Pinellas County Real Estate Market Statistics – CHART BUILD

Pinellas County Real Estate Market Statistics

Analysis and Trends

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Market Milestones

March 2023 - Buyers Come Back

Wild Market; Home prices on the rise and multiple offers now common again while inventorymaintains its elevated level.

March 2023

September 2022 - High Rates, Low Demand

Demand drops as interest rates climb to 7%.
Home prices going down about $10,000 per month.

Inventory has ballooned to 3-4x the previous 12 months, as
homes are now sitting longer.

September 2022

July 2022 - Peak of Market

Home prices have climbed at least $20,000 per month for the previous 6 months.

Interest rates have climbed to 5%, pushing out many investors and buyers.

July 2022

October 2021 - Inventory Tightens

As a result of way more buyers than people selling their home.
Prices begin to climb rapidly asthe supply and demand ratio gets to between 3:1 and 5:1.

Interest rates start to climb in November from a low of 2.5%.

October 2021

June 2020 - Buyers Return, Sellers Dont

3 months after start of Pandemic, buyers return en masse.
If they have to be stay home, theywant to move to bigger house or different state.

Sellers however have decided to stay put.

June 2020

Summary Statistics

Median Sales Price

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Average Sales Price

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Dollar Volume

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New Listings

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Active Inventory

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Pending Sales

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Closed Sales

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Cash Sales

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Months Supply

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Median % of Org. Price

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Median Time to Contract

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Median Time to Sale

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Doom and Gloom Section

Foreclosures

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Short Sales

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Detailed Statistics

CASH SALES

Buyers paying with cash generally indicates investor activity.

However in times of low inventory Cash Sales can also increase due to Buyers being required to put together extremely competitive offers.

Most home buyers require a mortgage, so any significant change in Cash Sales is of interest.

Cash Sales (5 Yr)

No Data Found

CLOSED SALES

Closed Sales are one of the chief indicators of demand in the real estate market.

Looking at percentage change is usually a bit more helpful than looking at pure numbers as that generally indicates the trend the market is taking compared to the previous year.

Closed sales do naturally vary month to month.

Closed Sales (5 Yr)

No Data Found

MEDIAN SALES
PRICE

The Median Sales Price is the point at which half of the sales were above and half of the sales were below.

Unlike Average Sales Price, Median Price is not affected as much by a lot of high or low priced home sales in a particular month.

Median Sales Price (5 Yr)

No Data Found

AVERAGE SALES PRICE

Median Sales Price is generally preferred to Average since Average Sales Price is subject to influence by the extreme low or high end of the market.

These are also only the sales price of homes that sold during the month, not the overall market as a whole.

Despite that, it can useful bit of information for overall trends.

Average Sales Price (5 Yr)

No Data Found

MEDIAN % OF ORIGINAL LIST PRICE RECEIVED

Indicates what percentage of the original asking price the property eventually sells for.

This is typically a lagging indicator, meaning it can be used to confirm trends detected in other metrics.

Is also a good indicator for overall market consumer sentiment.

Median % Of Original List Price Sales (5 Yr)

No Data Found

MONTHS SUPPLY

Also known as Absorption Rate.

An estimate of the number of months it will take at the current rate of sales to exhaust current inventory.

A Balanaced Market is generally considered to be 5 months. A Seller’s Market would be 0-4 months, and a Buyers Market 6 or more months.

Monthys Supply of Inventory (5 Yr)

No Data Found

NEW PENDING SALES

New pending sales are the number of homes that went under contract in the month.

Useful to predict potential future sales, due to the fact that most contracts generally take 3-6 weeks and can provide some leading indication of where the market is heading as well as changes in demand.

Pending Sales (5 Yr)

No Data Found

NEW LISTINGS

The number of homes that are listed for sale in a month.

This does not include homes that were taken off the market and then relisted, homes that were under contract and back on the market, and also excludes temporary off market listings.

New Listings (5 Yr)

No Data Found

INVENTORY (ACTIVE LISTINGS)

The number of homes that are actively for sale on the last day of the month.

 

Indicates the supply side of the market. Rising inventory generally benefits the buyers, while decreasing inventory will generally benefit the sellers.

Active Inventory (5 Yr)

No Data Found

MEDIAN TIME TO CONTRACT

The median amount of time a home is active on the market before an offer is accepted.

This number is only for closed sales and does not include homes that have not sold yet.

Typically 0-60 days is heavily favors Sellers, while more than 90 days would be favorable to Buyers.

Median Time To Contract (5 Yr)

No Data Found

MEDIAN TIME TO SALE

Similar to Time To Contract, Time to Sale is the median time a home takes from initially being listed until the completion of the sale.

This metric is useful to know the typical timeframes that a home takes to sell, and unlike an average, is not overly influenced by a few homes taking a very long time to sell.

Median Time To Sale (5 Yr)

No Data Found

DOLLAR VOLUME

Dollar volume is the sum total of sales prices of all closed transactions.

 

Useful as a general high level indication of the health and strength of a real estate market relative to previous periods of time.

Other metrics such as number of sales and median and average sales prices are generally more helpful for identifying trends.

Dollar Volume (5 Yr)

No Data Found

CASH SALES

Buyers paying with cash generally indicates investor activity.

However in times of low inventory Cash Sales can also increase due to Buyers being required to put together extremely competitive offers.

Most home buyers require a mortgage, so any significant change in Cash Sales is of interest.

Cash Sales (5 Yr)

No Data Found

CLOSED SALES BY SALES PRICE

For better insight into market trends, it is important to look at each price point separately.

 

While the work of selling a high or low price point is much the same, the timeframes and number of listings can be considerably different.

You also need to be mindful when the number of transactions is very low, such as currently homes under $150,000.

% Change

Less than $50,000

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$50,000 – $100,000

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$100,000 – $150,000

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$150,000 – $200,000

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$200,000 – $250,000

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$250,000 – $300,000

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$300,000 – $400,000

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$400,000 – $600,000

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$600,000 – $1M

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$1,000,000 or more

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$0k - $50k

No Data Found

$50k - $100k