The Storms and The Election What It Means Now!
Analysis for: Clearwater, Clearwater Beach, Dunedin, St. Petersburg, Palm Harbor, and Safety Harbor.
Local market insight from Beachwise Real Estate. Expert analysis and our forecast for the local market and including key data points about price, closings, price per square foot, days on market and more. Scroll down for the full report.
Text us back at 727-430-1995 for a customized market report on a community or city you are interested in. We will email it to you within 24 hours.
Here is what you need to know…
October was a month to forget. As expected most key metrics declined including sale price, total sold volume by as much as 31%. Even before the storms the real estate market here had come to a standstill as buyers and sellers waited for the election results. Many of our friends lost their homes this year. We watched as their homes were gutted and belongings placed on the streets in the front of their homes in piles so high you could not see the other side. Residents who lost everything had to find rentals while insurance companies and contractors figure out how this recovery is going to take place. Native to this area it was mind blowing to see so much suffering and the beautiful beaches in such disarray.
Then the election happened. Immediately afterwards, phones started ringing. The vibe changed from uncertainty and depression to optimism in an instant. Showings are increasing daily as buyers are back looking for deals. Sellers are feeling more confident and holding firm with prices hoping for a comeback. With the holidays coming up we could see a slow November and December. In time we know the beaches will be back again and even better than before. There are many challenges still ahead of us.
Major damage to beach homes and condos will take months to stabilize. Hundreds of homes are now inhabited up and down the beaches. Residents are either going to stay and rebuild or sell the highest investor. They have had to look for shelter inland while the insurance and rebuild process takes hold. It has been a very difficult time for many residents, friends and family. The condo market is in a tough spot. Many condos were damaged severely, some were not. Condos were already dealing with milestone engineering reports when the storms hit causing even more damage. Sellers are in a tough spot as banks won’t finance a condo with damage. How long this takes to sort out no one knows. If HOA rates continue to rise how many owners will be forced to sell?
Inland communities are looking much better. We expect growth in cities like Largo, Palm Harbor, Seminole, Safety Harbor in 2025 as the local economy gains steam. There is a lot of development planned in these communities as well. The fix and flip markets are booming. There are several areas across the county that are currently undergoing a transformation as investors and their crews are buying up the older homes to fix and flip most in the $400,000 range.
Bottom line is if you’re a buyer now is a good time to use whatever leverage you have. If you wait too long sellers will eventually get the leverage back. Timing is everything in any market. It could mean the difference of tens of thousands of dollars.
If you’re ready to buy or sell you should know what the local housing market is up to. A Beachwise Real Estate agent is ready to share our market insight today. One phone call could save you tens of thousands of dollars. Call 727-686-1596 or email kristin@beachwiserealestate.com.
CLEARWATER (all zip codes inland)
Closings 186 down 17.7%, five-year average 268
Median Sold Price Condos $240,000 up 6.7%, five-year average $205,570
Median Sold Price Single Family $450,000 up 1.1%, five-year average $390,740
Days on Market 58 days up 70.6%
Price Per Square Foot $258 up .4%
Summary: The median sale prices for single family and condos combined rose 21% to $373,000 compared to last year at this time. The five-year average is $308,450. Total sold volume was down 13% year-over-year. Active listings are almost double the 5-year averages while new listings and new pending’s are down 35% and 18%. Clearwater is still growing. The areas surrounding downtown are still very affordable and ripe for fixer uppers. We expect this market to reach new price highs after the slow holiday months.
CLEARWATER BEACH, ISLAND ESTATES, SAND KEY BEACH
Closings 28 down 33%, five-year average 40
Median Sold Price Condos $650,000 down 18%, five-year average $642,480
Median Sold Price Single Family $1,150,000 down 44%, five-year average $1,409,562
Days on Market 113 days up 135%
Price Per Square Foot Condo $513 down 1%
Price Per Square Foot Single Family $497 down 19%
Summary: The median sale prices for single family and condos combined rose 5.2% to $875,000 compared to last year at this time. The five-year average is $724,500. Total sold volume was down 33.8% year over year, one of the largest declines in the last 3 years. The damage from the storms was extensive. We expect it will take 3-6 months to try and sort things out. Investors were on the scene the week after the last storm trying to take advantage of damaged homes that buyers did not want to take the time and effort to repair. The condo market is facing some major challenges. The condo market was already dealing with the state mandated milestone inspections when the storms hit. We expect prices to decline or stay flat until HOA’s can figure out how much it is going to take to make repairs. Insurance is another big factor. Will the government step in to provide some kind of support or will premiums rise dramatically?
SAINT PETERSBURG (all zip codes)
Closings 383 down 36%, five-year average 641
Median Sold Price Condos $295,000 down 34%, five-year average $346,000
Median Sold Price Single Family $431,000 down 2%, five-year average $392,578
Days on Market 65 days up 97%
Price Per Square Foot Condo $339 down 27%
Price Per Square Foot Single Family $357 down 2.5%
Summary: The median sale prices for single family and condos declined 8% to $400,000 in October. The five-year average is $376,000. Total sold volume declined 44.2%, the largest decline in the last 3 years. Prices of single-family homes are holding firm while condo prices are in a down trend. Supply is up to 6.5 months and active listings are down 300 to 2400. Sellers are getting 90% of original listing price. We expect stability going forward as the large decline in volume correlates with the storms.
DUNEDIN
Closings 57 up 8.6%, five-year average 68
Median Sold Price Condos $302,000 down 28%, five-year average $282,380
Median Sold Price Single Family $614,325 up 21.6%, five-year average $475,865
Days on Market 43 days up 30.3%
Price Per Square Foot Condo $254 down 19%
Price Per Square Foot Single Family $354 up 1.4%
Summary: The median price of homes and condos combined in Dunedin rose 5.1% to $520,000 in October year over year. The five-year average is $425,000. Total sold volume was up 8.6% from one year ago. This increase in sales volume combined with less inventory will push prices higher in Dunedin. New listings and new pending’s are down substantially and well below 5-year averages. Sellers are getting 93.2% list price, one of the highest in the county. Supply is one of the lowest at 2.95 months. Will more owners list their homes after the holidays as they see prices rise? If demand grows and inventories decline prices will likely climb even higher in 2025.
PALM HARBOR
Closings 95 down 5.9% five-year average 134
Median Sold Price Condos $280,000 up 5.7 five-year average $242,000
Median Sold Price Single Family $472,450 down .5% five-year average $442,470
Days on Market 76 days up 153%
Price Per Square Foot Condo $248 up 2.9%
Price Per Square Foot Single Family $286 down 2%
Summary: The median price of homes and condos combined rose 10.3% to $430.000 in October. The five-year average is $374,900. Total sold volume was down 4% from one year ago. The Palm Harbor market is one of the more consistent markets in the county. It is centrally located and still one of the more affordable markets. We expect prices to stay in a tight range near all-time highs that were reached one year ago.
SAFETY HARBOR
Closings 13 down 7% five-year average 25
Median Sold Price Condos $910,000 up 84% five-year average $441,863 (only two closings’ data skewed)
Median Sold Price Single Family $720,000 up 13% five-year average $567,850
Days on Market 49 days up 82%
Price Per Square Foot Single Family $311 down 9%
Summary: The median price of homes and condos combined rose 25.9% to $720,000 in October. The five-year average is $522,300. Total sold volume was down 1% from one year ago.
Kristin Vincelli, Broker
727-686-1596
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Beachwise 727-214-2420
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