Are Real Estate Prices Going Down?

There’s some buzz over when the next recession will hit, and people keep asking me how the Pinellas County real estate market is faring. They want to know if home prices in St Petersburg have come down and if not, then when that will happen.

So, to answer their questions I did the nerdy thing and took a look at the data for home prices in Pinellas County.

Pinellas County Real Estate Market Sales Statistics

The short answer is NO.

Prices are still going up, as of the end of June 2019.

Overall the real estate market in Pinellas County is still strong. We see more closed sales, higher prices, more sales volume, and fewer new listings compared to a year ago.

The only metric that looks worse is the number of days it took for properties to go under contract, which went up from 23 day sin 2018 to 31 days in 2019.

Does this mean we won’t be affected by a recession? Of course not, but we aren’t seeing any significant changes to the housing market in St Petersburg and Pinellas County at the moment.

By Kathleen Seide | Posted in Market Reports | Leave a comment

 


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