s 106 down 8.62%
Thank you for reading our report today. I hope you found the information helpful.
If you ever have a special research request on a community or condo, please let me know. I
would love to share market knowledge and expert analysis with you. Below are a couple recent pictures Tom, Vivian and myself took that we wanted to share. See you on the beach soon!
Kristin Vincelli
The Rollerblading Realtor
A sunset picture I took this week with a sailboat crossing through the light.
