The holding pattern continues.
We are about to go a little deep with the numbers for a moment so just hang with me and I will break down where I think we are. We currently have a 3.8-month supply of single-family homes in St. Petersburg, Florida. For context, a six-month supply is considered an even buyer/seller market. At one point in 2021/2022, we were at less than one month. The median home price in St Petersburg for the last 30 days was $475,000 (up from last year). The average day-to-contract is 29 days and the average time to close is 67 days.
What these numbers are saying to me is that we are returning to a more balanced housing market after a pretty wild ride the last few years. But what I think the numbers leave out is the way people are feeling. A lot of people I talk to about real estate are waiting. This is both buyers and sellers. There seems to be a very large group of people that are waiting for something. What this something is I am not sure. Are they waiting for looming rate drops, the election, or something else? I am not sure. But what I do suspect is that sometime in the next year we are going to see transaction volume spike upwards sharply. Something is going to shift and everyone is collectively going to decide now is the time to buy or sell. What happens to prices will largely depend on the ratio of homes that come on the market vs new buyers. But I think we are in for at least one more post-COVID wild ride in the housing market.
A couple of things to keep in mind...
5% appreciation - The average home in St. Petersburg has appreciated 5% in the last year. The US historical average is 3%.
Don't wait too long to buy a condo or townhome - I know I have been saying this for a few months but the condo market in St. Petersburg is in a nose dive and deeply in the buyer's favor. How long will this last? I have no idea. But I do know it will not last forever.
Shop around for a lender before making an offer - Lenders can make you feel like you have to go with them after starting the process. But the truth is until you have a house under contract it's not a big deal to change lenders. Especially in a world where rates are jumping around you should be calling at least three lenders to find the best rate.
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Here is a 30-day snapshot of a few St. Petersburg areas:
INDIAN ROCKS BEACH
Active Statistics
Active Listings: 82
Pending Listings: 12
Avg. Days on Market: 116
Avg. Listing Price: $1,276,000
Avg. Listing Price per sq.ft: $715
Sold Statistics
Total Sold: 11
Avg. Sold Price: $1,100,000
Avg. Sold Price per sq.ft: $724
MADEIRA BEACH
Active Statistics
Active Listings: 133
Pending Listings: 27
Avg. Days on Market: 151
Avg. Listing Price: $928,000
Avg. Listing Price per sq.ft: $682
Sold Statistics
Total Sold: 6
Avg. Sold Price: $779,000
Avg. Sold Price per sq.ft: $569
GULFPORT
Active Statistics
Active Listings: 68
Pending Listings: 15
Avg. Days on Market: 78
Avg. Listing Price: $474,000
Avg. Listing Price per sq.ft: $341
Sold Statistics
Total Sold: 8
Avg. Sold Price: $398,000
Avg. Sold Price per sq.ft: $335
Want info on a specific neighborhood? Email me at ao@aaronoetting.com and I will send it over!
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