What’s included in every real estate update?
Interesting Real Estate Stats
Recommended Articles Of The Month And Why
Real Estate Local News
Interesting Real Estate Stat For This Edition:
Every month we’ll pull an interesting stat for you directly from our MLS for Pinellas County.
One of the best ways to assess the health of a real estate market is to look at the amount of inventory compared to previous years. The graph below reflects approximately 350,000 listings both residential and commercial over a 10 year time frame. Each change in the chart shows you the amount of active properties listed on the MLS during that timeframe in Pinellas County.
Time frame is from January 2008 to October 2018
Property Type: All
Pinellas County
Results calculated from 350,000 listings
Let’s breakdown the stats and talk about what this means to you as a buyer or seller in this market (now or in the future). We’ll use the previous month of October as a comparison. Here is the amount of active listings on the market in October of each year:
October 2008 – 23,585
October 2009 – 19,693
October 2010 – 19,242
October 2011 – 13,509
October 2012 – 11,380
October 2013 – 10,631
October 2014 – 10,617
October 2015 – 9,303
October 2016 – 9,081
October 2017 -7,709
October 2018 – 7,751
Just using the month of October, you can see from the data, the inventory has been decreasing every year for the exception of 2017 and 2018 with a minor difference in numbers.
During the housing bubble we had a surplus of inventory driving prices down. For investors, this was a good time to pick up inventory but the caveat was many buyers that were financing were beaten out by cash offers.
This was a bad state for the market for the average consumer as sellers were losing equity in their homes and financed buyers were losing their ability to compete.
As time has passed, lending practices have balanced out with more checks and balances and the inventory is starting to average out.
What does this mean if you are a prospective buyer in Pinellas County?
Because the economy is widely accepted to be growing and healthy, interest rates have been rising and buyers face the choice of being subjected to higher mortgages if the economy stays on course.
There have been no signs that the Pinellas housing market is shifting direction in prices even though it appears it’s starting to cool down and balance out from double digit growth.
Buyers choosing to wait risk setting themselves up for higher interest rates that could results in $1000’s of dollars more over the life of the loan.
We’ve discussed this on our site many times that there is a trend of people moving to Florida escaping cold climates and moving to an environment that offers lower taxes and a hospitable environment to small businesses for growth.
If you are on the fence about purchasing a home in Pinellas County, we would be happy to sit down with you and discuss your options.(Contact Us)
What does this mean if you are a prospective seller in Pinellas County?
Depending on how long you’ve owned your home, it’s likely it’s appreciated since you purchased. (Find Out Your Home Value Here)
Because it’s still considered to be a seller’s market, you can use the equity in your home to make you more competitive if you decide to upgrade. The higher the price point of the home, the less competitive the market is for buyers.
There’s a variety of choices you have open to you as a seller in Pinellas County. We would love to sit down and discuss all your options.(Schedule A No-Obligation Consultation)
Recommended Articles Of The Month:
For this update, we’ll highlight some must-reads we’ve written:
Old Northeast Charm – Old Northeast is one of the most celebrated communities in St Petersburg, Florida. A neighborhood that borders downtown St Pete and the water, it features historic homes and has a very active neighborhood organization.
https://www.727team.com/top-8-reasons-to-move-to-the-old-northeast-neighborhood-st-pete-florida/
Living In And Near St Pete – There’s a lot of beautiful areas to live both in and out of St Pete. In this article, we focus on 8 areas that could capture your heart!
https://www.727team.com/top-8-places-to-live-near-st-pete-florida/
Real Estate Local News:
Here are some local news stories you may enjoy!
Mortgage Rates November – There was a slight raise in mortgage rates and this article gives a great breakdown on how it effects your purchasing power.
https://www.bankrate.com/mortgages/rates/mortgage-rates-for-wednesday-november-7/
10 Facts About Pinellas County – More than just a beach area, Pinellas County has a very interesting history!
http://alphalimousines.com/blog/10-facts-pinellas-county-florida-way-just-beach/
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