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The October 2021 Housing Stats For Pinellas County Florida
Dated: November 22 2021
The October 2021 Housing Stats for Pinellas County, Florida
With the end of 2021 upon us, the Pinellas County Housing Market is showing no signs of a slowdown through the end of the year. As predicted, home prices have continued to climb in our market, despite a decline in closed transactions year over year, largely due to less housing inventory available to home buyers. See below for a complete breakdown of the October 2021 Pinellas County Housing Stats to learn more!
The Pinellas County Single-Family Home Market Update
The Median Home Price in October 2021 jumped +13.7% to $369,450, compared to $325,000 in October 2020 (year over year).
The average single-family home went under contract in just 10 days last month, which is the same as the year prior.
Single-family home inventory was down -33.3% last month (compared to the same time the year before), which is likely why we saw a decline in closed sales (down -4.4% year over year).
Homeowners continue to collect top dollar, with the median home selling for 100% of the original list price last month.
When it comes to closed sales by price, the $300k-$399k price range was the most popular, with 334 closed transactions in that price range, followed by 294 closed transactions in the $400k-$599k price range.
The Pinellas County Condo/Townhouse Market Update
The Median sale price in October in the condo/townhouse market increased by +9.3% to $235,000 in October 2021.
The average townhouse/condo went under contract in just 8 days in October 2021 vs 23 days in October 2020.
Inventory in the condo/townhouse market remained constrained, down -62.5% year over year, leaving Pinellas County with just .9 mos of inventory (a ‘normal market’ has 5-6 months of inventory available, we’re sitting at LESS than one month!).
Similar to the single-family home market, owners of condos/townhouses continued to collect record prices for their properties, with the median property selling for 100% of the original list price.
When it comes to the most closed transactions in the condo/townhouse market by price, the most popular price range was the $150k-$199k range with 147 closed transactions, followed by the $100k-$149k price range with 107 closed transactions for the month.
So What Does It All Mean?
It’s no secret that there has been an influx of out-of-state home buyers flocking to Florida in the past 2 years. Combine those buyers with new buyers that are entering the housing market from the rental market, and we have a perfect storm of too many buyers and not enough real estate for sale in one of the state’s smallest counties.
Economists around the country are hoping more housing inventory will hit the market in the New Year, offering some relief to buyers when it comes to the speed at which housing prices are growing (along with rental prices in Tampa Bay as well). Whether or not that will happen remains everyone’s best guess.
For buyers, our best advice is to work with an experienced Realtor (like our Buyer’s Agents) to help them not only navigate one of the most competitive housing markets our area has ever seen, but also to help them find the perfect home in their budget. While compromise is something buyers often have to embrace in this market, one thing is for sure, if you buy a home in a great area, it will continue to grow in value over time and keep housing costs for you and your family steady vs increasing rental costs.
For sellers, our recommendation is that if you have been thinking about selling, we need to talk to you! While we expect the housing market to continue to appreciate through the end of the year, the one thing we know about the housing market is that nothing is guaranteed and it’s been known to change without much of a warning. The best time to sell a home is right now and our team of experienced listing agents will be able to get you a higher price for your home than ever before.
Contact us today to find out what your home may be worth and to create a plan that works for your needs.
As always, if you would like more information about the current housing market or have questions about how our real estate team can help you buy or sell a home, don’t hesitate to call us at (727) 400-3315. We’re here to help you meet all your real estate goals!
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Andrea is the Managing Partner of The Sandy Hartmann Group and runs the team alongside Sandy Hartmann. She would love to talk to you about real estate! Andrea was born and raised in the Tampa Bay a....
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