Pinellas County Real Estate Market Update: Statistics from June 2023
Introduction: As we delve into the Pinellas County, FL real estate market, we find interesting patterns and changes that took place in June 2023. The data, sourced from Stellar MLS and calculated on July 10, 2023, provides us with valuable insights into new listings, pending sales, closed sales, median sold price, active listings, average days on the market, and average sold-to-original-list-price ratio.
Let's take a look at the highlights in June 2023.
1. New Listings: There were 1,908 new listings, representing a 1.8% decline from the previous month of May. New listings decreased by 20.2% from June 2022 to June 2023.
2. New Pendings: There were 1,891 new pending sales, a 4.2% decline from the previous month, May 2023. There was a 1% rise in new pendings from June 2022 to June 2023.
3. Closed Sales: A total of 1,789 transactions were recorded in June 2023, indicating a downward trend in closed sales. This represents a 3.4% decline since May 2023. However, closed sales decreased by 8.2% when compared to June 2022.
4. Median Sold Price: In June 2023, the median sold price for real estate in Pinellas County was $390,000. From May 2023, this figure reflects an increase of 1.1%. The median sales price, however, was almost precisely the same as $389,900 in June 2022.
5. Active Listings: June 2023 saw a total of 3,317 active listings, reflecting a 4.1% increase from the previous month, May 2023, which had 3,185 active listings. In comparison to June 2022, the number of active listings has increased significantly by 31.94%, up from 2,514 active listings in June 2022.
6. Average Days on Market (DOM):
Properties in Pinellas County spent an average of 36 days on the market in June 2023. This figure demonstrates a slight incline from 35 days in May 2023. However, when compared to June 2022, with 14 days being the average days on the market, the number more than doubled.
7. Average Sold-to-Original-List-Price (OLP) Ratio:
The average sold-to-original-list-price ratio for June 2023 was 95.2%. This ratio remains the same from May 2023. However, in contrast to June 2022, there was a notable decrease from 99.7%.
Conclusion:
Pinellas County's real estate market experienced a few shifts in June 2023. The median sold price remained relatively stable, with a modest increase compared to May 2023. The number of active listings grew, indicating a larger pool of options for buyers. However, the average days on the market have doubled from the previous year, reflecting a potentially more competitive market for Sellers. Overall, these statistics suggest a dynamic and evolving real estate landscape in Pinellas County, Florida.
