The beginning of the aftermath...
It has been over six weeks since hurricanes Milton and Helene left their marks on our beloved city. Big picture? The market is very slow. It is neither a buyer's nor a seller's market due to the overall volume of transactions being so low. I will say, tangentially, every agent I know is hearing their buyers say they are holding off for one reason or another. My read is there is a lot of buying pressure that is being suppressed and, at some point, it is going to come pouring out. Maybe it will be an interest rate drop, post-holiday free time, or something else that triggers buyers to come back to the market and, when they do, it will be en masse.
As far as listings go, non-flood zones are business as usual. There has been a slight tick-up of days on the market from before the hurricane, but nothing crazy. In flood zone areas, we are starting to see rehabbed properties listed for sale in St. Petersburg proper. However, in small beach towns like Treasure Island and Madiera Beach, the permit process has been moving slowly and therefore the rebuilding has been moving slowly. Hopefully, we will see this backlog get cleared up soon.
A couple of things to keep in mind...
December 18th - This is the date of the next Fed interest rate announcement. Most agencies are predicting a small drop in rates. But if it is anything like the last drop, lenders will have already priced them by the time the announcement is made.
December 1st - This is the date when milestone assessment, repairs, and savings are no longer optional for multi-family buildings over two stories. This should be the last push in massive condo HOA price jumps. Over the next few years, the fees will start to level out with fewer wild jumps like we have been seeing.
Oct 1st - As of this date, all homes sold in the state of Florida now require a seller's flood disclosure form. This is a legal document where the sellers must state any known flooding that has occurred on the property. This was not done in response to the hurricanes but could not have happened at a better time!
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Here is a 30-day snapshot of a few St. Petersburg areas:
INDIAN ROCKS BEACH
Active Statistics
Active Listings: 55
Pending Listings: 12
Avg. Days on Market: 127
Avg. Listing Price: $1,105,000
Avg. Listing Price per sq.ft: $700
Sold Statistics
Total Sold: 13
Avg. Sold Price: $850,000
Avg. Sold Price per sq.ft: $680
MADEIRA BEACH
Active Statistics
Active Listings: 89
Pending Listings: 32
Avg. Days on Market: 98
Avg. Listing Price: $986,000
Avg. Listing Price per sq.ft: $593
Sold Statistics
Total Sold: 8
Avg. Sold Price: $859,000
Avg. Sold Price per sq.ft: $613
GULFPORT
Active Statistics
Active Listings: 71
Pending Listings: 18
Avg. Days on Market: 89
Avg. Listing Price: $498,000
Avg. Listing Price per sq.ft: $349
Sold Statistics
Total Sold: 15
Avg. Sold Price: $395,000
Avg. Sold Price per sq.ft: $353
Want info on a specific neighborhood? Email me at ao@aaronoetting.com and I will send it over!