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June 2024: St Petersburg Market Update

The market makes a slight move in the buyer's favor...


For St Petersburg and surrounding areas, the housing market is taking steps in the buyer's direction. We have seen more homes get listed over the last 30 days giving buyers more options and opportunities. However, the total amount of inventory is still less than what is generally considered a balanced market. For single-family home buyers, I am seeing those who do their research and can act quickly find good opportunities. For townhomes and condos, we are seeing the market is strongly in the buyer's favor, as the supply continues to increase but the demand has not risen along with it.


A couple of things to keep in mind...


96% inventory increase - The number of homes listed for sale over the last month compared to the same month last year increased by 96%. This may seem like a dramatic increase but last year we were looking at a historically low number of listings. So really we are still rebounding from crazy low inventory.

8.6% fewer townhomes and condos sold - When compared to the same month last year 8.6% fewer townhomes and condos sold. This compares to single-family homes where we have seen an increase of 22% more closings when compared to last year.

Want to know how to pay less in property tax? - Many new Florida homeowners forget to file for the homestead exemption. Don't be one of these people! This a simple form you file after closing that gets you a discount on the property taxes of your primary residences. This does not apply to investment properties or second homes. But for your primary residence, make sure you are taking advantage of this discount!

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Here is a 30-day snapshot of a few St. Pete areas:


Indian Rocks Beach Map

INDIAN ROCKS BEACH


Active Statistics

Active Listings: 82

Pending Listings: 23

Avg. Days on Market: 99

Avg. Listing Price: $1,213,153

Avg. Listing Price per sq.ft: $678


Sold Statistics

Total Sold: 20

Avg. Sold Price: $1,059,539

Avg. Sold Price per sq.ft: $615


Madeira Beach Map

MADEIRA BEACH


Active Statistics

Active Listings: 132

Pending Listings: 38

Avg. Days on Market: 111

Avg. Listing Price: $995,001

Avg. Listing Price per sq.ft: $717


Sold Statistics

Total Sold: 19

Avg. Sold Price: $879,949

Avg. Sold Price per sq.ft: $667


Gulfport Map

GULFPORT


Active Statistics

Active Listings: 64

Pending Listings: 26

Avg. Days on Market: 69

Avg. Listing Price: $425,917

Avg. Listing Price per sq.ft: $333


Sold Statistics

Total Sold: 19

Avg. Sold Price: $377,000

Avg. Sold Price per sq.ft: $354


Want info on a specific neighborhood? Email me at ao@aaronoetting.com and I will send it over!

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