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  • Writer's pictureEd DiMarco MS, MA

St Petersburg, FL Real Estate Market Analysis - June 2024

St Petersburg, FL Real Estate Market Analysis - June 2024

Understanding the correlation between various metrics is crucial for making informed decisions as a prospective buyer or seller in the current real estate market. The Saint Petersburg real estate market is characterized by several critical indicators highlighting its dynamics and trends.


Balanced Market Conditions in Saint Peterburg, Florida

The month's inventory supply is a critical indicator of market conditions. As of May 2024, Saint Petersburg has a months supply of inventory at 4.28. This figure suggests a balanced market where supply and demand are relatively even. A balanced market typically provides a fair environment for buyers and sellers, preventing extreme price swings in either direction.


Shift Toward a Buyer's Market

Despite the balanced market conditions, there has been a significant 12-month change in the months of inventory, which has increased by 176.13%. This substantial rise indicates a shift towards a buyer's market, where more inventory is available, giving buyers a greater selection of homes. This shift may also lead to more competitive pricing as sellers adjust to the increased inventory levels.


HOusing Inventory in St Petersburg, FL

Quick Home Sales and Strong Demand

Despite the increase in inventory, homes in Saint Petersburg are still selling relatively quickly, with a median of 33 days on the market. This quick turnover suggests that demand for homes remains strong. Buyers are actively looking for properties, and the market is absorbing the increased inventory efficiently. This dynamic benefits sellers, indicating continued interest and competition among buyers.


Competitive Offers and Close-to-Asking Prices

Sellers in Saint Petersburg can take comfort in that homes are selling close to their list price. The list-to-sold price percentage stands at 97.1%, indicating that sellers generally receive offers close to their asking price. This metric reflects the market's strong demand and competitive nature, even with the increased inventory.


Median Sold Price as a Market Benchmark

The median sold price of homes in Saint Petersburg is currently $420,000. This price point serves as a valuable benchmark for both buyers and sellers. For buyers, it provides a guideline for what to expect when entering the market. For sellers, it helps in setting realistic and competitive asking prices. The stable median sold price suggests that the market is holding steady despite the fluctuations in inventory levels.


Implications for Buyers and Sellers

Overall, the Saint Petersburg real estate market presents opportunities for buyers and sellers. The increased inventory gives buyers more options and potentially more negotiating power. Meanwhile, sellers can expect to receive competitive offers and sell their homes relatively quickly. It is essential for both parties to carefully consider these factors when entering the market to make well-informed decisions.


St Petersburg Market Outlook and Recommendations

Given the current market conditions, buyers should take advantage of the increased inventory and act swiftly when they find a suitable property, as the demand remains strong. Sellers should price their homes competitively to attract offers close to the price and be prepared for a relatively quick sale. Monitoring these market trends and staying informed about changes in inventory and demand will be essential for navigating the Saint Petersburg real estate market effectively.


FAQ: Saint Petersburg, FL Real Estate Market 2024


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

The current months supply of inventory in Saint Petersburg, FL, is 4.28, indicating a balanced market where supply and demand are relatively even.


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

The months supply of inventory has increased significantly by 176.13% over the past year, suggesting a shift towards a more buyer-friendly market with increased inventory levels.


3. What does the median days on the market indicate about the demand for homes?

The median days on the market in Saint Petersburg is 33 days, indicating that homes are still selling relatively quickly and that there is strong demand for properties in the area.


4. How close to the asking price are homes selling in Saint Petersburg?

Homes in Saint Petersburg are selling close to their asking price, with a list-to-sold price percentage of 97.1%. This shows that sellers are generally receiving offers close to their listed price.


5. What is the median sold price of homes in Saint Petersburg?

The median sold price of homes in Saint Petersburg is $420,000. This is a benchmark for buyers and sellers in determining fair market value.


6. What does a months supply of inventory of 4.28 suggest about the market?

A months supply of inventory of 4.28 suggests that the market is balanced, with neither buyers nor sellers having a significant advantage.


7. How does the increase in inventory affect buyers?

The increase in inventory provides buyers with more options and potentially more negotiating power, making the market more favorable for them.


8. What is the significance of the 12-month change in the months supply of inventory?

The 12-month change of +176.13% in the months supply of inventory indicates a substantial increase in available homes, pointing to a shift towards a buyer's market.


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

Homes are still selling quickly despite increased inventory because there is strong demand for properties in Saint Petersburg, as evidenced by the median days on the market of 33 days.


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

Sellers can expect to receive competitive offers close to their asking price and can anticipate relatively quick sales due to continued strong demand.


11. How should buyers approach the current market in Saint Petersburg?

Buyers should take advantage of the increased inventory to find suitable properties and act quickly when they find a good match, as demand remains strong.


12. What does the list to sold price percentage tell us about the market?

The list-to-sold price percentage of 97.1% indicates that homes are selling close to their listed prices, reflecting a competitive and stable market.


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

The median sold price of $420,000 can be used by buyers to gauge their pricing expectations and by sellers to set realistic and competitive asking prices.


14. What impact does the increased inventory have on pricing?

While increased inventory typically exerts downward pressure on prices, the strong demand in Saint Petersburg has kept prices stable and competitive.


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 Saint Petersburg 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 Saint Petersburg 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 Saint Petersburg?

Factors contributing to the strong demand for homes in Saint Petersburg include its desirable location, favorable climate, and strong local economy, which attract residents and investors.


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