Before and After the Thanksgiving FeastThis week we are sharing a deliciously easy breakfast to hold your family and friends over until the BIG FEAST! Then, a simple recipe to make that will have
The September 2020 Housing Market Report For Pinellas County
Dated: October 27 2020
The Pinellas County Housing Market Stats for September 2020
The September housing market stats for Pinellas County are in! We’ve broken them down below so you can see how another strong month in our local real estate market rolled up. Our inventory is at all time lows, with demand at record-breaking levels right now, so be sure to pay attention if you’ve been thinking about buying or selling a home before the end of 2020!
The single-family home market showed no signs of slowing last month, with closed sales jumping almost +12% and median sale price increasing +17.5% to $320,000 year over year. Inventory remained dramatically LOW with just 1.4 months of inventory on hand, which represents a massive decline of -41.7% compared to the same time the year before (that’s almost HALF as many homes for sale compared to last year at this time!).
Sellers in the single-family home market received top dollar for their listings with the median percent of list price received sitting at 98.7% (meaning buyers were getting just over 1% off original list prices last month when negotiating with sellers).
The condo and townhouse market experienced an even bigger increase in year over year sales, with a +25.1% increase in closed sales for the month of September. The median sale price increased +26.3% to $220,000 and sellers were collecting approximately 96.5% of the original list price. Inventory wasn’t quite as strapped as the single-family market, but still remains low, with just 2.4 months on hand, representing a -11.1% decrease year over year.
Median time to contract in both the single-family home market and the condo/townhouse market dropped, with homes going under contract almost 2 weeks faster than last year.
As far as price points go, the majority of single -family homes sold last month (58%) were in the $250,000-$599,999 price range. $1M+ homes saw a +123% increase in closed sales last month, but only represented 5% of the Pinellas County market, with just 58 sales total in September.
For condos/townhouses in Pinellas County, the hottest price point getting shopped by buyers was the $100,000-$199,999 range, representing 33% of the sales in that market last month. The next hottest price bracket was in the $300,000-$399,999 price range, representing about 14% of the market. There were just 26 closed sales over $1M, which represented 3% of the condo/townhouse market.
All in all, our prediction that there would be no slow down as we approach the end of the year has so far been correct. While we could see a slight decline as the elections get closer we don’t believe that will create a long-term slump as historically low mortgage interest rates are expected to remain unchanged for the next 12 months and buyers looking for more space to work remotely will continue to need that space as we fight COVID-19 and continue to adjust work habits to combat it.
As we’ve been saying all month in our newsletter, if you’re thinking about selling, the best time is NOW. Buyers are eager to take advantage of low mortgage rates and snap up move-in ready homes to accommodate their needs. If you’ve been thinking of selling your home before the end of 2020, October and November are great months to do it before the December holidays kick off. With many lenders requiring 45-day closings right now, a home that goes under contract by November 15th will barely be able to close by the end of 2020.
To see the FULL VERSION of the Pinellas County September 2020 Housing Stats, CLICK HERE.
Have questions about buying or selling a home? Call us so we can help you navigate this fast-moving real estate market in Pinellas County and the Greater Tampa Bay area.
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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The October 2020 Pinellas County Real Estate Stats are Here!As expected, we did not see a slowdown in home sales or price growth last month. Closed sales of single-family homes increased +12.7%