The Big Stories in this report  

-Price reductions taking place at record pace

-Current price trends across the board

-A look back at the last two elections and the impact on housing

-Key analysis for Clearwater, Indian Rocks and MORE

Here is what $49,000,000 will get you in Clearwater 802 Druid Road S, Clearwater, 33756 (homesforsaleinclearwaterbeach.com)

Snapshot
The median sale price for single family homes in Pinellas County rose 7.8%

9 cities had double digit price gains year over year

Active listings are up 100.2% county wide

Closed sales are up 7.6% county wide

Homes are selling on average in 50 days at 93.5% of list price

Clearwater Beach condo prices are down 26% year over year

Price Reductions
Weakening homebuyer demand is pushing sellers to drop prices fast in some beach communities.  All time price highs were reached over the last 12-14 months in almost every city in the county.  Inventory started to grow and grow as sellers tried to take advantage of appreciation rates.  Price reduction rates are usually in the 30% range.  The trend is up to over 50% in most cities.    

*In the last 7 days there have been 899 price reductions across the county and only 30 increases.
*In Clearwater and Clearwater Beach there are 433 active listings in the 300k-700k range, 57% (247) have price reductions. 
*In Clearwater, Belleair there are 60 listings, 50% (30) of them are reducing prices Clearwater Belleair homes for sale
*In St. Pete Beach, Madeira and Redington Beach there are 133 homes listed, 60% (80) are reducing prices St. Pete, Madeira, Redington Beaches homes for sale
*Palm Harbor has 207 listings, 56% (117) of them are reducing prices Palm Harbor homes for sale
*In Largo, Seminole and Belleair Bluffs 206 homes for sale, 55% (115) are reducing prices Largo, Seminole, Belleair Bluffs
*Indian Rocks Beach has 36 homes for sale, 50% (18) are reducing prices Indian Rocks Beach homes for sale
*In Dunedin there are 93 homes for sale, 56% (53) of them are reducing prices 
Dunedin homes for sale
*Gulfport homes for sale 80 listings, 42 price reductions Gulfport homes for sale

 

Price Trends 

Hot Spots
Indian Rocks Beach condos  UP 16.3% 
Largo Single Family  
UP 5.4% YOY 
Dunedin Single Family  UP 17.9% 
Madeira Beach Condos  UP 42% Single Family UP 4.2% 
St. Pete Beach Single Family  
UP 60% 
St. Pete Beach Condos  
UP 69.3% 
Safety Harbor Single Family  
UP 20%  Condos UP 39%
Tarpon Springs Single Family  
UP 34.6 Condos UP 19.6%
Oldsmar Single Family  
UP 32.5% 

Cooling
Clearwater Beach condos  Down 26.6% 
Clearwater Beach Single Family  
Down 12.5% 
Gulfport Single Family  
Down .5% YOY
Indian Rocks Beach Single Family  
DOWN 63.3%
Palm Harbor Single Family DOWN 5.4% Condos DOWN 4.5%

How will the market react to the upcoming election - a look back

Many are calling this election the most important of our nation's history.  Keeping politics aside we wanted to see what the trend has been after each of the last two elections.  Interestingly the last two elections have had a very similiar path even though the polarity of each result.  In 2016 and 2020 the total number of closed sales decreased from October through January and then peaked in March the following year.  This market reaction seems to be just like non-election years.  This year could be different however as the talk of recession and high interest rates are on board for the ride.  The graph below is the closed sales by month for the last 10 years a good indicator of overall market reactions.

  

Update – Clearwater Beach, Sand Key, Island Estates

This market favors buyers.  Condo prices are down substantially Year over Year.  In April of 2023 the average price was $819,000.  Since that time prices have declined 28% to $595,000. Inventories are way up even as the top of the market was several months ago.  What is contributing to the increase in inventory?  Since many of them are second home and investor owners are uncertain about a recession and election uncertainty.  Owners are also paying much higher HOA fees due to insurance costs and structural inspections that were mandated by the state of FL this year.  

Sellers are reducing prices by tens and hundreds of thousands of dollars.  Days to contract are rising. The top 6 most expensive condos on the beach, the most being $5,400,000, have been listed for over 100 days some over 200.  

How many price reductions are there?  There are currently 256 condos listed for sale in the 33767-zip code compared to 147 a year ago, 146 are reducing prices.   

Links - condo listings clearwater beach
Single family homes 53 listings total, 29 have price reductions Single family home listings Clearwater Beach

Q1 analysis

 

Update – Clearwater downtown 33755

The 33755 zone of Clearwater is located just over the causeway bridge.  The city of Clearwater is trying to redevelop this area and attract new businesses.  Investors are buying up a lot of the older homes on the market as fix and flips and doing quite well.  This is an area of opportunity, and we will be keeping our eyes on in the future as the city of Clearwater develops.

Update – Indian Rocks Beach 33785

The median sale price for condos in April was $860,500 up 16.3% year over year.  The 5-year average for condo prices is $656,900.  The average days on market was 52 days, 29% above the 5-year average of 40 days.  Indian Rocks has the most short-term rental condos in Pinellas County.  Inventory is up, closings are slightly down. 
Single family home prices are down year over year 4.8% to $887,500 through April.  Prices are on the decline from last year down 63%.  The 5-year average is $1,186,600.  How far will prices continue to drop before they find a bottom?  Surprisingly active listings are up even as prices fall.  Are sellers rushing to list to try and get out before prices drop even more or will the market rebound as buyers see opportunity.   

Q1 analysis

More...

 

 

Experience Clearwater!


This guy is amazing. Support the local guys on the pier.

Finished product.  My son was very happy.

Took a boat ride out to a small island.  Highly recommend it.

New street performers at the pier.

 

We hope you found this months housing update helpful.  If you would like market report customized for a specific community you are interested in please let us know.

 

Remember Beachwise Real Estate when you are ready to start the buying or selling process.  We would love to be a part of your journey.