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% and prices continued to rise, with the median single-family home price increasing +18.2% compared to last year at the same time. We saw similar trends in the condo/townhouse market, with the median sale price jumping a whopping +22.9% and closed sales increasing +25.1%.
Exceptionally low inventory is a storyline we’ll continue to talk about, with just 1.5 months of inventory available in October 2020 in the single-family home market, which is -40% lower than the same time last year. At this rate, even if housing inventory tripled, we would STILL be in a seller’s market.
Single-family homes are also selling faster than this time last year, with the average home going under contract in HALF the time it did in October 2019 (just 10 days in Oct 2020 vs 23 days in Oct 2019).
The condo/townhouse market in Pinellas saw similar increases in buyer urgency, albeit not as extreme, with most properties going under contract in just 23 days in Oct 2020 vs 41 days in Oct 2019 (a decrease of -43.9% in the time it takes for a home to go pending).
There’s no shortage of CASH BUYERS in our housing market, with 1 in 2 condo/townhouse buyers paying in cash in October and about 1 in 3 buyers paying with cash in the single-family home market. In the past, cash buyers often sought discounts on the purchase price of a home to incentivize sellers with a quick and easy closing, however in today’s fast-moving real estate market, cash is simply being used to beat out other buyers when a hot property hits the market.
The average single-family home sold for 99.1% of the original list price in October 2020 in Pinellas County, meaning buyers were barely getting a 1% discount on a home they went under contract on. In the condo/townhouse market, which had almost DOUBLE the inventory last month, but discounts were still mild, with the average property selling for 96.5% of the original list price.
The luxury single-family home market in Pinellas County continued to move at faster-than-normal rates as well, with the average home priced at $1M or more going under contract in just 21 days in October 2020 vs 71 days in October 2019. Last month, luxury home sellers received, on average, about 95% of the original list price on homes price at $1M or more in Pinellas. There was NO slowdown in sales in the luxury home market either, with closed single-family home sales over $1M jumping an extraordinary +144% compared to last year!
To see the FULL version of the Pinellas County housing stats, CLICK HERE
So how is the Sandy Hartmann Group doing compared to the County stats??
Our team gets our home sellers TOP DOLLAR for their listings, with our average listing selling for 99% of the original list price in October 2020. Our home listings also went under contract 20% FASTER than the County Average last month, with our average listing under contract in just 8 days!
If you’ve been thinking about buying or selling a home, don’t navigate this fast-moving market without talking to us, were here to help whether this is your 1st or 21st real estate transaction.
Call us today at (727) 400-3315 to get started!
Want to get an INSTANT home value estimate to get started? CLICK HERE to use our online tool!