Sellers Market Continues in St Petersburg FL: The Saint Petersburg Housing Market Remains Hot for Sellers
Saint Petersburg is continuing its run as a seller’s market, with home prices almost 10% higher than a year ago. As a buyer, you’ll need to act quickly and creatively to land a home. But the good news is over 60% of homes sold last month went for under asking. ## Introduction
Saint Petersburg remains one of the hottest markets in Florida. Home prices here were up 9.4% year-over-year in November 2022, reaching a median of $425,105. Additionally, homes are selling lightning fast, with the typical property snapped up in under a month. In summary, sellers continue to hold the cards in Saint Petersburg. However, buyers still have an opportunity to negotiate and find relative deals if they move decisively.
Sellers Market Continues in St Petersburg FL: St. Pete Home Prices Are Way Up
Specifically, the median home price in November was $425,105 according to the latest data from Redfin. To put it another way, that’s up $36,402 or 9.4% compared to November 2021. Clearly, buyer competition continues to push sale prices higher in the Sunshine City.
Additionally, on a price per square foot basis, homes fetched $331. In other words, buyers shelled out 9.4% more per square foot than last year. Evidently, purchasers remain willing to pay premium prices to secure homes in popular St. Pete neighborhoods.
Sellers Market Continues in St Petersburg FL: Homes Are Selling Fast
Furthermore, not only are prices up, but homes are selling rapidly in St. Pete. Over 74% of homes sold in November were on the market for less than a month. To clarify, of the 317 homes sold, 222 (or 70%) were snapped up in under 30 days.
Comparatively, just 33 homes took over 90 days to sell. Clearly, buyer demand remains exceptionally strong relative to supply. As a result, buyers need to act expeditiously to even stand a chance.
Sellers Market Continues in St Petersburg FL: Some Room to Negotiate Remains
Despite the hot seller’s market, savvy buyers still have some negotiating power in St. Pete. Notably, 61.2% of homes sold for less than list price in November. In actual numbers, 194 out of 317 total sales were below asking.
Comparatively, 90 homes (28%) fetched the exact asking price. On the other hand, just 33 homes, or 10%, commanded a premium over list. So in summary, sellers are clearly in control, but buyers who act decisively can still occasionally score relative deals.
Sellers Market Continues in St Petersburg FL: Key Takeaways for Homebuyers
In review, while Saint Petersburg remains a red-hot seller’s market, buyers aren’t completely without options. Specifically:
Firstly, home prices were up nearly 10% from last year, so adjust budget expectations accordingly. Additionally, be prepared for competition from other buyers to drive up prices.
However, also note over 60% of homes still sold for under list price last month. Therefore, while competitive, some negotiating room remains, especially for savvy buyers.
Finally, act decisively on homes you really want. With 70% of properties selling in under 30 days, hesitation often means losing out.
In conclusion, while Saint Petersburg gives sellers a major upper hand, buyers can still find and win deals with preparation, speed and smart negotiating.
Sellers Market Continues in St Petersburg FL: Opportunities Outside Downtown
While downtown Saint Petersburg garners much of the attention, savvy buyers may find better opportunities in the suburbs. Specifically, areas like Kenneth City, Pinellas Park and Lealman offer relatively more affordable single-family homes.
Certainly, prices have increased sharply across the whole region. However, outlying areas tend to see less competition from investors and all-cash buyers. In turn, traditional homebuyers may be better able to negotiate and win deals.
Sellers Market Continues in St Petersburg FL: Pay Attention to Listing Details
When reviewing home listings in St. Pete’s hot market, make sure to look past asking price alone. Specifically, note details like days on market, number of price changes and text remarks for clues on seller motivation.
For example, a home priced slightly above average that has sat for 60+ days likely has an anxious seller ready to talk offers. Comparatively, a new listing already adjusted down in price signals a highly-motivated seller.
In summary, inspect all listing details closely when house hunting in a seller’s market. Finding a desperate or disenchanted seller can provide rare negotiating leverage.
Sellers Market Continues in St Petersburg FL: Explore Alternative Financing Options
Traditional FHA and conventional mortgages with 3-5% down payments put buyers at a major disadvantage in seller’s markets like St. Pete. Comparatively, alternative options like all-cash offers, higher down payments or ARM loans with lower initial rates may appeal more.
Certainly, decisions like adjusting down payment size or using adjustable rate loans carry risks. However, in hot markets like St. Pete, upping risk is often required to remain competitive with institutional and foreign all-cash buyers.
In conclusion, partner with an experienced buyer’s agent and loan officer to discuss if alternative financing makes sense for your specific situation. The right package to complement your offer could make the difference in winning a home.
Sellers Market Continues in St Petersburg FL: Best Realtor in St Petersburg
When buying or selling in Saint Petersburg’s complex real estate market, partner with an experienced professional. Specifically, Best Realtor in St Petersburg winner Avalon Group possesses extensive knowledge of the area’s neighborhoods and buyer psychology. Additionally, their innovative digital marketing secures maximum exposure for sellers while data-driven counseling aids buyer negotiations. In other words, Avalon Group’s expertise in pricing, preparation and promotion provides key advantages for both buyers and sellers. Ultimately, navigating St. Pete’s fast-moving, competitive housing market on your own adds unnecessary challenges. Instead, align with a top local realty group like Avalon to simplify the process and amplify success.
Sellers Market Continues in St Petersburg FL: Conclusion
In summary, while Saint Petersburg remains one of Florida’s hottest seller’s markets, buyers still have paths to success. Home prices continue marching higher, now up nearly 10% from last year. Additionally, buyer competition means most homes sell lightning fast. However, over 60% of sellers still accept offers under list price. Therefore, savvy buyers who act decisively can negotiate successfully and find deals amid the fierce competition.
Key strategies for buyers include focusing on suburbs for lower prices and less competition. Additionally, closely analyzing listings for clues on seller motivation allows targeted and aggressive offers. Finally, exploring alternative financing to complement offers is essential for winning in head-to-head bidding wars.
In conclusion, Saint Petersburg continues to give sellers a major upper hand due to high demand and shortage of homes for sale. But diligent and proactive buyers can still achieve homeownership in St. Pete by leveraging preparation, speed and smart negotiating tactics.
