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The April 2022 Pinellas County Real Estate Stats
Dated: May 23 2022
The April 2022 Pinellas County Real Estate Stats
The April 2022 real estate stats for Pinellas County are in! Last month was another whirlwind month for many home sellers and buyers, despite the number of pending sales decreasing compared to the year before. Check out our breakdown below to find out what’s happening in our local real estate market and what you should be doing if you’re thinking about buying or selling a home right now.
The Single-Family Home Market
Closed Sales- Closed Sales in the single-family home market were down -19.4% compared to April 2021. While this may feel extreme, there are a few important factors to consider here…one being that inventory was down -9.2% the month before (March 2022), meaning there were less homes for buyers to purchase. The absorption rate (the speed at which homes are selling) also remains extremely high at 149%, meaning for every 100 homes listed last month, 149 sold. Lastly, the median sale price has JUMPED +25.7% since April 2021 from $350k to $440k.
Single-Family Home Prices- As mentioned above, the median sale price has a huge increase year over year last month. Sellers continue to get top dollar for their homes, with the best ones still getting multiple offers. The median single-family home sold for 101.4% of the original list price last month, meaning the majority of sellers continued to get offers over the asking price and did not have to give any discounts to get their homes sold.
Housing Inventory- Inventory in the single-family home market increased by +12.5% last month. Again, this may sound like a lot due to the double-digit increase, but in actuality, it’s only an increase of 264 more listings compared to this time last year. In a market strapped for housing inventory, that’s not saturating any areas or giving buyers too much to choose from in terms of housing options. Single-family home inventory still sits at LESS than a month’s worth of inventory available (.9 months vs .8 months last year at the same time).
Median Time to Contract- Homes are still selling quickly in our market, with the median home sitting on the market for just 6 days (the same as last year). In a market where homes are selling in less than a week, there’s no shortage of housing demand, even with rising mortgage interest rates.
Hottest Price Range- In Pinellas County, single-family homes in the $400k-$599k price range had the most closed sales last month, followed by the $300k-$399k price range.
The Condo/Townhouse Market
Closed Sales- Closed sales in the condo/townhouse market dropped by -24.1% last month, which similar to the single-family home market, can feel like an extreme drop. However, it’s important to note that active inventory in this market dropped a staggering -36.4% in March 2022, leaving buyers with far less inventory to purchase and close on in April 2022. When we have a large drop in inventory one month, the next month will likely have less closed sales. The median sale price continued to rise, with a +24.4% increase year over year.
Condo/Townhouse Prices- The median sale price increased from $225k to $280k year over year, showing no signs of price declines in April 2022. The median condo/townhouse in Pinellas County sold for 100% of the original list price last month, meaning the majority of sellers continued to collect top dollar for their properties, even with rising prices combined with rising mortgage interest rates.
Housing Inventory- After months of declines, inventory in the condo/townhouse market was flat (aka the same) year over year, sitting at less than 1 month (.9 months to be exact). While it’s good news whenever inventory doesn’t decline in our current market, buyers are still lacking the inventory they need. In a balanced housing market, there should be 5-6 months of inventory available. We are currently sitting on less than a month.
Median Time to Contract- Year over year, the median time to contract dropped -50% from 12 days in April 2021 to just 6 days in April 2022, meaning properties continue to go under contract in less than a week.
Hottest Price Range- The $200k-$249k price range AND the $300k-$399k price range tied for the hottest price point last month, both with 137 closed sales.
So What Does it all Mean?
While the headlines about rising interest rates, slowing sales, and inflation can feel overwhelming and likely frightening to homeowners and buyers alike, it’s important to dig into these stats to reveal the actual story for our local housing market vs. the country as a whole. By digging into these stats, it’s easy to see that demand remains high in Pinellas County, FL. Buyers are still strapped for good inventory and willing to pay over asking price for the best homes. There’s been no decline in prices and homes continue to sell quickly. While there is no guarantee the stats won’t change next month, all indicators point to an extremely strong housing market in Pinellas County, FL.
Buyers should be speaking to their lenders right now to ensure the rising mortgage rates haven’t changed their purchase budget, and if they have, they should be prepared with a new pre-approval letter so they are ready when they find the perfect house. As we know, sellers are only considering the best offers, which need to come complete with proof of funds and/or pre-approval letters up front to be considered in most cases.
Sellers should be paying attention to home values in their neighborhoods. In a market with high demand, but filled with fear, its EXTREMELY important not to overprice your home right now. Homes priced right continue to receive multiple offers and often sell at or above asking price. Overpriced homes will sit, giving buyers a reason to wonder if something is wrong with the property.
We recommend getting a free monthly estimate of your home’s value, so you can continue to track price trends in your neighborhood- get that by CLICKING HERE.
Have more questions about the Pinellas County real estate market? Feel free to call our skilled real estate team at (727) 400-3315 or message us directly HERE.
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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