In the first quarter of 2020 sales volume was trending up accompanied by a softening of prices. The World Health Organization declares Covid-19 a Pandemic on March 11th and everything changed.
Most of the deals in escrow close in March but closings took a nose dive in April and May as buyers canceled, sellers withdrew from the market and lenders tightened underwriting guidelines.
In June the market hits an inflection point and begins to make up for lost time. The market experiences a sharp increase in volume and average selling price, exceeding Pre-Pandemic levels with 40% of buyers paying cash.
These trends continued through year end as supply shrank, some sellers decide stay put while many choose to re-finance at historically low rates.
Bottom Line
Number of Sales
year over year
net increase of 20%
4th Quarter year over year
increase in Average
Sales Price of 12%
Pinellas Beaches
All Residential Condos – Homes – Townhomes – 1 to 4 Units On and Off Water St. Pete Beach – Treasure Island – Madeira Beach Redington Beaches – Indian Shores – Indian Rocks Beach
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Coming in to 2021 supply remainsshort, mortgage rates are low and buyers need to be prepared to act fast on fairly priced properties.
