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The May 2022 Real Estate Stats For Pinellas County
Dated: June 21 2022
The May 2022 Real Estate Stats for Pinellas County
The real estate stats for May 2022 in Pinellas County are here! Our area saw another strong month in real estate with higher year over year sale prices, a slight increase in housing inventory, and a median time to contract that continues to sit right around a week for most sellers. The absorption rate remains over 100%, but has decreased year over year, meaning we’re seeing some buyers drop out of the market, likely due to rising home prices and increasing mortgage interest rates. **As a reminder, a high absorption rate means homes are selling quickly, while a low absorption rate means they are selling slowly. A rate over 55% is considered FAST. Currently, the single-family home absorption rate is at 128%, which is still considered VERY FAST, despite some buyers holding off on their home searches right now.
*Check out the highlights below to find out more about what’s happening in our local real estate market!*
The Single-Family Home Market
Closed sales dropped by -9% in May 2022. While we’ve seen drops over the past few months attributed to low housing inventory, this drop is likely a mix of buyers holding off purchasing due to mortgage rate increases and continued low inventory available in Pinellas.
Comparatively, the median sale price of a single-family home in Pinellas increased +26.8% year over year from $355,000 to $450,000. We also saw increases month to month with the median home price at just $440,000 in April 2022 (so a +$10k increase in the median price in just one month).
The median single-family home sold for 101.3% of the original list price in May, which is an increase of +1.3% year over year. This means the median buyer was still paying over asking price for the best homes last month.
Inventory increased +25% last month…but before you get excited, this only means inventory jumped from .8 months available, to just 1 month of inventory available in the condo/townhouse market. As a reminder, a balanced real estate market requires 5.5-6 months of housing inventory available, so Pinellas County is still very much a seller’s market right now.
The most popular price range in the single-family home market seemed to be in the $400k-$599k range, with 406 closings. This was followed by the $300k-$399k price range, with 279 closings.
The Condo/Townhouse Market
Closed sales were down -7.5% in the condo and townhouse market last month. However, cash buyers snapped up about 58% of the inventory, which is a +2.2% increase compared to the same time last year.
The median sale price of condos/townhouses continued to rise, increasing from $233,000 to $285,000 compared to May of 2021. That’s +22.3% increase, which is still an extraordinary number. This is also higher than the median sale price in April 2022, showing growth month to month as well as year over year.
Little to no negotiating on prices remains the norm, with the median condo/townhouse selling for 100% of the original list price. **While we’re seeing more price drops in the market, the majority are attributed to sellers overpricing their properties from the start of their listing vs. home prices dropping in our area.
Similar to the single-family home market, inventory increased +25% last month in the condo/townhouse market as well. Again, this is just a jump from .8 months of inventory available, to just 1 month of inventory available in the condo/townhouse market.
The most popular price range in the condo/townhouse market for closed sales in May 2022 was in the $400k-$599k range with 154 closings. This was followed by the $150k-$199k range with 139 closings.
What Does This Mean for Buyers and Sellers?
For homeowners who are planning on selling their property this year, our advice is to follow the most recent market ‘comps’ (aka comparable sales in your area) and price your home accordingly. With fears of a recession and increasing interest rates, buyers will quickly overlook overpriced listings. The best homes are still selling over the asking price in many cases, but only when they’ve been priced properly from day 1 of the listing term.
For buyers, our advice is to remain vigilant on interest rates if you are purchasing a home with a mortgage. As rates change, it’s best to contact your lender to see if your pre-approval purchase amount has fluctuated. Since the housing market continues to be a seller’s market, thanks to low inventory, low unemployment, and lots of housing demand in the Tampa Bay area, sellers will only consider the best offers in multiple offer situations. Remember to have your loan letters and proof of funds ready if you need to act on a home that fits all your needs!
For more information on our local Pinellas County housing market, feel free to contact us anytime. You can simply CLICK HERE to send us a message online or call our agent line at (727) 400-3315. As always, our team prides itself on over 35 years of local market expertise. We are here to answer all your real estate questions!
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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