Here are the lastest Pinellas County real estate stats for May 2022. Despite what the media tells you, real estate is LOCAL and every real estate market is different. What’s going on in Georgia or Idaho or California ISN’T what is happening here.
Average sale price on Single Family Homes is UP $30,000 from $583K the prior month, but average condo price stayed about the same. Inventory (number of homes available) has increased slightly which is good news for buyers who keep getting beat out when bidding on homes. We went from .9 months last month to 1 month this month. Still very much a Seller’s market but more inventory was desperately needed so this is a good thing. Number of closed sales is UP from last month on SFH’s but about the same on condos. Dollar volume and Median are also slightly up. Please don’t believe the news who is saying the real estate market is crashing. It isn’t from where I’m sitting…
On to Hillsborough County… here Average and Median Sale price grew as well from $518,000 average sale price last month up to $544,000 this month, and inventory also ticked up to 1 month supply. It’s pretty bad when we Realtors are excited we have a full month’s supply again! Woo hoo! But to put it into real perspective, a “balanced” real estate market is 5-7 months of inventory, and above 7 months is considered a Buyer’s Market. So we are still well in Seller’s Market territory. So for all those waiting for the market to “crash” – it isn’t likely anytime soon. It’s simply supply and demand. We have way too much demand and not a lot of supply.
In the Hillsborough County condos and townhomes numbers – more of the same. Closed sales are up, average sales price is up, as is median sale price and just a smidge more inventory. Do you have questions about the local real estate market? Please feel free to reach out any time.