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.
The stats below reflect the average days on market for properties in Pinellas County over the past 5 years (159,598 listings).
Time frame is from January 2013 to August 2018
Property Type: All
County is ‘Pinellas’
Results calculated from 159,598 listings
In January of 2013 the average time on the market was 95 days vs August 2018 being 54 days.
What’s interesting about this data is it’s an accumulation of all property types and includes listings that were overpriced.
The data shows that properties are going off the market much quicker today than they were 5 years ago, but what does it really look like on the ground floor?
To analyze this data, I would like to divide this into 3 sections of how we see the market:
Price Range: $100,000 – $250,000 (Sellers Market)
This is the phrase we keep hearing over and over. It’s a Seller’s Market, and while this may be true, a lot of it depends on location and property type. The most competitive properties are Single Family Homes that are in decent condition in the price range of $100,000 – $250,000.
Why is this? Inventory is very low and because the price range is accessible to most buyers, the competition is fierce. This isn’t meant to discourage you if you’re in the market but to better prepare you. Having your pre-approval or loan commitment ready, making sure you are available to see homes that may go under contract the 1st day on the market, and working on a strategy with our team can help you compete in those competitive and often multiple-offer situations.
Price Range: $300,000 – $450,000 (Neutral Market)
Unlike the market above where many properties go under contract anywhere from 1-7 days on the market if they are priced right, this market tends to give a little bit more time.
This market feels more like a balanced market between buyers and sellers. While there isn’t a massive amount of listings popping up in this market, it’s more common to see 30-60 day time-frames on the market.
This gives a little more leverage in the buyers direction because often times they aren’t racing against the clock. However, sellers who are in very desirable areas can still command strong prices for their homes in this market.
Price Range: $450,000 and up (Buyers Market)
Yes, a buyers market still exists. If you are looking to buy at $450,000 and up, you are at an advantage. Inventory in this price range tends to sit at 60-120 days but it all depends on the individual property.
Because there are much fewer buyers in this price range, offers tend to come up less often. If a seller is dealing with a listing agent that’s not mass marketing their home to qualified buyers beyond the MLS, they could lose out on getting the most value for their home. (Check out what we do here for our listings)
If you have any questions, feel free to send us an email at the727team@gmail.com or use our contact form here.
Recommended Articles Of The Month:
We’ll recommend the best articles to you that were published since the last update.
Discover The Top 10 Nicest Neighborhoods In The Tampa Bay Area – The Tampa Bay market has had a lot of activities over the past 5 years. There are 1000’s of neighborhoods to choose from and we’ve put together a list highlighting some of the nicest in the area.
https://www.727team.com/top-10-nicest-neighborhoods-in-the-tampa-bay-area/
Assisting You In Relocating To Clearwater, Florida – Every year 100’s of people make Clearwater, FL their new home. We recognized the hunger for information, so we created a guide to help in the process.
https://www.727team.com/relocating-to-clearwater-florida/
Recognizing The Top 5 Nicest Neighborhoods In Clearwater, Florida – We put together a list of the nicest neighborhoods in Clearwater and Clearwater Beach, Florida! We took plenty of pictures too to give you a better visual on the area.
https://www.727team.com/top-5-nicest-neighborhoods-in-clearwater-florida/
The Mall – Seminole City Center Is Creating A Hot Real Estate Market In Seminole, FL – Have you ever noticed when areas get redeveloped or new amenities are introduced it creates more demand? This is exactly what’s happening in Seminole with the removal of the abandoned indoor mall and the introduction of the outdoor mall known as Seminole City Center.
https://www.727team.com/seminole-city-center-is-creating-a-hot-real-estate-market-in-seminole-fl/
Real Estate Local News:
Here are some local news stories you may enjoy!
Tampa Bay’s Home Prices Are More Affordable Than Orlando and Miami – In a growing market it’s easy to get sticker shock when it comes to home prices. Did you know the Tampa Bay Area home prices are more affordable than Orlando and Miami?
Interest Rates Update – Home interest rates are up from where they were last year. Take a look at the current status of interest rates across the country.
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