The numbers are up!! The number of closings, the median sales price, and the number of cash buyers has increased in the Tampa Bay county of Pinellas, Florida. The median sales price of single family homes has increased $7000 from last month alone and it is a 9.8 % increase from last year at this time. The average sales price for a single family home is now $204,598 and the sellers on average are receiving 93% of asking price with some properties receiving multiple offers within hours. Over 45% are all cash purchases too. The medium sales price for condos/townhomes is up $9000 from last month and an increase of 21.8% from last year. The average sales price for condos & townhomes is now$155,515 with over 75% of those sales being all cash. Sellers are receiving on average 91% of asking price with many properties receiving multiple offers and some receiving over asking price. By the way, less than 1/5 of all sales were short sales, foreclosures or bank owned REO’s. The amount of inventory for sale is now only a 4 month supply. It is no longer a buyer’s market in our area which includes Clearwater, Madeira Beach, St Pete Beach, Treasure Island, Tierra Verde to St Petersburg.
So if you are thinking of selling your home in the near future, now might be one of the best times to do so. Buyers are ready to buy and are having to revise their wish lists of what they want in a home because of the lack of inventory. For sellers that means less competition and quicker sales if you price it correctly. It is so nice to see the market steadily increasing over the last year. So come on down to sunny St Pete, where we average 361 days of sunshine, hence the nickname of “The Sunshine City”. We were located on a peninsula between the Tampa Bay and the Gulf Mexico. Life on or near the water is the best!!