The Pinellas County August 2021 Real Estate Stats

Dated: September 25 2021

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The Pinellas County August 2021 Real Estate Stats


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August has come and gone and as we head into the final stretch of 2021, the Pinellas County real estate market has been anything but dull! Read below to find out what happened and what we think the end of the year will look like if you're thinking of buying or selling a home in Pinellas County!


The Pinellas County Real Estate Stats Broken Down (For You!)


The median sale price of a single-family home in Pinellas County went up again in August, increasing +13.8% to $362,000. Housing inventory was -21.4% lower than August 2020 and new contracts (pending sales) were down -2.2%, likely due to continuing inventory constraints. When it comes to buyer demand, the median home in Pinellas County sold for 100% of the original list price, indicating that buyers continue to pay top dollar for the right home. Homes continued to go under contract quickly in August, with the median home pending in just 8 days. 


Single Family Home Stats for Pinellas County Aug 2021


The condo/townhouse market showed the most inventory constraints in August, with a -69.2% DROP in inventory year over year. The median sale price was the same as August 2020 at $225,000. The number of closings dropped -6.1%, likely due to low inventory in July 2021 that affected the following month. Buyers continue to compete for homes in the condo/townhouse market though, with the median days to contract at just 7 days and the median listing selling for 100% of the original list price. 


Check out a video summary of the highlights below:




Our Advice for Sellers


While the market continues to be strong for sellers, much of the demand is being driven by limited housing inventory and low mortgage rates. While we don't know how long these 2 factors will remain constant, we do know that eventually there will likely be more inventory for sellers to compete with and higher mortgage rates that could reduce home affordability for buyers. Based on these 2 dynamic factors, our advice is not to wait to sell if you've been thinking about it. Much of the housing market in the rest of the country has already started show signs of a 'cooling off' meaning bidding wars are slowing down and buyers are becoming more selective and less competitive with their offers. This could certainly affect our area in coming months. 


Our Advice for Buyers


As mentioned above, mortgage interest rates can and will eventually fluctuate. While it can be intimidating to see home prices growing, historically low mortgage interest rates have continued to make home ownership affordable. Additionally, rental rates in the Greater Tampa Bay Area continue to be some of the fastest growing in the country, making home ownership even more strategic to avoid increasing housing costs over the long run. A fixed rate mortgage is one of the best ways to have a steady housing payment. Combine that with the Florida Homestead Exemption for a primary residence and property taxes will increase no more than 3% per year max for most homeowners who claim the exemption. Find out more about that here.


Summary


Pinellas County continues to be a desirable place to invest in real estate in the State of Florida. With miles of coveted beaches, record low unemployment rates, and the ability for out-of-state buyers to move here and work remotely, we don't believe prices will go down or decline any time soon. Could bidding wars begin to cool off though simply slowing the price growth? Of course and we do anticipate that to happen in 2022. If these details are making you wonder if it's the right time to buy or sell a home in Pinellas County, we'd love to talk more with you about it! Give us a call at (727) 400-3315 or message us here for more details!

 


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Andrea Hartmann

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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