Inventory is low and mortgage rates are high, but we’re still in a strong market in our area.
What’s been happening in our market lately? Here are some of the latest Pinellas County statistics from this past September:
- There were 1,643 closed sales, which is a 6.1% increase compared to the 1,548 closed sales we saw in September 2017
- 647 of those sales were paid in cash, compared to 603 in September 2017
- There were 1,746 pending sales, which is a 37% increase compared to the 1,274 pending sales we saw in September 2017
- There were 1,977 new listings
- There were 2,295 pending listings
As you can see, inventory is still relatively low, but the big news is the Federal Reserve has changed their monetary policy and mortgage rates are at the highest levels we’ve seen since 2011. This may explain why there aren’t as many buyers out searching for homes right now.
So many numbers we hear are indicators of where our national market is at, but you have to remember that we live in a unique area. Everything that’s available to us to see and do on a day-to-day basis that encapsulates our Florida lifestyle makes our area a strong market. Hopefully, as the snowbirds start moving down here to escape the winter weather and traffic starts piling up, we can keep investing in our infrastructure and move things forward.
We’re competing for all types of policies that will help us maintain our status as a great place to live, work, and play.
As a radio and TV host, I’ve had the pleasure of interviewing all of the mayors from each of our local cities, and they all say the same thing when it comes to our market: We’re competing for intellectual capital. Not only that, but we’re competing for jobs. We’re also competing for all types of policies that will help us maintain our status as a great place to live, work, and play.
Whether you’re thinking of buying or selling or you have any other questions about our market, don’t hesitate to call, text, or email us anytime. We’d love to help you.