Is Saint Petersburg a Buyer’s or Seller’s Market?
Moreover, the housing market conditions in Saint Petersburg have remained a seller’s market since last year. In addition, the key takeaway is that Saint Petersburg is currently considered a seller’s housing market, which means home prices tend to be higher and properties sell faster than average. However, let’s dive deeper into the data to understand the current state of the Saint Petersburg real estate landscape.
Housing Prices in Saint Petersburg
First and foremost, the median sold price for homes in Saint Petersburg was $436,952 in April 2024, reflecting a 9.2% increase or $36,838 jump compared to the previous year. Furthermore, the median price per square foot landed at $342 based on all homes sold in the last 12 months. In summary, homes in Saint Petersburg have sold for substantially more than they did a year ago.
Additionally, the median sold price varies significantly by bedroom count. For instance, the median price for 1-bedroom homes remained unchanged at $175,000 year-over-year. On the other hand, 2-bedroom homes saw a 3% increase to $355,100, while 3-bedroom properties jumped 10.7% to $486,000. Moreover, the median price for 4-bedroom houses spiked 18.1% to $760,800, and homes with 5 or more bedrooms climbed 15.8% to $1.1 million.
Furthermore, when compared to nearby cities, Saint Petersburg’s $436,900 median sold price in April 2024 was higher than Kenneth City ($330,000), Pinellas Park ($320,000), and Gulfport ($394,500). However, it trailed behind South Pasadena’s $350,000 median. Consequently, Saint Petersburg remains an attractive option for homebuyers in the area.
Housing Supply in Saint Petersburg
In contrast, the housing supply in Saint Petersburg has risen slightly. Specifically, the number of homes for sale increased by 2.8% to 2,359 listings in April 2024 compared to 2,294 the previous month. Additionally, the inventory breakdown shows a 7.4% decrease in 1-bedroom homes to 214 listings, while 2-bedroom, 3-bedroom, 4-bedroom, and 5+ bedroom properties all saw inventory increases ranging from 2% to 9.8%.
Meanwhile, a total of 453 homes were sold or pending in April 2024, reflecting a 2.2% decrease from March. Of those sales, 293 homes (64.7%) sold below asking price, 84 (19%) sold at asking, and 76 (17%) sold above asking. As a result, there are still opportunities for buyers to secure a good deal in today’s market.
Days on Market in Saint Petersburg
Alternatively, homes in Saint Petersburg are spending more time on the market compared to last year. On average, properties had 46 days on market in April 2024, up 12.5% from 41 days in April 2023. Additionally, while many homes (55%) sold within 30 days, a significant portion (44%) remained on the market for over a month, with 19% taking more than 90 days to sell.
In summary, the Saint Petersburg housing market continues to favor sellers due to rising prices and relatively quick sales for many properties. However, buyers still have some negotiating power as over 60% of sales were below asking price last month. With inventory levels inching up and days on market increasing year-over-year, the market may be starting to show signs of cooling off from peak seller’s conditions.
Neighborhood Trends in Saint Petersburg
While looking at overall city data provides a high-level view, drilling down to specific neighborhoods in Saint Petersburg reveals some nuances in the local market conditions. Let’s examine how some of the top areas are trending.
The downtown St. Petersburg real estate market has seen a dramatic surge in home values over the past year. As of April 2024, median sold prices in this desirable area climbed 21.6% compared to April 2023, reaching a lofty $840,000. However, properties are taking significantly longer to sell, with the average days on market ballooning to 90 days – a substantial increase from just 25 days the prior year. This deceleration in sales pace could be attributable to prices outpacing buyer budgets, as evidenced by the 67 homes that sold in April 2024 versus 76 homes in April 2023. Despite the elevated prices and slower sales, downtown St. Petersburg remains a coveted address for those able to afford its premium price points.
Live Oaks Neighborhood
Live oaks Neighborhood is seeing the median house prices rise to $370 a square foot in April 2024. Live Oaks is rapidly becoming a neighborhood of new construction. New home prices in this neighborhood are soaring to prices up to $1,295,000. The Live Oak neighborhood experienced a staggering 40.8% year-over-year increase in home prices as of April 2024, with the median sale price soaring to $549,000. This dramatic price appreciation appears to be hindering sales velocity, as properties are remaining on the market for an average of 68 days – a significant jump from the lightning-fast 6 day average just one year prior. Consequently, buyer demand has cooled with only 8 homes finding buyers in April 2024 compared to 13 homes sold in April 2023. Despite the slower sales pace, Live Oak’s limited inventory and prime location seem to be empowering sellers to raise asking prices to record levels. For those able to afford it, Living Oak’s premium prices reflect the neighborhood’s desirability.
Diston Heights
The Disston Heights neighborhood exhibited considerable year-over-year growth in April 2024. Home prices soared 7.5% compared to April 2023, with a median sold price of $396,000. Furthermore, properties are selling at a much quicker pace, averaging just 22 days on the market versus 30 days the previous year. Fueling this accelerated market is heightened demand, as evidenced by the 104 homes that sold in April 2024 – a notable increase from the 87 homes sold in April 2023. Consequently, both rising prices and faster sale times signal Disston Heights is firmly entrenched as a seller’s market.
Tierra Verde
The exclusive Tierra Verde community witnessed a substantial 31.4% spike in home prices year-over-year as of April 2024, with the median sale price reaching an impressive $1.2 million. While still a seller’s market, the pace of sales has slowed slightly compared to last year’s feverish levels, as properties are spending 45 days on the market on average versus 35 days in April 2023. This modest increase in days on market could be attributable to buyers’ price ceilings being tested at the ultra-high-end price points Tierra Verde demands. Even so, demand remains robust with 13 homes trading hands in April 2024, just shy of the 14 homes sold during the same month last year. For those fortunate enough to afford Tierra Verde’s luxury prices, the neighborhood continues to represent the pinnacle of waterfront living in St. Petersburg.
The data shows that desirable St. Pete areas across all price points are experiencing comparable seller’s market conditions. Properties are seeing double-digit annual appreciation, depleted inventory levels, rapid sale times, and a high percentage of homes selling above the original asking price. Buyers need to be prepared with an approval letter, competitive offer terms, and the ability to act quickly. Sellers are firmly in the driver’s seat and can expect to field multiple offers, weigh the highest and best terms, and capitalize on the opportunity to maximize their sale price.
No matter the neighborhood, having an experienced agent who specializes in that specific area is critical. They’ll ensure you have the sharpest pricing strategy, market guidance, and negotiation skills to give you every advantage whether you’re a buyer or seller in this sizzling market.
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