Extreme Seller’s Market: Real Estate Bidding Wars in Pinellas County

by Liane Jamason

New stats have just been released for Pinellas County single family homes.  And the news is shocking…

We will run out of all Pinellas County single family homes to sell in 24 days if no more homes come on the market between now and then.

Stats released 3/22 from Pinellas Realtor Organization

This is literally the most insane seller’s market I have seen in my 15 year career. Home inventory (number of homes available at a given time) has never been this low in our area in over 25 years – .8 months or 24 days supply. And the numbers for townhomes and condos are not far behind at 1.5 month supply.  Nearly every home listed on the market winds up in a bidding war, with many going well over asking price. When I checked our MLS system this morning, only 655 single family homes were on the market in Pinellas County. And we have a population of over 1 million and growing daily with people from northern states flocking here amid Covid.

Buyers are simply absorbing the homes on the market faster than sellers are listing them. This is supply and demand at it’s finest – we have hardly any supply and a ton of demand so prices are going up, up, up – just shy of 18% median home price increase since last year!

Even in the over $1,000,000 price points – there is no inventory! I have a family member who was thinking of moving to the area, looking for a St. Petersburg condo around $1,000,000 with 3 bedrooms and a water view. Guess how many are on the market? 4. And most of them needed major renovations. It’s unreal!

I listed two St. Pete luxury homes in the last two months that were over the $1,000,000 mark. One had 6 offers, the other had 4. One of them is under contract a full six figures over the asking price. Just wow!

Once the foreclosure and eviction moratoriums end, I am predicting we will see more supply hit the market which will level out pricing a bit. However it should not cause a crash of any kind because inventory is so darn low to begin with.

The moral of the story is if you have been on the fence about selling your Tampa Bay home  – now is the time. Inventory is shockingly low all throughout our area. In 6 months from now, we could potentially have a much different market.

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Published on 2021-03-22 12:50:27