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The Pinellas County Real Estate Market Update For June 2017
Summer is here and the Pinellas County real estate market is heating up! For the past few years it’s been a sellers’ market and that is only more apparent as inventory continues to shrink and prices rise.
In June 2016, the average sales price for a home in Pinellas County was $259,162. Fast forward one year later to June 2017 and that number has jumped to $291,015. With a 11.58% increase in average sales price, sellers are cashing in on the major appreciation in the area.
The average days on the market has also dropped in 1 year from 75 days to 60 days. If you’ve been a buyer in today’s market, you know the competition is very fierce especially for the best homes.
It can be easy to get lost in the shuffle so if you are starting to look, make sure you work with great experienced realtors that study the Pinellas County market. We are happy to be your resource and provide you the knowledge you’ll need to stay competitive and make informed decisions.
One very important thing to note is how significant the inventory has dropped. In June 2017 there were 5365 residential properties for sale on the market. 1 Year before, it was 7,100 active residential listings in the county. That’s a lot less residential properties!
The Good News For Both Buyers And Sellers
If you’re a seller, the chances are good you’ve built up some significant equity in your home since last year. Also if you are looking to upgrade to a more expensive and better home, the goods new is the higher the price point, the less competition there is.
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If you plan on buying here it’s important to consider why this area is booming. Pinellas County is the most densely populated county in the state of Florida. It’s extremely popular and the Tampa Bay Area in general has been on the national radar for great places to buy.
So many people believe in this area, and because of the limited land it’s likely to continue to get more expensive over time. With rental rates rising, you’ll want to ask yourself if you want to carve out a piece of your own of this tropical paradise.
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(all data current as of 7/4/2020)
Listing information deemed reliable but not guaranteed. Read full disclaimer.