Clearwater, Florida Real Estate Market Overview - June 2024

Ed DiMarco MS, MA

Jun 28, 20245 min read

Clearwater, FL Real Estate Market Analysis - June 2024

Clearwater, FL Housing Market Overview

The Clearwater real estate market is currently experiencing a moderate inventory level, providing a balanced environment for buyers and sellers. With a months supply of inventory at 5.32, it would take approximately 5.32 months to sell all the homes currently available on the market at the current sales rate. This figure indicates a market that is neither heavily tilted towards buyers nor sellers, promoting a stable and equitable real estate environment.

Significant Increase in Inventory

Over the past year, there has been a significant increase in the months supply of inventory, with a 12-month change of +204%. This dramatic rise suggests a shift towards a more buyer-friendly market. As inventory levels increase, buyers have more options, leading to increased competition among sellers and potentially putting downward pressure on home prices.

Clearwater Housing Supply Inventory Levels 2024

Strong Demand Despite Increased Inventory

Despite the notable increase in inventory, homes in Clearwater are still selling relatively quickly. The median days on the market is currently 35 days, reflecting strong demand for housing in the area. This quick turnover indicates that buyers are actively looking for properties and ready to purchase, contributing to the market's dynamic nature.

Competitive Pricing and Close-to-Asking Sales in Clearwater

Sellers in Clearwater can be reassured that homes are selling close to their list price, with a list-to-sold price percentage of 96.1%. This high percentage demonstrates that sellers are pricing their homes competitively and that buyers are willing to pay near the asking price. This trend underscores the market's stability and the ongoing demand for homes in Clearwater.

Median Sold Price and Market Value in Clearwater

The median sold price in the Clearwater real estate market is $345,500. This price point indicates that there is still significant value in the area for both buyers and sellers. For buyers, this median price provides a benchmark for what to expect when entering the market. It offers sellers a guideline for setting realistic and competitive asking prices. The steady median sold price reflects the market's resilience and capacity to maintain value despite fluctuations in inventory levels.

Balanced Market Conditions

Overall, the Clearwater real estate market is balanced, offering opportunities for both buyers and sellers to achieve their real estate goals. The increased inventory levels provide more options for buyers, while the quick sales and competitive pricing indicate sustained demand and stable market conditions. This balance creates an environment where both parties can negotiate and transact confidently.

Clearwater Housing Market Outlook and Recommendations

Looking ahead, buyers and sellers need to stay informed about market trends and inventory changes. Buyers should take advantage of the increased inventory to find suitable properties while remaining prepared to act quickly in a competitive market. Sellers should continue to price their homes competitively to attract offers close to the asking price and ensure quick sales.

Monitoring fundamental indicators such as months supply of inventory, median days on the market, and list-to-sold price percentage will help buyers and sellers make well-informed decisions. The Clearwater real estate market remains a dynamic and attractive environment for real estate transactions, supported by solid demand and balanced conditions.

FAQ: Clearwater Real Estate Market 2024

1. What is the current months supply of inventory in Clearwater, FL?

The current months supply of inventory in Clearwater, FL, is 5.32, indicating a moderate level of inventory in the market.

2. How has the months supply of inventory changed over the past year?

The months supply of inventory has increased significantly by 204% over the past year, suggesting a shift towards a more buyer-friendly market.

3. What does the increase in inventory mean for buyers?

The increase in inventory means that buyers have more options to choose from, which can lead to more competitive pricing and potentially better deals.

4. How quickly are homes selling in Clearwater?

Homes in Clearwater are selling relatively quickly, with a median of 35 days on the market, indicating strong demand for housing in the area.

5. How close to the asking price are homes selling in Clearwater?

Homes in Clearwater are selling close to their list price, with a list-to-sold price percentage of 96.1%, showing buyers are willing to pay near the asking price.

6. What is the median sold price of homes in Clearwater?

The median sold price of homes in Clearwater is $345,500, providing a benchmark for buyers and sellers in determining fair market value.

7. What does a months supply of inventory of 5.32 suggest about the market?

A months supply of inventory of 5.32 suggests a balanced market where supply and demand are relatively even, benefiting buyers and sellers.

8. How does the increased inventory affect home prices?

The increased inventory can put downward pressure on home prices, making it more favorable for buyers as sellers may need to adjust prices to attract buyers.

9. Why are homes still selling quickly despite increased inventory?

Homes are still selling quickly despite increased inventory due to solid demand in the Clearwater area, driven by location, amenities, and economic conditions.

10. What should sellers expect in the current Clearwater market?

Due to sustained demand and competitive pricing, sellers can expect to receive offers close to their asking price and to sell their homes relatively quickly.

11. How should buyers approach the current market in Clearwater?

Buyers should take advantage of the increased inventory to find suitable properties and be prepared to act quickly in a competitive market.

12. What does the list-to-sold price percentage indicate?

The 96.1% list-to-sold price percentage indicates that homes are selling close to their listed prices, reflecting a stable and competitive market.

13. How can the median sold price be used by buyers and sellers?

The median sold price of $345,500 can be used by buyers to gauge expected prices and sellers to set realistic and competitive asking prices.

14. What impact does the increased inventory have on the market balance?

The increased inventory helps balance the market, providing more options for buyers while maintaining strong demand and stable pricing for sellers.

15. What are the key indicators of a balanced market?

Key indicators of a balanced market include a months supply of inventory around 4 to 6 months, homes selling close to their asking prices, and stable median sold prices.

16. How can sellers maximize their chances of a quick sale?

Sellers can maximize their chances of a quick sale by pricing their homes competitively and ensuring their properties are in good condition to attract offers close to the asking price.

17. What should buyers look for when choosing a property in the current market?

Buyers should look for properties that meet their needs and act quickly to secure them, as the market remains competitive despite increased inventory.

18. What trends should buyers and sellers monitor in the Clearwater market?

Buyers and sellers should monitor trends in inventory levels, median days on the market, and list-to-sold price percentages to make informed decisions.

19. How does the market outlook for Clearwater impact real estate decisions?

The market outlook, which indicates continued stability and strong demand, should encourage buyers and sellers to engage in the real estate market confidently.

20. What factors contribute to the strong demand for homes in Clearwater?

Clearwater's strong demand for homes includes its desirable location, favorable climate, amenities, and strong local economy, which attract residents and investors.