Housing Report Indian Rocks and St. Pete 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 continues to show strength in both Indian Rocks and St. Pete Beach. Supply is still an issue although we expect more homes to come onto the market for season. Single family home prices are up double digits year over year. The condo market in Indian Rocks Beach remains at 5-year highs and just slightly behind Clearwater beach. Condo prices in St. Pete beach are up 20.2% year over year, however, remain just behind both Clearwater and Indian Rocks Beaches. Indian Rocks beach has less restrictive rental requirements for condos than the Clearwater Beach condo market making it an attractive area for investors. Many of the condo projects in Indian Rocks can be rented daily and weekly. For more information on rental requirements and restrictions on the beaches here in Pinellas County contact the condo expert Kristin Vincelli 727-686-1596.
Indian Rocks Beach Market Report
· The average sale price for a detached home is $739,605 up 12.7% year over year
· The average sale price for an attached home is $592,537 up 11.9% YOY
· Homes are selling for 98.5% of the listing price and condos are selling for 97.3% up 1.1% YOY
· The average days on the market for an attached home is 85 relatively unchanged YOY. Condos are staying on the market on average 28 days which is down 62% YOY.
· Months of supply remain near 10-year lows. Single family supply is down to 2.67 months and condos 1.80 months.
Looking forward there are 32 new pending contracts for condos and 7 for single family homes. There is a total of 45 active listings for condos down 39.2% YOY. There are 16 active single-family listings down 33.3% YOY.
GRAPH average sale price 3 year history condo in red
St. Pete Beach Market Report
· The average sale price for a detached home is $786,529 up 12.1% year over year
· The average sale price for an attached home is $436,563 up 20.2% YOY
· Homes are selling for 96.8% of the listing price up 2.4% and condos are selling for 95.4% up 1.8% YOY
· The average days on the market for an attached home is 79 up 27.4%. Condos are staying on the market on average 65 days which is down 52.5% YOY.
· Months of supply remain near 10-year lows. Single family supply is down to 1.52 months down 61.2% and condos 2.60 months down 15.9%.
Looking forward there are 106 active listings for condos down 15.9% YOY. There are 38 active listings for detached homes down 57.8% YOY. There were 52 new condo listings up 10.6% YOY and 25 new single-family home listings down 26.5%.
GRAPH average sale price 3 year history 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!
