The May 2024 Real Estate Stats For Pinellas County

Dated: June 24 2024

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The May 2024 Real Estate Stats for Pinellas County

The May 2024 Real Estate Stats for Pinellas County Florida


The May 2024 stats are in, and while the market continues to move slowly, the good news is that sellers are still getting record prices for single-family homes in Pinellas County. Cash buyers remain a large part of our housing market, with 1 out of every 3 single-family homes selling for cash and 50% of all condo sales selling to cash buyers (so 1 out of 2). High interest rates, fears about flood insurance costs, and growing inventory in the condo market are the biggest issues in our local real estate market right now. See below for all the highlights, plus our advice to buyers and sellers:


The Single-Family Home Market:

Pinellas County Single-Family Home Sales May 2024


Closed Sales declined by -2% in May 2024, compared to May 2023. This only represents a difference of 20 transactions though, so not a huge decline by any means.


The Median Single-Family Home Price increased year-over-year by +7.8% in Pinellas County, from $450,000 in May 2023 to $485,000 in May 2024. While it’s understandable that buyers are hoping to wait out higher interest rates, a buyer who waited 1-year to purchase a home will have paid about $35,000 more for it based on the figures above. The average sale price also increased by +2.7%, jumping from $629,645 in 2023 to $646,647 in 2024. Buyers should carefully weigh what higher interest rates vs higher future home prices will cost them in the long run.


Homeowners in the Single-Family Home Market Negotiated a Little More Last Month, compared to May 2023, with the median single-family home selling for 95.8% of the original list price. This means the median seller was willing to negotiated about 4.2% off the list price to get their home under contract. While the discount is about +2% higher than this time last year, even with more negotiations the closed sale prices remain higher than last year.


The Time it Takes for a Home to Go Under Contract (Pending) Increased Last Month, with the median time to contract jumping from 14 days in May 2023 to 26 days in May 2024.  In this market, pricing is the MOST IMPORTANT factor when listing your home for sale. We’re seeing a lot of sellers that want to push their initial listing price above what the most recent comparable sales recommend. This is a big no-no, as buyers are simply choosing to ignore overpriced homes, resulting in a loss of momentum for sellers during those first 2 weeks when a listing is new and will attract the most attention if priced right.


Housing Inventory in the Single-Family Home Market Increased in May 2024 by +111% from just 1.7 months of inventory in May 2023 to 3.6 months of inventory today. This is still well below the 6+ months of inventory required to shift from a seller’s market to a buyer’s market. However, sellers have more competition than they’ve had in YEARS and should focus on making sure their home is not only priced right from the start, but also spotlessly clean and organized so their home stands out when buyers walk inside. Curb appeal is also especially important, making photos stand out and an inviting presence when buyers drive by or arrive for a showing.


The Condo-Townhouse Market:

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Closed Sales Declined by -13.6% in May 2024 vs. May 2023. As inventory surges in the condo market and buyers fear special assessments, interest rates, and increasing monthly condo dues, sellers in the condo market will need to be more competitive than ever right now to get their properties sold.


The Median Sale Price in the Condo-Townhouse Market Declined by -1% in May 2024 compared to May 2023, from $293,000 to $290,000 in today’s market. This is just a $3k difference in price year-over-year, but something to keep an eye on, especially if inventory keeps growing in this market. Meanwhile, the average sale price went in the exact opposite direction, jumping by +7.3%, from $416,223 in May 2023 to $446,677 in May 2024. Average sale price growth can be affected by the “mix” of available inventory (for example, the majority of inventory sold could have been in a higher price point) and buyer demand in certain areas (downtown and beach areas always have a higher price point than more suburban areas inland for instance).


Homeowners in the Condo-Townhouse Market Also Negotiated a Little More Last Month to get their homes under contract (pending), with the median sellers collecting 92.8% of the original list price (the price sellers set from the 1st day a property was listed). Buyers are getting just over 7% off the list price of the median condo-townhouse sold. This does not mean every seller is willing to negotiate this deeply, especially in more popular communities, but it does give buyers more power at the time of contract.


The Time it Takes for a Condo or Townhouse to Go Under Contract Increased Last Month from 25 days in May 2023 to 48 days in May of 2024. This is a +92% increase. At this point in the condo-townhouse market, sellers should be prepared for their properties to take time to sell. Gone are the days of getting most condos sold in a week or two. Again, it’s all about pricing, staging, and appealing to buyers to get them in the door to even have a look. With growing inventory, sellers need to make their properties stand out more than ever.


Inventory Supply is the Biggest Factor in The Condo-Townhouse Market Right Now To Keep an Eye on. The supply in this area of our housing market has jumped from 3.1 months of inventory (a seller’s market) to 6 months of inventory (a buyer’s market) since the same time last year. This change can absolutely affect many other factors in the market, including price, the time it takes to get a property sold, and the concessions sellers may need to offer to stand out.


Summary

As mentioned above, today’s housing market is all about price, price, price. Sellers need to recognize that buyers are increasingly sensitive to pricing and won’t bother looking at properties that are above what the market stats are commanding. The 1st 2 weeks a home is listed for sale are crucial when it comes to getting buyer traffic. Sellers should be putting maximum effort into making sure their properties show well and are right on the bullseye with pricing.


Thankfully, our team is skilled when it comes to getting homes sold in a slower-moving market, thanks to over 35 years of experience in Pinellas County. We can offer our sellers an abundance of tips when it comes to preparing a home for sale and getting it to the closing table. We offer marketing plans that are 2nd to none, making sure our listings get the maximum exposure to buyers from day 1. Use our extensive experience and market knowledge if you need to get a house or condo sold this year!


For our buyers, our recommendations remain the same as always. Even in a buyer’s market, like we’re seeing in the condo market, buyer’s should ALWAYS have a recent loan pre-approval letter or proof of funds ready before they shop for a home or make an offer. Sellers want to know buyers are qualified and the best homes are still getting multiple offers and selling in the first week in many areas. Don’t miss out on your dream home because you skipped the steps above! Be ready to negotiate and take your Realtor’s advice on offer prices, inspection terms and more to make your offer stand out.


For more information on the Pinellas County, FL housing market, feel free to MESSAGE US HERE or call our agent line at (727) 400-3315.


The Sandy Hartmann Group


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Andrea Hartmann

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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