Florida Real Estate in Pinellas County: 90-Day Trend Analysis

As we dive deeper into the Florida real estate market, specifically Pinellas County, it’s essential to understand the evolving trends that are shaping the local market. Looking at the 90-day trend, we can see some key movements that provide insight into buyer and seller behaviors. Let’s take a closer look at the numbers and what they mean for both buyers and sellers in the area.

Total Closed Sales: A Dip in Activity

In the past 90 days, the average number of total closed sales per month has been 1,067, reflecting a 13% decline. This downward trend signals a slight cooling in the market compared to previous months. Fewer homes are changing hands, which could indicate that potential buyers are more cautious or that there are fewer properties available to choose from.

Total Pending Sales: A Positive Bump

On the flip side, total pending sales have seen a slight uptick of 2%, with an average of 1,448 pending sales each month. This shows that while the total number of closed sales has decreased, more homes are entering contract and likely to close in the near future. For sellers, this is encouraging news as pending sales suggest continued buyer interest and potential future market activity.

Total Active Listings: Fewer Homes Available

The average number of active listings has decreased by 6%, bringing the monthly average down to 5,970. This decline in active inventory suggests a tightening of the market, which can be a double-edged sword. Buyers may face more competition for available properties, while sellers might see higher demand for the homes they have listed, given the reduced options available.

Months of Inventory: Market Becoming More Competitive

With just 5 months of inventory on the market, this metric is up by 20%. This indicates that homes are being absorbed more quickly, and we are seeing a slight shift toward a more balanced or even seller-favored market. With fewer homes available, it’s a reminder to buyers to act fast, as the inventory is moving at a quicker pace.

Days on Market: Slight Increase

Homes are spending an average of 62 days on the market, which has seen a 2% increase over the past few months. While homes are still selling at a relatively good pace, this slight uptick could suggest that buyers are being more selective or that pricing is being adjusted to meet current market expectations.

Sale Price to List Price: A Consistent Ratio

On average, homes are selling for 94% of their list price, which is relatively consistent and shows that sellers are receiving close to their asking prices. This ratio suggests that while there might be some room for negotiation, homes are generally priced right for the market, with some potential for minor adjustments based on individual circumstances.

Conclusion: What This Means for Buyers and Sellers

Pinellas County’s real estate market is currently experiencing some mixed signals. For sellers, the decline in inventory and the slight uptick in pending sales could signal a favorable time to list, especially if homes are priced correctly. Buyers may face stiff competition, but with inventory down and days on market creeping up, there are still opportunities for negotiating deals.

As we move forward into 2025, it will be interesting to see how these trends evolve and whether they stabilize or continue to shift in one direction. Whether you’re looking to buy or sell in Pinellas County, it’s crucial to stay informed about the market’s movements and trends to make the best decisions in a dynamic and competitive environment.

Stay tuned for more updates, and be sure to connect with local real estate professionals to navigate these market trends effectively!