Pasco County Florida Current Market Report

Pasco County Real Estate Market Update: January 2025 vs. Last Summer

The real estate market in Pasco County, Florida, has experienced some notable shifts over the past 90 days, reflecting broader trends in the housing sector. As of January 28, 2025, the local market statistics show a clear contrast to the peak summer months of 2024. Let’s dive into the key trends and what they mean for both buyers and sellers in Pasco County.

1. Closed Sales: A 20% Drop

In the last 90 days, there have been 672 closed sales in Pasco County. This is a significant decrease—down by 20% compared to the summer months of 2024. This decline in closed sales indicates that fewer homes are being sold, likely due to factors such as rising mortgage rates or buyers being more cautious in the face of economic uncertainty. Sellers may need to adjust their expectations and be mindful of the current market dynamics.

2. Pending Sales: A Smaller 8% Dip

While closed sales have taken a hit, pending sales, which represent homes under contract but not yet closed, are down by a smaller 8%. With 911 homes currently pending sale, this indicates that there is still some buyer activity in Pasco County, although the pace has slowed compared to last summer. Buyers who are still actively searching may be facing increased competition in some price ranges.

3. Active Listings: A 7% Decrease

There are currently 3,404 active listings in Pasco County, marking a 7% decrease in inventory from the summer. While the market has fewer homes available for sale, this isn’t as sharp a drop as some of the other metrics. Buyers who are still looking will need to act quickly when a desirable property comes on the market, as the supply of homes remains relatively limited.

4. Month of Inventory: Holding Steady at 4

The month of inventory, a key indicator of market balance, is currently at 4 months. This means that if no new listings were added, it would take 4 months for all active listings to sell. For comparison, a balanced market typically has between 5 to 6 months of inventory. With 4 months of inventory, the market is still leaning toward a seller’s market, though not as tightly as during the height of the summer.

5. Average Days on the Market: 59 Days

The average days on the market have increased to 59 days, up 7% from last summer. This suggests that homes are taking longer to sell, likely due to less urgency among buyers and a more cautious approach to purchasing. Sellers may need to be more patient, and pricing strategy will play a critical role in how quickly a home sells.

6. Sale Price to List Price Ratio: 95%

Homes in Pasco County are currently selling for 95% of their list price. This is an indicator that while homes are still selling relatively close to their asking prices, there is some room for negotiation compared to the competitive summer months, when homes may have sold closer to or even above their listing price.

What Does This Mean for Buyers and Sellers?

For buyers, the market in Pasco County is still favorable in some ways. Fewer homes are selling, and prices are generally more negotiable. However, inventory is still relatively low, meaning buyers may face competition for the best properties. Patience and persistence will be key in finding the right home at the right price.

For sellers, the current market requires more flexibility. While it’s still a seller’s market with only 4 months of inventory, homes are taking longer to sell and are often selling below asking price. Sellers should focus on realistic pricing and ensure their homes are in top condition to attract the right buyers.

Conclusion

Overall, Pasco County’s real estate market as of January 2025 is seeing a cooling trend compared to last summer. With fewer sales, slightly longer days on the market, and more room for price negotiations, both buyers and sellers need to approach the market with a careful strategy. Whether you’re looking to buy or sell, it’s important to stay informed and work with a local expert who can help you navigate this shifting market.

Have questions about the Pasco County market or need advice on buying or selling your home? Feel free to reach out—I’m here to help! John Keller, Realtor.

June 2024 County Real Estate Market Report