Everyone is asking how the market is doing, and with the inflation this year, increased interest rates, and buyer demand falling, the situation is a lot different than a year ago.
Significantly for homeowners, the median sale price peaked in the summer and has come down this winter. Prices started being affected almost immediately as the Fed increased interest rates.
This video, by the Pinellas County Realtor Association, dives into some of the details for Pinellas and Pasco Counties.
Luxury Homes in Pinellas County
Luxury homes were affected heavily, with many potential buyers being restricted in buying power with higher rates as well as being cautious as to what 2023 will bring to the economy.
Homes sales in the $1,000,000 and above range dropped by 30% year to year in the 4th quarter.
Q4 2022: 259 sales
Q4 2021: 342 sales
Pinellas County Single Family Homes Sales Report
Median Home Prices went up during the year.
Closing at a median of $436,750 in Dec 2022.
That’s up over 10% from a year prior ($395,000 Dec ’21)
Townhouses and Condos were up by almost 12% to $310,000
Inventory is also up quite a bit.
There were 1,915 homes on the market at the end of the year
That’s an increase of over 100% year to year.
This represents a two-month supply of inventory, compared to some months during the year that had only a few weeks of inventory on the market.
It’s great for buyers to have a bit more to choose from when looking for a new home.
744 single family home sales closed in December.
Total number of sales was down by almost 40% year to year – which shows up in the additional inventory that’s on the market.