December 2019 was a Busy Month for Real Estate in Pinellas County!As expected, the market remained strong through the end of 2019 and 2020 is showing signs of continuing the trends we’re seeing
The December 2019 Real Estate Stats For Pinellas County
December 2019 was a Busy Month for Real Estate in Pinellas County!
As expected, the market remained strong through the end of 2019 and 2020 is showing signs of continuing the trends we’re seeing when it comes to high demand for housing and lower than ideal levels of housing inventory in the Tampa Bay area.
Check Out the Highlights Below:
Closed Single Family Home sales jumped +19.5% in December, representing the largest increase in year over year sales in 2019.
Cash transactions increased +26.3%, indicating that the average home buyer had to compete with more investors in December 2019 than in 2018 at the same time.
The median sales price increased +8.4% to $271,000 in Pinellas County.
The Absorption Rate for Pinellas County in December was 52%, falling behind only the month of May in the year 2019 as the highest rate recorded. This number indicates homes are selling faster than normal, which can be a sign of a strong seller’s market. (A low absorption rate means homes are selling slowly, a high absorption rate means they are selling quickly)
The largest increase in the number of closed sales occurred in the $250k-$299k and the $400k-$599k price points, which both saw increases of 47.5% in the month of December!
The condo and townhouse market remained relatively the same in December 2019 vs December 2018 when it came to closed sales, with inventory down -18.2%. The median sale price was just shy of +2% higher. The median time to contract (the time it takes for a listing to go under contract with a buyer) jumped +78.9% to 34 days from 19 days last year, indicating that condos and townhouses were selling slower in December. This could be due to the mix of properties available as buyers wait for new construction units to be completed vs purchasing an older unit in need of updating.
So what does this mean for the 2020 Real Estate Market? We currently are seeing the same trends! Our newest listings are selling in a matter of days, due to the continued inventory problem. Builders are scooping up land and development sites as fast as they can get them, and we have a HUGE list of buyers looking for homes. If you've been thinking about selling a home, NOW is a great time to do it! You'll likely get TOP dollar and many interested buyers. As for home buyers, interest rates remain low, giving you the best opportunity to purchase a home with a great mortgage rate!
To see the FULL VERSION of the Pinellas County December 2019 Real Estate Stats, CLICK HERE.
As for The Sandy Hartmann Group, we have a lot to celebrate!
We finished up 2019 with over 170 closings and over $58M in sales volume! We’re currently ranked #10 out of 6600 OTHER AGENTS in Pinellas County (something we are extremely proud of!). As for our own stats, we remain #1 in the City of Seminole (for over a decade now), hold the title as the #1 Keller Williams Team in the 33708 zip code (think Madeira and Redington Beach areas), were ranked as one of the TOP 3 real estate Groups in North Florida, and are ranked in the Top 10 in the City of Largo!
THANK YOU to everyone who helped us grow in 2019!
We’ve set some hefty goals for 2020 and would love to earn your referrals to friends & family as we continue our path to even more success in the Tampa Bay Area!
Andrea is the Managing Partner of The Sandy Hartmann Group. She is a licensed Realtor with over 15 years of Marketing and Finance experience, holding a degree in both Finance and International Busines....
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