Median prices of Gulf Front Condos in Pinellas County continued to climb this year and seem to have peaked in May. We have seen a flattening in the market this summer and a 3.4% decline in the median sale price from June to July. In spite of this, prices remained 25% higher this July compared to July of 2021.
Number of Units Sold
The number of units sold in 2022 is down 34% year over year. Buyers have a bit more to choose from this summer as more sellers list units for sale but supply is still short. The increase of supply along with a moderation of prices indicates we may be headed toward a more balanced market.
73% of all Gulf Front Condo
sales year to date have been cash.
Mortgage Rates Jump Up
The 30-year fixed-rate went back up to well over five percent this week, a reminder that recent volatility remains persistent. Although rates continue to fluctuate, recent data suggest that the housing market is stabilizing as it transitions from the surge of activity during the pandemic to a more balanced market. Declines in purchase demand continue to diminish while supply remains fairly tight
