How’s the real estate market?
In this month’s video we talk about how interest rates and legislative changes are affecting the local Pinellas County real estate market.
Interest rate increases and some legislative changes for condos have cooled buyer demand and increased supply for our local market.
Significantly for homeowners, the median sale price peaked in the summer and has come down this winter, although we still see price appreciation year over year.
Luxury Homes in Pinellas County
Luxury homes are performing slightly better than a year ago, with new sales slightly outpacing inventory levels.
Homes sales in the $1,000,000 and above range almost doubled year to year, while inventory
| Median Sale Price | Closed Sales | Inventory | Days to Contract |
Price per Sqft |
|
| Jan-2023 | $1,499,000 | 46 | 394 | 48 | $550 |
| Jan-2024 | $1,457,500 | 72 | 576 | 39 | $648 |
Price
Median Home Prices went up year to year.
Closing at a median of $455,000 Jan 2024.
That’s up 13.8% from a year prior ($400,000 Jan 2023)
Townhouses and Condos were up by almost 3.6% to $290,000
Inventory
Inventory is also up quite a bit.
There were 1,771 homes on the market last January, and 2,329 Jan 2024.
That’s an increase of 31.5% year to year.
That represents a 2.8 month supply of inventory (still a seller’s market)
This increase in inventory and longer time on market creates a better experience for buyers who now have a bit more selection when looking for a new home.
Sales
574 single-family home sales closed in Jan.
Total number of sales was down only 4.6% year to year – a small drop compared to prior years.
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