Pinellas County Real Estate Market: August vs. September 2024

Here’s a breakdown of September 2024 market data for Pinellas County, comparing year-over-year changes (YoY) and month-over-month changes (MoM) from August 2024:

Key Metrics: September 2024 vs. September 2023 (YoY)

The real estate market in Pinellas County continues to reflect broader economic trends, with September 2024 showing notable shifts in both year-over-year (YoY) and month-over-month (MoM) metrics. Let’s dive into the latest data and uncover the story behind the numbers.

Year-Over-Year Highlights: September 2024 vs. September 2023

1. Sales Volume:
   • Single-family homes: 1,026 closed sales (-30.1% YoY).
   • Townhouses/condos: 378 closed sales (-46.2% YoY).
     Takeaway: Sales volumes are significantly down compared to 2023, reflecting a cooling market driven by higher mortgage rates and cautious buyers.
2. Prices:
   • Single-family homes: Median price rose to $475,000 (+2.8% YoY).
   • Townhouses/condos: Median price dropped to $276,500 (-18.9% YoY).
     Takeaway: While single-family homes have maintained modest price growth, the townhouse and condo market continues to see price corrections.
3. Inventory and Supply:
   • Single-family homes: 2,950 active listings (+55.2% YoY) with 3.7 months supply (+60.9% YoY).
   • Townhouses/condos: 3,435 active listings (+63.8% YoY) with 6.4 months supply (+93.9% YoY).
     Takeaway: Inventory has grown significantly, signaling a shift toward a balanced or buyer-friendly market, especially in the condo segment.
4. Market Activity:
   • Median time to contract:
     • Single-family homes: 34 days (+112.5% YoY).
     • Townhouses/condos: 55 days (+129.2% YoY).
       Takeaway: Homes are taking longer to sell, reflecting cautious buyer behavior and a slower market overall.

Month-Over-Month Trends: September 2024 vs. August 2024

1. Sales Volume:
   • Single-family homes: Sales rose to 1,026 (+20.2% MoM).
   • Townhouses/condos: Sales fell to 378 (-27.9% MoM).
     Takeaway: While single-family sales saw a healthy rebound, the condo market faced a sharp drop in activity.
2. Prices:
   • Single-family homes: Median price softened slightly to $475,000 (-2.0% MoM).
   • Townhouses/condos: Median price increased to $276,500 (+2.6% MoM).
     Takeaway: Prices show relative stability, with small movements in both directions.
3. Inventory:
   • Single-family homes: 2,950 active listings (-6.8% MoM).
   • Townhouses/condos: 3,435 active listings (-3.0% MoM).
     Takeaway: Inventory levels declined modestly, consistent with seasonal patterns.
4. Market Activity:
   • Median time to contract:
     • Single-family homes: Increased slightly to 34 days (+6.3% MoM).
     • Townhouses/condos: Improved slightly to 55 days (-3.5% MoM).
       Takeaway: The pace of sales is steady but still slower compared to peak market activity.

What Does This Mean for Buyers and Sellers?

• For Buyers: Elevated inventory and longer time on market mean more opportunities for negotiation, especially in the townhouse/condo segment. However, prices for single-family homes remain stable, reflecting strong demand in this category.
• For Sellers: Adjusting pricing expectations is key, as buyers are taking their time to evaluate options. Highlighting unique features and offering incentives could help properties stand out.

The Pinellas County market is adapting to a high-interest-rate environment, and while some areas see softening prices, others remain resilient. Whether you’re considering buying or selling, now is the time to work with a real estate expert who can guide you through these shifting dynamics.

Have questions or need help navigating the market? Contact us today for tailored advice! 727-851-6189