As we review July 2023, the real estate market in Clearwater and Pinellas County remains robust, albeit with some notable changes compared to previous months. The local property scene continues to be dynamic, with both buyers and sellers experiencing shifts in their bargaining positions. In this blog post, we will delve into the current real estate trends, examining the rising home prices, the evolving inventory situation, the days on market, and the changing dynamics between buyers and sellers.
Clearwater and Pinellas County have experienced a sustained rise in home prices, but July 2023 saw a change in the pace of growth. The median home price in Clearwater increased by 1%, while in Pinellas County, it grew by 2%. Although still significant, this increase is slower than the rapid growth observed in preceding months. For prospective buyers, this indicates a potential window of opportunity to enter the market before prices rise further.
A silver lining for buyers in July 2023 is the increase in housing inventory. Clearwater witnessed a 5% rise in available homes for sale, while Pinellas County saw an 8% increase. Although more options are now available, the inventory levels remain relatively low compared to historical averages. This low inventory continues to foster a competitive market, wherein well-priced and desirable properties tend to receive multiple offers quickly.
The average days on market for properties in Clearwater is 28 days, and in Pinellas County, it is 26 days. Although homes are still selling relatively quickly, there has been a slight increase in the time it takes to finalize a sale. This development suggests that the market is becoming slightly more balanced, allowing buyers a bit more time to conduct due diligence before making a decision.
As the market continues to evolve, so does the balance of bargaining power between buyers and sellers. Sellers are still in a favorable position due to the strong demand for homes, but buyers are beginning to gain more influence. With the potential for a slower price growth rate, buyers may find opportunities to negotiate on the final purchase price. Moreover, sellers may be more willing to accommodate requests such as paying for closing costs to close a deal swiftly.
July 2023 brings with it a real estate market in Clearwater and Pinellas County that continues to exhibit strength, even as certain trends indicate a moderation in its pace. Buyers should seize the opportunity to explore the market with increased inventory and potentially slower price growth. Meanwhile, sellers should remain realistic and attentive to changing dynamics, capitalizing on their advantageous position while remaining open to negotiation. As the market evolves, it is essential for all parties to stay informed and adapt to the shifting conditions to make the most of the opportunities that lie ahead.
At Fuller House Real Estate in Clearwater, Florida, we understand the nuances of the local market and are committed to helping you navigate these challenges with confidence. Our experienced team is equipped to assist you in finding the perfect home that aligns with your needs and budget, or in strategically positioning your property for a successful sale. Don't face the complexities of the Pinellas County real estate market alone. Reach out to Fuller House Real Estate today for personalized guidance and expert advice. You can contact us at 727-470-9373, send us an email at
info@fullerhousere.com, or visit our website
www.FullerHouseRE.com.
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