Selling St Pete with Nicole Saunches

E062: Housing Market Update

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In this episode, I share some of the latest insights on the housing market, covering nationwide and local trends impacting buyers and sellers.

Key Highlights:

  • Nationwide Trends:

    • 4 million real estate transactions in 2023, the lowest in three decades despite a 24% population increase since 1993.

    • Local Insights:

      • Pinellas County saw an 11% sales decrease, while St. Pete experienced a 6.4% decline year-over-year.

      • Impact of Interest Rates:

        • Rising rates have prompt homeowners to hold onto low pandemic-era rates, leading to pent-up demand.

        • Cash Purchases:

          • Nationwide, cash transactions hit a 10-year high, comprising one-third of sales in January 2024. Locally, Pinellas County and St. Pete saw 51% and 48% cash transactions, respectively.


            • Price Appreciation:

              • Home prices continue to rise, with over 85% of metro areas seeing increases in Q4 2023. Tampa Bay maintains double-digit growth and Florida has experienced the largest home equity growth nationwide since Q1 2020.

              • Condo Market Shift:

                • The passage of Senate Bill 4D in the spring of 2022 has created notable changes in the condo market

                • Market Dynamics:

                  • By definition the market is still considered to ba a seller's market though, in many ways, it is acting like a buyer's market. However, real estate and market trends are hyper local and what happens in one neighborhood may not be the same trend in another neighborood.


                    • If you are thinking of buying or selling I would recommend seeking professional guidance for personalized strategies in navigating the evolving market landscape. If you would like to schedule a consultation, you can call or text me at 727-282-4335 or email at [email protected]


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                    Selling St Pete with Nicole SaunchesBy Nicole Saunches
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