The August 2022 Pinellas County Real Estate Stats The August stats are finally here and while there’s A LOT of data to look at, we’ve broken down all the most important numbers and trends in
The August 2022 Pinellas County Real Estate Stats
Dated: September 24 2022
The August 2022 Pinellas County Real Estate Stats
The August stats are finally here and while there’s A LOT of data to look at, we’ve broken down all the most important numbers and trends in our real estate market so you know exactly what’s happening! Have a look at our breakdown below, and remember to contact us if you have more questions about buying or selling a home in Pinellas County or the Greater Tampa Bay area.
The Single-Family Home Market:
Closed sales in the single-family home market in Pinellas County dipped by -17.3% or 211 sales compared to August 2021.
Cash sales represented about 33% or 1 out of every 3 transactions last month.
The median sale price of a home increased +20.2% year over year from $362,000 in August 2021 to $435,000 in August of 2022.
The average sale price of a single-family home in Pinellas County also increased by +18.1% to $558,836 compared to $473,053 at the same time in 2021.
The Absorption rate dipped from 114% in August 2021 to 63% in August 2022. This means for every 100 homes listed in August, 63 sold. Now while this may seem like a big dip, it’s important to know that in 2019 (what we consider the last ‘normal’ year in real estate before the Pandemic) the absorption rate was 49% and our real estate market was doing just fine (aka nobody thought we were in a recession and there was no panic about a housing crash).
Median Time to Contract also increased last month from 8 days to 14 days. Again, this is a +75% increase, but selling a home in just 14 days is nothing homeowners should be upset about. This is still far lower than many other areas across the U.S. right now.
Housing inventory is still low. While a +54.5% increase might make a great news headline, that just means our market went from 1.1 months of inventory to just 1.7 months of supply available.
The most popular price point for home sales in the single-family home market was the $400k-$599k price range with 330 closed sales, followed by the $300k-$399k price range with 282 closed sales.
The Condo/Townhouse Market:
Closed sales in the condo/townhouse market dropped by -17.9% in August 2022 compared to August 2021. This is a difference of about 143 closings.
Cash sales represented 52% of closed sales last month in the condo/townhouse market, or about 1 out of every 2 sales.
The median sale price of a condo/townhouse increased +28.9% year over year from $225,000 to $290,000 in August 2022.
The average sale price also jumped +18.2% year over year, from $324,939 to $383,922.
Like the single-family home market, the absorption rate dropped from an insane 122% last year at this time to a more normal 55% in August 2022. Again, to give more context, during our last normal & healthy housing market in 2019, the absorption rate was just 37% in the condo/townhouse market.
Median time to contract increased from 7 days in August 2021 to 14 days in August 2022 (the same amount of time it’s taking to sell a single-family home). The best properties are still selling quickly, while properties in need of updating or maintenance continue to sit on the market.
Inventory continues to be low in the condo/townhouse market too. While writing that “inventory jumped by 100%,” may sound more exciting, this really just means that inventory supply went from a measly .8 months of supply last year at this time to 1.6 months of supply in last month. A normal market has 5-6 months of supply.
The most popular price point last month was in the $300k-$399k range, with 117 closed sales, followed closely by the $400k=$499k range with 103 closed sales.
While the ‘deceleration’ in our housing market is becoming more and more obvious based on the slower pace of homes going under contract and a decline in closings, home values continue to appreciate. In our opinion, this means our housing market is finally ‘normalizing’ from the intensity it experienced in the past 2 years. If we go back and look at the stats in 2019, our current stats from 2022 would have crushed the whole year in terms of excellent performance. 2019 was considered an excellent year for real estate.
The intensity of 2020/2021 housing market will most likely be considered an anomaly in the future, caused by a Pandemic that not only changed the way many people wanted to live, but also where people wanted to live and how they worked (remote vs. in-person). Now that a sense of normal in our communities has returned as the Pandemic headlines settle, homeowners should expect our market to get back to its old version of ‘normal’ as well. Historically, real estate should be appreciating at about 4% per year, not by the double-digits we’ve gotten used to in the past 2 years.
Have questions about what your home may be worth or want to speak with one of our experienced Buyer’s Agents about what the market in your favorite neighborhoods is doing now?
Contact us directly by CLICKING HERE or call/text us at 727-400-3315.
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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