March was a hectic month in the niche of Pinellas County, Florida real estate. Locally in Pinellas County, we have absolutely staggering numbers for the behavior for this market.
Let's start with Single Family Homes. In the month of March, we had an absorption rate of 38%! The absorption rate is the amount of homes sold on the market. So for every 10 homes on the market, almost 4 sold in March! We are up 25.8% over last years numbers of sold homes. We had 2,712 active on the market at month's end and sold 1,030. The average median price of sold homes was $145,000 which is up 9% over last year. This will fluctuate throughout the year but numbers are showing increase in prices. The hottest price points, or the price points that sold the most amount of homes was $120-139,999 then $300-399,999 and in 3rd was $100-119,999. Under $150,000 is the price point of 1st time homebuyers and investors that are out bidding 1st timers left and right. The $300,000 and up are your move up buyers - buyers that want/need bigger better and sold their 1st home. Or in some cases, buying their retirement beach condo.
In regards to inventory, the single family home market has dropped 21.4% over last year. There are less homes on the market, which the demand from buyers in increasing. In turn, we have had a recovery. We've been in a recovery for 3 years and pretty much healed up last year.
Condominiums, on the other hand, have been creeping up slowly but surely. They too had a fantastic March. The absorption rate in March was 22.3%, so just over 2 condos out of 10 on the market sold. There was a drop as well with available properties where there were only 3,007 condos available on the market at the end of March. And 672 units sold. The median price of the sold units was $100,000. The most popular price points for units sold were $30-39,999, then $60-69,999, and followed by $100-119,999. Thank you snow birds.
In regards to inventory, condos are also competitive, in certain areas. Over 55+ communities have generally longer listing times and many more of them to sell. Beach condos are always highly desirable and have seen a dramatic increase in demand.
If you are looking to sell your home in this market, single family home and condo wise - get on the market. Get your house to the best of it's ability, fix the caulking around the tub, clean out the weeds, remove the ugly wall paper, shampoo the carpets, get the "Honey Do" list done and make your house shine. Use a professional realtor, like myself, to price the home correctly. Don't assume that people will pay whatever because of the lack of inventory. Greed is a sin. Like most things, people will pay what it's worth. And banks (lenders) won't let them go a penny higher. Position yourself as the best opportunity in your neighborhood. If you are overpriced, you are selling the competition because a house with similar qualities under your price will sell 1st - especially with condos.
If you are buying, God bless you in your endeavour. If you need to finance, be tough and aggressive. This is not always easy with a market of cash buyers dominating. 60% of all transactions that closed last month were cash. Cash can close in a matter of days, not weeks. Get your pre-approval done before you even shop. Budgets dictate where you can shop. You wouldn't go look at a Louis Vuitton purse when you could only afford to buy a knock off. My suggestion, is look slightly below your budget because there are multiple offer situations out there. Multiple offers means, more than 1 buyer putting an offer in on a home. If you put all your eggs in the basket, you won't have any more eggs or money to buy the house.
Don't be upset if you don't get the 1st home. Everyone's "perfect" house is really only 90-95% perfect. You want to work with lenders that CAN close in 30 days. Not say they can close. Ask your realtor who they know and trust that can get the deal done. Some of the big banks fail with your mortgage. They will not close on time, delay your move in and jeopardize your contract. Sellers don't have to wait - they can and will drop you if your lender has issues/delays. Time is money. If you want recommendations, you can also ask me. I've had success getting my clients offers accepted even with multiple cash offers looming. It takes, tact, creativity, and ability to build rapport with the listing agent. It also takes organization on your part with getting all of your documents lined up and given to your lender when you start talking to them.
There are almost 1 million people in Pinellas County. At any given time there are tens of thousands of people looking to buy. And and at the end of March, there were only 5,719 condos and single family homes available on the market.
For more information and view the full statistical report, please see it attached.
To find out how I can help you buy or sell a home in Pinellas County, please visit www.RebeccaTheRealtor.info