Community NewsCompany NewsIndustry News December 28, 2020

Luxury Real Estate Trends in St. Petersburg

2020 has been anything but a regular year. And that holds true in the trends for real estate across the nation and here in Tampa-St. Pete. Luxury Real Estate Trends in St. Petersburg

 

Not the Usual in an Unusual 2020

Realtors know that home sales usually decline as we get closer to the end of the year. However, to add one more wrinkle to a crazy year, this September, sales rushed ahead of last year’s numbers, according to new figures released recently.

Despite nearly 11.5 million confirmed coronavirus cases in the U.S. and over 914,000 here in Florida, sales of single-family homes—as well as townhomes, condos, and co-ops—were 20.9% higher than last September, and 9.4% higher than August, according to the National Association of Realtors.

The real estate industry is continuing to move the national economy forward as the Association’s chief economist attributed the early fall strength to record-low interest rates and a large number of buyers in the marketplace in light of the greater flexibility to work from home.

 

Florida and Tampa-St. Pete Real Estate Trends

Tampa Bay’s local market followed this same trend as it moved beyond 2019’s sales numbers in September, according to new figures released by Florida Realtors.

The year-over-year increases in local counties included a 12% increase in Pinellas; Hillsborough by about 10%; Pasco 16%; and Hernando rose by 25%. That a big difference when compared to August where the local sales numbers looked to be trending steady or downward after a great summer. In fact, Hillsborough County’s figures were lower year-over-year.

As the inventory shortage continues, all active listings were down more than 40% in all four counties, making Tampa Bay’s shortage even more than the national average. As a result, prices were being quickly driven upward.

Pinellas’ September median sales price was the highest in the area was nearly 18% higher than the median price one year ago.

 

Luxury Home Trends

Remarkably in September, there was a 123% increase in the number of $1 million-plus homes that sold in Pinellas County. In Hillsborough County, sales in the $600,000 to $999,999 range saw a 105% increase.

It’s a seller’s market in the Tampa-St. Pete area. The median list price of a luxury home is $849,000, and the median sold price is September was $677,250.

Inventory from the Luxury Monthly Market Review had 571 new listings, with 165 luxury homes sold in an average of just 26 days on market.

 

Takeaway

It’s a great time to buy a luxury home in the Tampa-St. Pete area.

Since 1969, Smith & Associates has catered to the needs of our high-end clients, finding them luxury homes with beautiful amenities, like an expansive chef’s kitchen, a luxury pool and spa, and an elegant master bedroom suite.

We’ll help you find the perfect spot for you and your family in one of our luxury listings.

Stay connected on the latest trends—including local real estate market sales, interior design ideas, and other helpful information by reading the Smith & Associates blog.