Coastal Real Estate Market Summary Pinellas Beaches All Residential Properties
Condos – Homes – Townhomes – 1 to 4 Units
Waterfront and Non Waterfront
St. Pete Beach – Treasure Island – Madeira Beach – Redington Beaches – Indian Shores – Indian Rocks Beach
In all my years in the Real Estate business I’ve seen many market changes, but I think you’ll agree: 2020 is in a class all by itself. It was a strange combination of unforeseen events taking place in a contentious election year. For some perspective, consider a comparison of the 2019 & 2020 markets for our beach communities here in Pinellas County.
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 changes. Most of the deals in escrow close in March but closings take a nose dive in April and May as buyers cancel, sellers withdraw from the market and lenders tighten 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 in spite of record low mortgage rates.
Number of Sales for the year net increase of 20%
4th Quarter year over year increase in Average Sales Price of 12%
These trends continued through year end. Supply shrank as sellers decided stay put while many owners chose to re-finance at historically low rates. Coming in to 2021 supply remains short, mortgage rates are low and buyers need to be prepared to act fast on fairly priced properties.
Compiled from Stellar MLS including: Condos – Homes – Townhomes – 1 to 4 Units, Gulf Front, Bay Front and Off Water
St. Pete Beach – Treasure Island – Madeira Beach – Redington Beach—North Redington—Redington Shores – Indian Shores – Indian Rocks Beach