A surge in new construction may be contributing to a real estate slowdown on the west coast of Florida, but there is some good news: Pinellas County home sellers are still getting record prices for single-family homes. A recent report from Redfin, the technology-powered real estate brokerage, named several Florida housing markets that are cooling off the fastest, including North Port, Tampa, and Cape Coral. Redfin cited several factors influencing the housing markets in these metro areas, including an oversupply of inventory. The building boom comes at a time when high prices and mortgage rates are quashing homebuyer interest.
Other factors include the increasing intensity of natural disasters and high insurance costs.
According to the May 2024 housing market statistics reported by the Pinellas Realtor Organization, Pinellas saw a 7.8% increase in the median price of single-family homes sold. In May 2024, single family homes sold at a median price of $485,000. The median price of townhouses and condos was $290,000, down 1% from last May.
The PRO explains that the median sale price is its preferred summary statistic for price activity because, unlike average sale price, median sale price is not sensitive to high sale prices for small numbers of homes that may not be characteristic of the market area. Median price trends over time are not always solely caused by changes in the general value of local real estate
The organization also reported that inventory for single-family homes grew by 106.3% in May, with 2,981 homes for sale. Inventory for townhouses and condos grew by 87.6%, with 3,576 listings.
Total sales of single-family homes in May was 980, down 2% from May 2023. During May 2024, 687 townhouses and condos were sold in May, a 13.6% decrease from last year.
The PRO reported that the median number of days between the listing date and the closing date for all closed sales during the month of May was 63 days, an increase of 21.2% over last year. Time to sale is a measure of the length of the home-selling process.
The organization also provides data on the number of sales transactions which closed during the month by sales price. Following is a summary of the data for May 2024:
Less than $50,000 0
$50,000 – $99,999 0
$100,000 – $149,999 5
$150,000 – $199,999 14
$200,000 – $249,999 16
$250,000 – $299,999 47
$300,000 – $399,999 226
$400,000 – $599,999 353
$600,000 – $999,999 192
$1,000,000 or more 127
On its website, the Sandy Hartmann Group advises that in a slower-moving housing market, sellers should prioritize “making sure their properties show well and are right on the bullseye with pricing.” The team says buyers are “increasingly sensitive to pricing,” and are likely to ignore overpriced homes.
Martha Thorn, who created The Thorn Collection, also stresses the importance of increasing the appeal of your property to create a lasting impact on potential buyers. The Thorn Collection website offers thoughts on various factors to consider when selling your home, such as curb appeal, property repairs and upgrades, and cleanliness and staging.
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