January is often a busy month in real estate and the Pinellas County home market isn’t disappointing! The biggest problem we have in our market is a lack of inventory. This is especially common
Your February 2020 Real Estate Market Update
January is often a busy month in real estate and the Pinellas County home market isn’t disappointing! The biggest problem we have in our market is a lack of inventory. This is especially common in January as homeowners are recovering from the holidays and are just beginning to think about putting their homes on the market. January 2020 was an especially slim month for inventory, with over 1,500 LESS homes for sale in Pinellas vs January 2019. That’s -25% less inventory than last year!
The shortage of home inventory combined with mortgage interest rates that are under 4% for many home buyers right now means 2 things are happening in Pinellas County:
Homes are selling for more money. The median single-family home price increased +6% in Jan 2020 vs Jan 2019. Cash sales also increased almost +16%.
Homes are selling FASTER. Last month, time to sale (aka closing) happened almost a week faster than last year at this time. So not only are buyers willing to pay more to get the home they want, they’re also doing it in less time.
As far as what the hottest price point was , here’s where we saw the BIGGEST gains in closed sales:
The clear winner was the $300k-$399k price point with a +68.9% gain in closed sales
Following close behind was the $250k-$299k range with a +53.5% gain in closed sales.
The $600k-$999k price range also saw some big gains, with +43.9% growth in closed sales.
Recently, we also sat in on a presentation from Michael Meidel, the Director of Pinellas County Economic Development, and here’s what he told us about what’s driving the growth in Pinellas County:
Pinellas County has an unemployment rate under 3% (it was 12.5% in the peak of the Great Recession to give you context).
Currently, there are more job openings than applicants looking for jobs on Indeed.com. This is thanks to new companies opening up shop in our county every month and a growing need from existing companies.
Pinellas County is home 3 Fortune 500 Headquarters, which all have plans for more growth and more job openings.
Over 900 people are moving to the State of Florida per day. The majority of these people are without young children (think retirees) OR just entering the workforce (i.e. 20-somethings looking to start their careers).
So what does this mean for you?
Well, at this point it’s probably obvious that if you’re thinking about selling a home in Pinellas County or the Greater Tampa Bay area, now is the PERFECT time to do it. When priced properly, most of our listings are selling in 2 weeks or less.
This home above went under contract for $1,250,000 in 6 days recently, and we CLOSED it in just 5 more days! Needless to say, both the Sellers and the Buyers were happy about it!
Similarly, if you’re thinking about buying a home and will need a mortgage, NOW IS THE TIME to take advantage of historically low interest rates. As of last week, we had buyers locking rates for as little as 3.5% from their lenders with NO POINTS. Even though home prices are growing, the lower interest rates can still save you tons of money in the long run are of course reduce your monthly house payment.
Have you met our team of Buyer's Agents at the Sandy Hartmann Group? If not, you're truly missing out on working with some of the TOP Professionals in the area. CLICK HERE to see our team roster!
Still need more info or answers to your home buying or selling questions? Email, text, or call us to get more info. We’d love to help you reach all your real estate investment goals!
Andrea is the Managing Partner of The Sandy Hartmann Group. Andrea was born and raised in the Tampa Bay area and is a licensed Realtor with over 15 years of Marketing and Finance experience, holding ....
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