Seminole City Center Is Creating A Hot Real Estate Market In Seminole, FL

August 9, 2018 by The727Team

What Is Seminole City Center

Seminole City Center is a growing outdoor mall that rose from the ashes of the Old Seminole Mall that had largely been abandoned by many companies. Opening in 2017, Seminole City Center revitalized the small Seminole community creating a center-point for growth and commerce. 

Even the mall’s slogan is “at the center of it all.” The mall features a variety of restaurants and stores bringing more trendy options to the area.

What’s interesting is the mall is creating growing demand for a city that was previously passed by for other cities with more options.

As of August 2018 the mall is very much in it’s infancy and will be for years to come. This is a good sign because the mall has the ability to continue to solicit new brands and also allow the people of the community to establish what they want with their purchasing power.

The Seminole, FL Hot Real Estate Market

Location, trends, and buyer demand all drive a hot real estate market. As of August 2018 the demand for real estate in Pinellas County is on fire especially in cities that have embraced the increased interest in the area. We’ve noticed cities like St Pete (building new infrastructure, the redesign of the pier, etc.) and Seminole (establishment and growth of the mall) are preparing for the influx of out-of-state people coming to the area.

The house flipping market has been growing since the recession. A couple of years ago after the announcement of the mall it really started to pick up in Seminole. This is a healthy part of growth because nicer homes can help raise property values if the trend continues. With many of the homes in the area being block construction built in the 50’s and 60’s, there’s plenty of ways a home flipper can update and open up a home.

 

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Seminole, FL Real Estate Stats

Let’s look into the stats to see more of what’s happening in this market.

The stat above reflects 2,900 Seminole, FL residential listings that have been on the Multiple Listing Service from January 2013 to July 2018.  To keep things simple, let’s take the month of July over the past 5 years.

July 2013 – 136 Homes

July 2014 – 159 Homes

July 2015 – 190 Homes

July 2016 – 155 Homes

July 2017 – 97 Homes

July 2018 – 99 Homes

What’s most interesting about the stat above is the inventory was actually increasing from 2013 to 2015. However that started to change drastically with the announcement of the mall, the increased demand in the area and people deciding to stay in their homes.

So now that we know what’s happening with the inventory in Seminole, what’s happening with the prices?

The stat above reflects 4,572 Seminole, FL residential listings that have sold on the Multiple Listing Service from 2008 to 2018.  Let’s break it down!

2008 Average Sales Price – $162,788

2009 Average Sales Price- $152,991

2010 Average Sales Price – $126,354

2011 Average Sales Price – $125,926

2012 Average Sales Price – $124,847

2013 Average Sales Price – $137,971

2014 Average Sales Price- $158,193

2015 Average Sales Price – $184,132

2016 Average Sales Price – $199,395

2017 Average Sales Price – $214,697

2018 Average Sales Price – $212,600

Prices fluctuate based on the type of homes being sold and their price points.  For example, let’s say in year 1 (100 houses sold and 20% were high price point houses at 500k+) it would have an effect on the average overall price compared to year 2 (100 houses sold and only 5% were high price point homes at 500k+).

So when you look at average sales price for a small market such as Seminole, it’s best to take this into consideration.  As you can see from the stats above there was a decrease after the 2008 recession and it didn’t start picking back up till 2013.

The 2017 and 2018 levels are very similar and it’s not uncommon for price points to appear the same after big run-ups. What’s interesting is on the ground level, we are experiencing something a little different. We’ve noticed that the atmosphere has been more competitive, the inventory is low and when comparing similar style homes (Bed/Bath count, square feet, etc.) in individual neighborhoods on average they are selling for more in 2018 than 2017.

I went into detail about my purchase of my home in 2017 in Ridgewood Groves here and I noticed that homes similar to my layout were selling on average 10-11% higher in 2018 than they were in 2017.

Ridgewood Groves - Seminole, Florida

In Conclusion

Seminole, Fl is a hot market because of all the driving forces that are helping to grow and strengthen our community.

Real estate is about location and Seminole offers close proximity to the beach, modern conveniences, great schools and much more!

Do you want to be the first to receive updates when new homes come on the market in Seminole or any other city? Sign up for our MLS search and let us know what homes you want sent to you! If you have any specific questions for us, feel free to reach out to us anytime. Thanks for reading and enjoy your day!




Looking to schedule a consultation and learn more about the area? Send us an email at the727team@gmail.com or give Ryan a call at 727-777-3797

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(all data current as of 3/22/2019)

Listing information deemed reliable but not guaranteed. Read full disclaimer.