Are There More Homes Coming onto the Pinellas County Housing Market?Wondering what's going on in the Tampa Bay real estate market after reading daily headlines about a possible recession, real
Are There More Homes Coming Onto The Pinellas County Housing Market
Dated: May 16 2022
Are There More Homes Coming onto the Pinellas County Housing Market?
Wondering what's going on in the Tampa Bay real estate market after reading daily headlines about a possible recession, real estate bubble, and predictions of sinking prices thanks to interest rate increases? We don't blame you! We've pulled the local real estate stats for Pinellas County and are here to break down what's going on with home prices, inventory, and more in our local market. Keep reading to find out more...
According to a recent survey from the National Association of Realtors (NAR), one of the top challenges buyers face in today’s housing market is finding a home that meets their needs. That’s largely because the inventory of homes for sale in Tampa Bay and around much of the country is so low today.
If you’re looking to buy a home, you may have noticed this yourself. But there is good news. Recent data shows more sellers are listing their houses this season, which may give you more options when it comes to your home search.
Early Signs Inventory May Be Growing
The latest data from thePinellas Suncoast MLS shows the number of residential home listings coming onto the market, known in the industry as “new listings,” has increased since the start of 2022 (see graph below):
This graph above clearly shows that more sellers are listing their homes for sale in Pinellas County, Florida as 2022 progresses. And according to realtor.com, this growth is expected to continue in many areas of the United States. Their research finds the majority of potential sellers plan to list their homes over the next 6 months. Realtor.com says:
“. . . markets may see a noticeable bump in the number of homes for sale as we move through spring and into summer. A majority of homeowners planning to sell this year indicated that they aim to list in the next six months, with almost 10% having already placed their properties on the market.”
Homes Are Still Selling Quickly
But while new listings are increasing in Pinellas County, FL, it’s important to know they’re also still selling quickly. Despite the growing inventory, our area wouldn't be considered a 'Buyer's Market' unless our housing inventory increased by 6 or 7 times MORE than what we currently have. If anything, the trickle of increased housing inventory is simply giving buyers a little more to choose from. The latest stats we pulled from the Pinellas Suncoast MLS shows the average days on market for recently sold homes since the beginning of 2022 (see chart below) has actually continued to DECREASE, meaning homes are selling faster than they were before. Sellers also continue to get TOP DOLLAR for the best homes, with the average residential property selling for 100% of the original listing price in Pinellas County in 2022.
As you can see in the chart below, the time on market has steadily decreased month-over-month in 2022. That means homes are selling even faster than they did the previous month:
What That Means for You
While a low-inventory housing market is difficult to navigate as a buyer, there is hope. The growing number of new listings and the expectation more sellers will list their homes in the coming months is great news if you’ve had a hard time finding a home that fits your needs. Just remember, those new listings are still going fast. That means you’ll want to keep your foot on the gas and be ready to act if you find a home you love this season in Pinellas County, FL and beyond.
As your local Real Estate Agents, our team can help you stay on top of the latest listings and housing trends in Pinellas County and the Greater Tampa Bay area of Florida so you can find the home that’s right for you and submit your strongest offer as quickly as possible.
If you’ve been having a hard time finding your dream home, stick with your search. More options are coming to market and your ideal home could be one of them. If you've been thinking of selling your home, now is a great time to let us help you get it on the market before housing inventory grows even more (aka the competition).
Let’s connect today so you can stay up to date on the latest listings in our market and so you can be ready to move fast when you find the one that’s right for you. Call us at (727) 400-3315 or Message Us Here.
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Andrea is the Managing Partner of The Sandy Hartmann Group and runs the team alongside Sandy Hartmann. She would love to talk to you about real estate! Andrea was born and raised in the Tampa Bay a....
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